March Madness Odds: Which Team Will Win the College Basketball Tournament?

The NCAA basketball tournament is one of the most exciting sporting events in the United States. It’s three weeks of almost wall-to-wall action that is certain to supply surprise after surprise.

That was especially the case in 2023 when more than a handful of teams defied the March Madness odds. Among the noteworthy happenings was Fairleigh Dickinson becoming the second No. 16 seed to defeat a No. 1 seed (Purdue) and no No. 1 seeds advancing to the Elite 8 for the first time in tournament history.

Connecticut won its fifth national championship despite beginning the tournament with 25-to-1 odds. The No. 4 seed Huskies defeated No. 5 seed San Diego State, which had never been even to the Elite 8, in the title game. The Final Four also included No. 5 seed Miami and No. 9 seed Florida Atlantic, which was making its second NCAA Tournament appearance.

The 2023-24 March Madness tournament is still a few months away, but the top online sportsbooks have betting odds for the tournament. 

Let’s look at the latest odds to win March Madness 2024 and everything you need to know about the NCAA basketball tournament.

2024 March Madness Odds

Below, we break down the current March Madness odds. Before placing bets, you should check out the best March Madness betting odds and lines available at top sportsbooks today. 

After being played in Houston in 2023, the Final Four will move to Phoenix in 2024.

Best Sports Betting Apps for March Madness Betting

Legal online sports betting is starting to become available in more and more states. This means that this NCAA tournament will break sports betting records, and there is still time to get signed up before the action begins.

Here, we have included a list of the top US mobile sportsbook apps and their respective welcome bonuses to build your bankroll for March Madness 2023.

DraftKings Sportsbook — AZ, CO, IL, IN, IA, KS, LA, MA, MD, MI, NJ, NY, OH, PA, TN, VA, WV, WY

BetMGM Sportsbook — AZ, CO, DC, IL, IN, IA, KS, LA, MA, MI, MD, MS, NV, NJ, NY, OH, PA, TN, VA, WV, WY

Caesars Sportsbook — AZ, CO, IN, IA, IL, KS, LA, MA, MD, MI, NJ, NY, OH, PA, TN, VA, WV

FanDuel Sportsbook — AZ, CO, CT, IL, IN, IA, KS, LA, MA, MD, MI, NJ, NY, OH, PA, TN, VA, WV, WY

Best March Madness Betting Promos

Here, you can find the best sports betting bonuses that you can use to get some practice with sports betting and build your bankroll. 

DraftKings Promo Code — $50 bonus bet + 20% deposit match up to $1,000 + a bet $5, get $150 in bonus bets offer

BetMGM Bonus Code ROCKYBET — Claim $1,500 in bonus bets on your first bet

Caesars Promo Code START1000 — Up to $1,000 On Caesars for your first bet

FanDuel Promo Code — Bet $5, Get $150 in Bonus Bets

How to Read March Madness Odds

You can find odds for individual games during the tournament, and you can place March Madness futures bets.

This type of wager is simply picking which team you think is going to win it all. Because of the level of difficulty when it comes to making March Madness predictions, the payout is very significant if your bet cashes.

For example, as of January 16, the Purdue Boilermakers are the current betting favorite to win it all, with odds of +850. The “plus” number means that is how much you can win if you place a $100 bet at those odds. So, if you place a bet on Purdue to win it all at +850, you could profit $850.

How to Bet on March Madness Basketball

Betting on March Madness is as simple as signing up for whichever sportsbook you feel comfortable with, funding your account, and placing your wagers. Of course, you must be living in a legal sports betting state, and keep in mind that each state has different rules about how you may bet on college athletics. Some states do not allow you to bet on in-state college teams.

You can get in on the action in multiple ways besides placing a future. When the matchups are set and March Madness betting odds are released, you can start making your first-round best bets, and you have several options to do so.

Point Spread: One of the most popular sports betting methods, the point spread is a set value to determine which team is the favorite and which team will be playing as the underdog. Favorites will be listed with a (-) followed by the number. The game’s underdog will have a (+) by their number. Let’s say a 14 seed is a (+12.5) underdog.  Even if that team loses, but they lose by 12 points or less, you would win your spread bet.

Moneyline: This is the most classic type of wager. When picking a team’s moneyline, you are betting on that team to win the game straight up. The number, which will be a three-digit number (-115), tells you how much you stand to win should your bet cash. A negative number represents how much you have to bet to win $100. A positive number shows how much you would win on a $100 bet.  (Note that you don’t have to wager in increments of $100; using $100 as a baseline just makes the calculations easier.)

Total: The total is the set number of the combined points from each team. Bettors can place a wager on whether the game’s total score will go over or under that number.

Prop Bets: A prop bet is not tied to the game’s final outcome. Instead, it is a bet made on any event during the game. The most common are player props, which means you can bet on a player going over or under on any recorded stat. However, you can also bet on team totals, the number of total steals in the game, or many other stats. On occasion, especially for the biggest games, you will even find “exotic” prop bets, which are not based on the athletes at all. For example, a sportsbook could offer a prop bet on the length of the national anthem, the color of an announcer’s tie, or just about anything else they want, just to add in some fun.  With prop bets, you will see the same three-digit odds as you do on moneyline wagers.

Parlay: A parlay combines multiple wagers into one for a bigger payout. The odds get longer with every wager you add to your parlay, which means your potential payout gets bigger. However, every bet in your parlay needs to win for you to cash your parlay. You will get nothing back if you have a four-leg parlay and 3/4 bets win. 

March Madness Betting History

March Madness is the second-most wagered event of the year in the US, behind only the Super Bowl. This is because of wall-to-wall action, upsets, big games, and just the popularity of the tournament. 

To better understand how to attack the March Madness futures market, here is a list of the last 11 National Champions and their preseason odds to win it all. You will see how much it varies and how much money you would have won if you picked the winner early in the season. 

March Madness Futures Betting Tips

If you have been keeping up with this college basketball season, chances are you already have a winner in your head. Instead of going crazy with the March Madness futures, find one to two futures you like and slowly ease your way into your March Madness predictions. 

There are still conference championship tournaments, which serve as an excellent practice round for the NCAA Basketball Tournament. It is the same style, there is a lot of value, and there are still a ton of upsets. 

When the March Madness odds for each matchup are announced, we advise you to look at each team’s betting stats this season to get a better idea of how each team fares against the spread, their record on the total, and much more. 

There is no right or wrong way to approach the March Madness basketball odds. Just make sure you are aware of how and why you are betting on a specific team, and you are getting the best odds to win March Madness 2023 for whichever team’s future you will be taking. Different sportsbooks will offer different odds, so you should always do a bit of line shopping to find the one that maximizes your payout.

March Madness Odds FAQ

Who Creates The March Madness Betting Odds?

Professional oddsmakers wake up every morning intending to set the odds and lines for each sports event that can be wagered on. They will create their power rankings, compare with others in the industry, and put out the official numbers on which bettors can place wagers. 

Who Is Favored To Win March Madness?

The favorites will change almost weekly during the regular season and during the tournament, but shortly after the 2023 national champion was crowned, the Duke Blue Devils (+1000) were the betting favorite to win the 2024 NCAA March Madness basketball tournament. Now, Duke is +2200 to win it all.

Where Can I Bet On March Madness Odds?

If you are in a legal sports betting state, you can place a wager on March Madness. Just make sure you are all caught up with your state’s rules on betting on college sports.

Can I Live Bet on March Madness Games?

Yes! Oddsmakers are always at work, providing real-time odds and lines to ensure you can place a live wager. 

Has Anyone Ever Gotten A Perfect Bracket?

No, no perfect bracket has ever been verified. So it is possible someone has done so in a private challenge against friends, but most likely, it has never happened. The NCAA says the odds of picking every correct outcome for March Madness is 1 in 9.223 quintillions. If you are unaware, that is an insanely large number, which tells us that it is almost statistically impossible.

That should not stop you from giving it a try, however. Just realize the odds and always practice responsible gambling.

What Are The Best Sportsbook Apps To Use For March Madness?

We recommend BetMGM, Caesars, and FanDuel as the best in the industry, but it comes down to personal preference. There is nothing wrong with signing up for every sportsbook app available to get the best March Madness odds and lines.