There is no event in sports quite like the NCAA tournament. Sixty-eight teams vie for a coveted national championship, with even the smallest of Division I conferences sending at least one representative. Currently, most sportsbooks have just four teams (Houston, Alabama, Kansas, and UCLA) with March Madness odds shorter than +1000 to win the national championship. Betting on the eventual champion and the March Madness Final Four odds are just two ways bettors can make huge profits during the tournament. 

Here is our March Madness betting guide for the 2023 tournament.

How does March Madness betting work?

With 67 games played throughout the NCAA tournament, numerous opportunities exist to wager on traditional point spreads, moneylines, and totals. However, part of the allure of March Madness is identifying the Cinderella team that will make a deep tournament run, which bettors can do in various ways with various college basketball futures bets. 

Many sportsbooks will have their NCAA tournament odds broken down by regional props, as the 68 teams are divided among East, West, Midwest, and South Regionals. Every team will have odds to win their region and advance to the Final Four, and other enticing wagers await, like who will be the first No. 1 seed to lose and how many No. 1 seeds will make the Final Four.

And if you have a conference affiliation, there are even wagers for which conference the eventual champion will come from.