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March Madness 2008 is gearing up to be one of the best NCAA tournaments yet. The March Madness championships can be described as one of the biggest, most well publicized tournaments in college sports. It pits teams in college basketball against one another in a tournament that advances to a Final Eight and then the big one, the Final Four before weeding out the remaining two weaker NCAA basketball teams.

The Final Four is one of the most popular aspects of March Madness and is perhaps one of the most exciting as the four teams fighting it out to be the champion feature the best players in the country. The Final Four is determine by the two teams left standing out of the entire tournament that will head to the finals to determine a national champion. March Madness tournaments begin in March and last until the final championship in April.

The term March Madness, today, is synonymous with the College Basketball Tournament, but the nickname was first used to describe another basketball tournament, the annual Illinois High School Association tournament. Henry V. Porter is credited with coining the phrase in his 1939 article for the Illinois Interscholastic magazine,
"March Madness."

March Madness was not used to describe the College Basketball tournament until 1982, when Brent Musburger, a CBS reporter, used the term during the telecast of a tournament game. College basketball fans and the media have been using the term ever since.

Today, after a court battle over the ownership of the term, March Madness is co-owned by the College and IHSA through the March Madness Athletic Association.

March Madness Basketball Sports Betting Guide

Straight Bets

 What the odds Looks Like
This is a wager where a team and a point spread are chosen. The cost of the wager is usually (unless otherwise specified) 10/11 or $110 to win $100.

If you place a straight wager on Duke at –7 then Duke must win by 8 or more points for you to win the wager.

If you place a straight bet Kentucky at +7, they cannot lose by more than 6 points for you to win the wager.

In the event of the game landing on 7 points, the game is a push, resulting in “no action”.

Example:

Duke -7 -110 (Favorite)
Kentucky +7 -110 (Underdog)

More Final Four Straight Bets



 

Over/Under Wagers (Totals)

What the odds Looks Like

This is a wager where a team and a point spread are chosen. The cost of the wager is usually (unless otherwise specified) 10/11 or $110 to win $100.
If a wager is placed on the UNDER (135) the total combined score of both teams must fall under 135 points to win the wager.

If you place a wager on the OVER (135) the combined scores of both teams must fall over 135 points for you to win the wager.

In the event of the total combined scores landing on 135, the wager is a "push" resulting in "no action".

Example:

Florida -5 ˝ Over 135 -110
Oklahoma +5 ˝ Und 135 -110

More Sweet Sixteen Over/Under Betting Line



 

Teaser Bets

What the odds Looks Like

A teaser is a group of straight bets or totals combined into one bet. The difference between a parlay and a teaser is that with a teaser the line you bet against for each individual wager is moved to your favor by the number of points of the teaser.

Basketball Teasers 4 Points 4˝ Points 5 Points
2 Teams 10/11 10/12 10/13
3 Teams 9/5 8/5 3/2
4 Teams 3/1 5/2 2/1
5 Teams 9/2 4/1 7/2
6 Teams 7/1 6/1 5/1

More Elite Eight Teaser Betting

Example:
 

4 Teams in a 6 Points Teaser Risk $100 to win $300
Team Spread Adjusted Final Spread
Arizona +7 add 6 pts +13
Texas -3 add 6 pts +3
Louisville -10 add 6 pts -4
Maryland -6 ˝ add 6 pts - ˝

Parlays

What the odds Looks Like

A parlay is a combination of 2-8 teams (2-10 teams online). If any team is cancelled or ties, the parlay is reduced, (i.e. 4 teams becomes 3 teams etc.). If any team loses, the play is lost all together. Maximum payout for any parlay is 1500:1 regardless of the result amount the parlay may compute to or show.

Parlay Odds
2 Teams Pay 13/5 7 Teams Pay 60/1
3 Teams Pay 6/1 8 Teams Pay 100/1
4 Teams Pay 12/1 9 Teams Pay 200/1
5 Teams Pay 25/1 10 Teams Pay 400/1
6 Teams Pay 45/1  

In the event of "no action" or a tie, the parlay is reduced to the next lowest number of plays. A two-team parlay becomes a straight bet with a pay off of 10/9.

Example:


 

4 Teams in a 6  Risk $100 to win $4500
Pittsburgh -1
Kansas +2
Notre Dame -9
Oklahoma State -5
Georgia -2
Illinois +6
Risk $100 Win $4500

More March Madness Parlay Betting

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NCAA Basketball Betting Terms
 

Straight Bet
A bet on a single result or outcome.

PARLAY
A bet on 2 or more teams or outcomes where all selections must be correct for the bet to win.

OVER/UNDER
A bet on whether the combined total of the points scored by the two teams will exceed or be less than a specified number given.

TEASERS
A teaser is a group of straight bets or totals combined into one bet. On the teaser line you bet against for each individual wager is moved to your favor by the number of points of the teaser that can be from 4-9 points.

LINES
Odds

POINTSPREAD
The handicap given by the favorite to the underdog for betting purposes.

FUTURES
Bets placed on an event or outcome taking place some time in the future, e.g. betting during the season on the NBA finals winner.

MONEY LINE
The amount you must bet to win 100 or the amount you win if you bet 100.

TOTAL
(see Over/Under)
PICK
A game where no team or betting option is favorite.

PUSH
A game which, with the pointspread, is tied or when the combined scores of the two teams ties the total.

SPREAD
An abbreviated form of pointspread.