March Madness Odds 2023

With Super Bowl 57 wrapped up, sports fans are now turning their attention to the 2023 NCAA Men’s Basketball Tournament, better known as March Madness. We’re about a month out from one of the biggest sporting events of the year and online sportsbooks are already posting odds for the national championship.

Here’s everything you need to know about betting on the tournament as well as current 2023 March Madness odds.

March Madness Championship Odds 2023

These are the ten teams with the shortest odds to win 2023 March Madness as of Feb. 14, via Caesars Sportsbook.

TeamMarch Madness 2023 Odds
Houston+700
Arizona+800
Alabama+800
Purdue+1200
UCLA+1200
Kansas+1200
Tennessee+1600
Baylor+1800
Connecticut+2000
Gonzaga+2000

Additional 2023 March Madness Championship Betting Markets

At the time of this writing, March Madness wagers are widely limited to the winner of the big dance. Some sportsbooks, like BetRivers and FanDuel, have some additional markets available. BetRivers, for example, has over/unders you can wager on in terms of seeding. For Arizona, the over/under is set at 1.5, with the under heavily favored at -195.

On FanDuel, you can wager on teams to reach the final four. As of this writing, Arizona has the seventh-shortest odds at +310.

Where Can I Bet On March Madness Online In Arizona? 

In Arizona, nearly all of the online sportsbooks will offer odds on NCAA Tournament games, although the market depth and variety will vary between each platform. Typically, each online sportsbook will offer similar odds as its competitors, though there will be some variation.

Additionally, each sportsbook presents a unique bonus offer to first-time users. The most popular sportsbooks will also have specific promo offers for March Madness that both new and existing users can take advantage of.

Here are some of our favorite new user sportsbook promos for Arizona bettors, as of Feb. 14:

Arizona SportsbookWhy We Like It Bonus OfferWhere To Claim
BetMGMBest for Vegas playersFirst Bet Offer Up to $1,000 paid back in Bonus Bets (if you don’t win)Visit BetMGM - Use code SHARP
FanDuelBest iOS & Android App$150 No Sweat First BetVisit FanDuel
BetRiversBest for player-friendly promotions$100 2nd chance betVisit BetRivers - Use code SHARPRIV
DraftKingsBest overall betting experience$50 bonus bet and $1,000 deposit match bonusVisit DraftKings
CaesarsBest for loyalty programFirst bet on Caesars up to $1,000 + 1000 Tier Credits + 1000 Reward Credits®Visit Caesars - Use code SHARPBET1000

    How To Place Bets Online For March Madness

    In order to place a bet on March Madness online, users will need to be within the state of Arizona or another state in which their betting platform is legally operational. These can vary depending on the sportsbook used. 

    Registration – In order to register with an online sportsbook, users simply need to make an account (which requires you to be 21+ years old) on whichever platform they desire. The app will use GPS to ensure you are placing bets within Arizona (or other legal states) state lines. 

    Depositing Funds and Cashing Out – After registering, the new user will need to deposit funds into their account. This can be done via credit or debit cards, e-wallets such as PayPal, or via cash deposits at locations partnered with your sportsbook. Cashing out is the same, withdrawing your winnings to your bank account, debit card, or e-wallet. 

    How March Madness Betting Odds Are Calculated

    March Madness odds, like other sports, are calculated based on a given’s team chances of winning a game or the entire tournament, depending on what you’re wagering on. These can change at any time leading up to the tourney and can be impacted by a variety of things such as injuries, suspensions, teams’ strengths and weaknesses, coaching changes, recruitment, and more. 

    An example of a March Madness bet for 2023 would be to take the Arizona Wildcats at +800. Betting $100 on the Wildcats to win the national championship at +800 would result in a total payout of $900 ($100 stake + $800 in winnings). However, if the Wildcats failed to win the tournament, the bettor would lose their wager. 

    Types of March Madness Bets

    Bettors will be able to place a variety of different types of wagers on March Madness games. 

    Moneyline

    Betting the moneyline is an outright prediction of who you think will win the game. This is also referred to as a straight bet. The margin of victory and total points scored have no bearing on the outcome of a moneyline wager.

    Points Spread

    Unlike a moneyline bet, the score is all that matters with a point spread wager. On sportsbooks, you’ll see the spread expressed as “+” and “-” a certain number of points.

    For example, in the Villanova vs UCLA game that took place on Nov. 12, 2021, the Bruins entered the game as favorites of -2.5. This means placing a point spread bet on the Bruins would not only require the Bruins to win the game, but they’d need to defeat Villanova by at least 2.5 (so 3) points.

    On the other side, a bet on Villanova would only require the Wildcats to lose by fewer than 2.5 points in order to be considered a success, even if Villanova loses the game outright. 

    Totals

    Betting on the total refers to the total points scored in the game by both teams, also referred to as “over/under” bets. This requires bettors to place a wager on whether they think the game will result in more (over) or less than (under) a set number of points. This can be wagered on full games or individual halves. 

    Parlay Bets

    A parlay bet includes at least two or more picks and depends on each leg of the bet being successful to payout. The payout of a parlay is multiplied based on each of its parts. In terms of March Madness, the most common parlays would be on the outcome of individual games, whether it be combining various Moneylines or mixing up Moneylines, Totals, and Point Spreads. 

    What Is A March Madness Futures Bet?

    A futures bet is a wager on an event that will occur at some point in the distant future, I.E. predicting the winner of the NCAA Tournament. You don’t have to strictly bet on the winner, however, you can bet on how far a specific team will advance or what teams will feature in the championship or Final Four. 

    Strategies For March Madness Betting

    March Madness is certainly one of the most exciting events to bet on, but that doesn’t make it any less challenging. Some tips and tricks for success in March Madness include betting on teams that are sound defensively, or that have a coach with a track record of winning. Additionally, as we see almost every year, March Madness can be all about getting hot at the right time. If things start to click, a team that hits a hot streak can be as dangerous as any team in the country. 

    Betting Odds For March Madness FAQ

    Is it legal to bet on March Madness in the United States? 

    Yes, in states that have legalized online sports betting. Some states have betting restrictions on college athletics, however.

    Where can I bet on March Madness online?

    Some of the most notable sportsbooks in the country include the likes of DraftKings, BetMGM, Caesars, FanDuel, and BetRivers. All of these sportsbooks will offer odds on March Madness on their respective platforms.

    How old do I need to be to bet on March Madness?

    You need to be at least 21 years old in order to bet on sports in the majority of states where sports betting is legal. 

    Is it safe to bet on March Madness online?

    Yes, betting on March Madness online is safe, so long as you do it through state-regulated, legal online sportsbooks. In order to identify a legal online sportsbook, users should look for the seal of approval issued by the state’s gaming regulation agency. Online gambling sites that are not approved by United States regulators are not safe, however. 

    Do online sportsbooks offer live betting during March Madness?

    Yes, live betting will be available during March Madness, with a wide variety of odds available as the action occurs. The specific odds and props available may vary depending upon the platform you use.

    What kind of prop bets are there for March Madness?

    Types of props that exist for March Madness include “team that will win X region” or “Will a No. 1 seed win the tournament?” You can also bet on things such as “How many ACC teams will advance past the first round?” or “Will a No. 16 seed beat a No. 1 seed?” The options are vast, and there’s always an exciting bet to be made.  In Arizona, individual player prop bets are not allowed on college sporting events.

    Who is the current March Madness odds favorite for 2023? 

    The Houston Cougars are the current NCAA Men’s National Championship betting favorites.

    About the Author

    Karl Rasmussen

    Karl Rasmussen is a freelance writer based in Portland, Oregon. He's written for various media outlets primarily focusing on sports and entertainment. Karl is a passionate fan of the New York Yankees, New York Jets, Portland Trail Blazers, Oregon Ducks, and Tottenham Hotspur.