March Madness: What Is March Madness & How You Can Bet on It Using Crypto
March Madness is just around the corner! Read on for a deeper insight into the NCAA March Madness, popular bets you can place on the tournament, and how to place the bets using crypto.
Table of Contents
- What is March Madness?
- Top 5 Bets You Can Place During March Madness
- How to Bet On March Madness Using Bitcoin
What Is March Madness?
March Madness is the men’s single-elimination National Collegiate Athletic Association (NCAA) basketball competition played every spring in the United States. As the name suggests, the tournament is held between mid-march and the beginning of April, featuring a total of 68 college basketball teams.
Due to its excitement, ardent basketball fans use the term ‘March Madness’ when referring to the tournament. Before the tournament starts, numerous college teams from across the USA compete for a spot in the competition. Mostly, these qualifying games happen simultaneously, making it ideal for bettors interested in march madness college gambling.
The 68 college teams compete in single-elimination tournaments to determine the national champions. Of the 68 teams participating in the contest, 32 get automatic bids for winning in their respective conferences. The remaining 36 get at-large bids from the NCAA selection committee depending on how they performed during the season.
After the teams are selected, they are grouped geographically into four regions, and each team is placed in a bracket that lays out the route they need to take to reach the finals. Individual teams are ranked within their regions, usually, Southern, Western, Eastern, and mid-Western USA.
At the beginning of the tournament, higher-ranked teams play lower-ranked teams. For instance, in the first round, a team ranked one will play one ranked number sixteen, which continues until lower-seeded teams begin to upset the balance by beating favorites.
The March Madness competition is played in a series of rounds. After the first round of play, only sixteen teams (sweet sixteen) make it past the first weekend. Additional teams are eliminated in the next round, known as the Elite 8.
The last round, referred to as the Final 4, is where winners from the four regions meet. After playing, the two victorious teams secure a match against each other to determine who wins the national championship game.
Top 5 Bets You Can Place During March Madness
Here are some of the top bets you can place whenever the March Madness tournament is underway.
Moneyline Bets
Like in many sports, the moneyline bet is the simplest to place in March Madness. Here, you wager on the team likely to win a match. Odds in this type of bet can be competitive and are given based on the individual team's implied probability of winning.
Point Totals Bets
Also known as the Over/Under bet, the point total is another popular bet with March Madness enthusiasts. With this type of bet, you predict the total number of points both teams will score in a game. For instance, if you place a bet of over 157.5, the teams playing need 158+ cumulative points for you to win.
Most bookmakers argue that point totals are among college basketball competitions' most challenging bet markets. With March Madness, it is true, as it is difficult to predict the number of points to be scored when colleges from different regions with contrasting methods of play meet.
Prop Bets
Prop bets are also known as proposition bets. These types of bets provide bettors with gambling options outside the traditional betting markets. For example, you can have wagers that focus on individual players' or teams' statistics, like which player will have the most 3-pointers at the end of the tournament.
Other popular prop bets in March Madness include which teams will reach the sweet sixteen, elite 8, or the final 4 rounds.
Futures
A future bet takes considerable time before you know the outcome. They are usually placed some time before a tournament begins, then the bettors wait for the event to determine the outcome. One of March madness's most prominent futures bets is predicting who will win the championship.
Most future bet markets have towering odds, given that a lot can happen during the three weeks of March Madness, from injuries to the underdogs winning.
Point Spread Bets
The point spread refers to betting on the winning margin between the teams' scores. It enables you to bet on a team to cover the spread, whereby a favorite team must win by more than the designated points for a bet to be won.
Case in point, if you bet on a higher seed team favored by 18.5 points, they need to win the game by at least 19 points for you to get returns from your wager.
How to Bet On March Madness Using Bitcoin
Here is how you can bet on the March Madness tournament using Bitcoin on 1xBit.
Visit the 1xBit website and click the 'Registration' tab. Provide your email, set up a password, give a promo code if one is available, then click the 'REGISTER' button and proceed to log in.
Once you have access to your account, make the initial deposit. You do this by tapping on the 'deposit' button, followed by the Bitcoin icon. After confirming Bitcoin as your mode of payment, the site will provide you with a QR code you can use to deposit bitcoin.
On the website's homepage menu bar, click on basketball and scroll down to the NCAA option.
Then choose the game you are interested in. In our case have selected the Michigan Wolverines and the Nebraska Cornhuskers game for this example.
Afterward, choose your preferred betting markets, set your wager amount, and hit the 'PLACE A BET' button. Then, wait for the outcome of your bets!
With millions of March Madness fans anticipating placing bets yearly during the competition, 1xBit gives you an unmatched betting experience. You can access various betting markets with attractive odds and transact your wager and winnings with crypto at a minimal cost.
Register on 1xBit today and become part of the excellent college basketball betting experience.