-
Step 1
Get the betting lines for the tournament. The moment the tournament is announced, the bookies will go to work setting the lines for the games in the first round. Go to docsports.com or madduxsports.com for up to the minute lines. These will usually include a point spread for every game and an "over-under" for each game. The point spread is the minimum number of points a team must win by in order for one side to win the bet. For instance, if you bet on a team that is a 6-point underdog and it loses by only five points, you win even though the team lost. If that team had lost by seven points, your opponent wins since his team "covered the spread." The over-under is the total amount of points the two teams will score in a game. You bet above or below that number. For example, you bet an "over" of 45 in a football game. The game ends with the final score, 25 to 24. Add the two totals for 49. You win the wager. Had the score totaled below 45, you would have lost.
-
Step 2
Find an inconsistency among the betting lines. You are looking for a deal. Focus on the teams you've followed most throughout the year. Then decide if they will "cover the spread" (beat the other team by the amount of points in the spread), or beat or fail to beat the over-under.
-
Step 3
Determine your bank roll. Gambling, in theory, should be a 50/50 proposition. Meaning that the odds makers are supposed to settle the betting lines so that the game is completely fair. By determining your bank roll before placing the bet, you'll leave yourself monetary room to recover. Only bet 1/10 of your bank roll on the single game.
-
Step 4
Place your bet with a sports book. There are many online sports books where you can lay basketball action for March Madness. Place your bet within the city limits where it is allowed. These are places like Las Vegas or Atlantic City. When placing the bet, name the game you want, the amount you want and which team you think will win. For instance if UCONN is playing UCLA you would say something like, "In the UCONN, UCLA game I want to place $100 on UCONN to cover." That means UCONN will win the game by the amount of points the odds makers have set. If they do, you win the bet; if they do not you lose the bet.
-
Step 5
Reassess your bank roll and plan your strategy for the next game. If you won, bet the same amount again as you are playing with the house's money. If you lost, double the bet. This will get you back to even if you win on the next game. This is a dangerous strategy, as if you lose you will be out almost 1/3 of your bank roll. At that point cut your betting back to half of your original bet until you can rebuild your bank roll.
