How to bet on college basketball: Guide for types of bets, reading odds, key terms to know and more

Basketball has skyrocketed in popularity since the 1990s, and it's not just the NBA that has attracted fans of the sport. With the collegiate game continuing to grow, many prospective gamblers are interested in how to bet on college basketball.

NBA betting is fun, but any college basketball bettor will tell you that it pales in comparison to wagering on NCAA hoops. The excitement, camaraderie, and close matchups on a near-nightly basis make it an easy sport to follow both as a fan and a bettor.

Interested in becoming a college basketball bettor?

Keep reading to learn everything you need to know about college basketball betting, including odds, different types of bets, and much more. 

How to bet on college basketball: A complete guide to betting on NCAA hoops

The first step to becoming an NCAA hoops bettor is learning the basics of betting in general. You'll need to know how to read odds, the difference between spread, moneyline, and over/under bets, and the meaning of other terms like "parlay," "player prop," and "futures" bets.

NCAA bet types and understanding odds

Many different types of bets exist across all sports, including college hoops. Basketball odds are pretty straightforward to understand once you know the three basic and traditional betting terms: 

• moneyline
• point spread
• over/under total

These are oddsmakers' projections for how a game will turn out, including winner/loser, margin of victory, and final score combined points. Let's go into a little more detail before we proceed.

NCAA moneyline

The concept of college basketball moneylines is simple: each team in a set matchup is assigned odds, either positive or negative. These odds represent the team's likelihood of winning. When bettors pick the straight-up winner of the game and put money on it, they're betting the moneyline.

The negative number (usually -105 or greater) typically represents the odds for the favorite, also known as the team the sportsbooks expect to win. The positive number (typically +100 or greater) represents the odds for the underdog, or the team less likely to win the game.

Given the vast diversity of the NCAA basketball landscape, there can sometimes be significant mismatches on the schedule, even in conference tournaments and throughout March Madness. Moneyline odds allow bettors to pick straight winners in a user-friendly setting, while also enabling sportsbooks to limit their liabilities attached to overwhelming favorites.

How to read moneylines

Reading moneylines is simple. Favorites carry negative (-) odds, with the number indicating how much a bettor would need to risk to make a potential profit of $100. Underdogs are marked with plus (+) odds, with the number indicating what a bettor would win on a successful $100 bet.

Let's say you have some interest in betting on Duke over Indiana. If Duke is listed as a -250 favorite, that means you would need to risk a $250 bet to bring back a profit of $100 if the Blue Devils win.

If you think the Hoosiers will pull off a major upset, you could bet $100 on Indiana at +250 and would return a profit of $250 if the underdog comes through with a victory.

NCAA basketball spread

Another way for users to bet on college basketball is through the point spread. With NCAA basketball point spread betting, users are placing wagers based on the pre-game handicap set by the oddsmakers.

With point spread betting in college basketball, the favorite will be giving (-) points, while the underdog will be getting (+) points.

If a team is projected to win, that favorite must win by the set amount — the spread — to cover, and cash their bettor's tickets. On the other side of the odds, teams projected to lose can only cover and cash their bettors' tickets if that underdog either (a) wins or (b) loses by fewer points than the set spread.

Let's go back to the hypothetical Duke-Indiana game. Duke was listed as a -250 favorite, let's say they are also a -6 point favorite against the spread. That means you would have to bet on either Duke to win by more than six or Indy to lose by less than six.

In the event that a point spread bet ends in a tie, the wager is marked as a push, and the user is refunded. Sportsbooks will typically add a half-point to most spread amounts, since teams can't win or lose by a half-point. This creates a clear winning and losing outcome for point spread bets.

Point spreads always have a second set of odds alongside them, which indicate the cost of placing the bet (in sports betting, this is known as the "vig" or the "juice"). Most point spreads have a vig of -110. That means, to win $100, the college hoops bettor would need to risk $110. Vigs can be adjusted depending on betting action and often vary from sportsbook to sportsbook.

NCAA over-under point totals

If a bettor has less of a rooting interest in either of the two college hoops teams, they might opt instead for the over-under total. Betting the total is simple: the sportsbook lists a projected points total for a game, and you either bet on the two teams to finish with a combined score that is over or under that total number.

If the total combined score winds up higher than the projected total, then the over wins. If the final score total is lower than the projected total, then the under wins. If the final score ends exactly in a tie with the over-under total, the bet is marked as a push, and the user is refunded.

NCAA parlays

One of the most popular and potentially lucrative ways to wager on college basketball is by betting a parlay. Parlays allow bettors to combine multiple bets (legs) onto one bet ticket, for a larger potential payout.

In order to win a parlay bet, each individual leg must win. As such, the odds of winning are longer because there are multiple bets involved.

Bettors only need to combine a minimum of two legs to make a parlay bet, but the most popular parlays tend to be in the range of 3-5 legs. The more legs that bettors add to parlays, the bigger the potential payout, but also, the bigger the risk that the parlay bet will fail.

Sportsbooks typically allow bettors to add between two and 12 games in a college basketball parlay. Some books will also allow users to include player or game props, also known as over/under stat props, but those are far less common in college sports than they are in professional sports.

How to calculate a parlay payout

Now that you know the definition of a parlay and how you can bet one, let's quickly break down how to calculate a parlay bet value.

Once you figure out the odds for each matchup, bet, or prop, just divide what the total payout would be by the bet amount.

Let’s imagine a $100 parlay bet on these teams:

Duke (-150)
Indiana (+170)
North Carolina (-120)
Duke: -150 to win 100 with a payout of $250 250/150 = 1.6666
Indiana: -100 to win 170, with a payout of $270 270/100 = 2.7
North Carolina: -120 to win 100, with a payout of $220 220/120 = 1.8333E

Each of those three numbers we calculated is your multiplier. Now, just multiply those numbers to get your parlay odds. 1.6666 x 2.7 x 1.8333 = 8.2495.

That final number is 8.25, meaning your winnings would work out to be 7.25 for every dollar you bet on that particular parlay. Translation: your $100 bet just turned into a $725 win.

If you hate math or just don't want to go through the bother of calculating your parlay odds manually each time, have no fear. Most sportsbooks do the legwork for you, and you can also find a ton of independent parlay calculators all over the Internet.

NCAA player prop bets

Player prop betting has become wildly popular, much like fantasy sports has risen to such popularity since the turn of the 21st century. Props allow you to bet on an individual player going over or under a set statistical amount. The unique factor with NCAA player prop bets is that they take the team win/loss outcome out of the picture.

However, player-prop betting is far less common in NCAA hoops than it is in the NBA. That's probably because stats are far less predictable in the college game, and also because professional players are a lot more trustworthy as they have a lot more to lose. Additionally, it should be pointed out that a variety of states prohibit prop betting on college sports.

When and where props are available, you can bet over/under player props on all sorts of statistics, like points, rebounds, and three-pointers. You can also bet yes/no props for various hypothetical situations, like "Will Player X record a double-double for Duke?" or "Will Player Y lead UNC in assists?"

NCAA futures bets

Another fun method of betting on the NCAA is the futures market, which allows you to bet on whether or not something will happen in the future. You can place futures bets on teams to win their conference, get to the Final Four, or win the March Madness tournament.

You can also bet on individual player awards like who will win College Player of the Year or the Final Four Most Outstanding Player. Seeing that futures markets are allowing users to make a prediction way ahead of time, these bets often yield longer odds and therefore carry much higher potential payouts.

What are some common college basketball betting terms?

• Action – Any wager, or any bet you have on any game. 
• Bonus – Funds or free bets rewarded or gifted via promotions run by a sportsbook.
• Book – Sportsbook. An establishment that accepts wagers on the outcome of sports events.
• Chalk – Favorite. "Betting the chalk" is putting money on the projected winner.
• Cover – When the favorite wins by more than the required number of points or when the underdog loses by less than the required number of points (or wins outright).
• Dog – Underdog. The team projected to lose, always getting points and usually yielding plus moneyline odds.
• Futures – Wagers placed on the outcome of something in the future, like an MVP award, a championship, or a scoring title. 
• Handicapper – Someone who studies and wagers on sporting events.
• Handle – Total amount of wagers taken on a sporting event.
• Hold – The percentage amount the sportsbook makes.
• Hedging – Betting the opposite team or side of your original wager to either try to middle the game, or to reduce the downside exposure of the original wager.
• Hook – A half-point, used by sportsbooks to avoid a push (no betting win or loss).
• Juice – A commission built into the line offerings, also known as "vig" or "vigorish."
• Laying Points – To bet the favorite by giving up points.
• Laying the Price – To bet the favorite by laying moneyline odds.
• Limit – The maximum wager accepted by the sportsbook on a particular line offering.
• Line – The current odds or point spread offered on a particular game.
• Linesmaker (Oddsmaker) – A professional who establishes the probability of one team defeating another and by how many points. Oddsmakers create the line or point spread.
• Long shot – A team heavily expected to lose.
• Moneyline bet – A bet on the straight-up winner of a game, underdog or favorite.
• Off the board – A game, prop, or future in which the sportsbook is not accepting any wagers.
• Overlay – The odds of a particular wagering proposition are higher than they should be.
• Over/Under (total) bet – Wager that applies to the final score/total points in a given contest.
• Parlay – A combination of straight bets to increase the potential payout. All selections must win for the bet to win.
• Pick 'em – Neither team is favored, meaning the game is considered a toss-up for betting purposes. Pick'em odds usually hover around the -105 to -115 range.
• Price – Line or odds of a game or wager.
• Prop bet – A wager on a specific event happening or not happening in a game, usually stats. Examples: Will Nikola Jokic record a triple-double? Will Jayson Tatum score 30 points?
• Rollover – The required amount of real-money wagers a player has to accumulate after they have accepted a bonus from a sportsbook to qualify for a withdrawal.
• Round Robin – A method of parlaying two or more teams in all possible team parlay combinations. For example, a three-team round-robin of ABC can produce three separate two-team parlays: AB, AC and BC. 
• Spread bet – A bet on the forecasted point differential between two teams. A minus (-) indicates the favorite and a plus (+) is the underdog.
• Teaser – When you alter the spreads or totals in a parlay for a better chance of winning your combined bet.

Frequently asked questions for betting on college hoops

What do the plus (+) and minus (-) mean in NCAA betting?

The plus (+) and minus (-) in sports betting refer to either the point spread or betting odds.

Spread

In college basketball spread betting, the " - " indicates the favorite, and the " + " refers to the underdog. The favorite is giving points to the underdog, who is getting points. To cover the spread, the favored team needs to win by more than the spread amount of points. The underdog doesn't need to win outright to cover the spread, it can still cover by simply losing by less of a margin than the total spread number.

Odds

Favorites in college basketball usually have a " - " unless it's a pick'em (coin-flip) and both teams have negative odds. But in most cases, the favorite will have a " - " in front of its moneyline odds while the underdog will have a "+ ." NCAA basketball moneyline betting has nothing to do with the winning or losing margin but everything to do with the win/loss result. Minus odds tell you how much you will need to risk to win $100. Plus odds tell you how much you will win on a $100 bet that cashes.

What is a "unit" in college sports betting?

A unit in sports betting is a measurement of the size of a given bet. It's mainly used because everyone's bankroll is different and a unit refers to the percentage of a bankroll, aka the amount of money are using to spend on sports betting. One unit is usually equal to one percent of a bankroll, though it's not the same for everyone.

All bettors — especially new ones — should establish bankrolls. You should always bet within your means and with an amount that you are comfortable or capable of losing.

Here's an example of a unit: If your bankroll is $1,000, one unit would be $10 or 1%. In this situation, if someone puts three units on a wager with a sports betting app, it would be a $30 bet. When someone recommends betting 3-5 units on a wager, they are saying they are quite confident in the win probability of that wager.

What is the 2-5 rule in betting?

Many bankroll management theories exist, so it's up to you to decide which theory or strategy works best for you. The Kelly Criterion, aka the 2-5 rule, suggests that bettors should never risk more than 2-5 percent of their bankroll per wager.

Example: If you're starting the college basketball season with a $500 bankroll, the 2-5 rule would dictate that your largest bet should be no greater than $25. Your bet size would then decrease as your bankroll does.

Where is online betting on the NCAA legal?

A variety of states throughout the nation have already launched online sports betting, and more states have already begun the framework for legalization.

Some states restrict residents from betting on college and non-professional sports, however, so you'll want to look up your state's specific legislation before embarking on your betting journey. 

The states in which college basketball betting is already available includes:

• Arizona (college prop betting is prohibited)
• Arkansas
• Colorado (college prop betting is prohibited)
• Connecticut (wagering is not allowed on Connecticut-based teams, unless they’re taking part in a tournament)
• Illinois (college prop betting is prohibited)
• Indiana (college prop betting is prohibited)
• Iowa (college prop betting on in-state schools is prohibited)
• Kansas
• Kentucky
• Louisiana (college prop betting is prohibited)
• Maryland (college prop betting is prohibited)
• Massachusetts (wagering is not allowed on Massachusetts-based teams, unless they’re taking part in a tournament. College prop betting is prohibited.)
• Michigan
• New Hampshire (wagering is not allowed on New Hampshire-based teams, unless they’re taking part in a tournament)
• New Jersey (wagering is not allowed on New Jersey-based teams, unless they’re taking part in a tournament)
• New York (college betting/college prop betting is prohibited)
• Ohio (college prop betting is prohibited)
• Oregon (college sports betting is prohibited)
• Pennsylvania (college prop betting is prohibited)
• Tennessee (college prop betting is prohibited)
• Virginia (College betting on Virginia-based schools is prohibited. College prop betting is prohibited)
• Washington (College betting on Washington-based schools is prohibited. College prop betting is prohibited)
• West Virginia
• Wyoming

What is a good return on investment (ROI) in NCAA betting?

Even a professional will say that simply doubling your money on a bet is a positive. Others prefer lower-risk, lower-reward wagers in which they walk away with 10 percent or 20 percent profit. Everyone's different, just like every bankroll is different.