One of the things you need to do while learning how to open a sportsbook is to also know as much about sports as you can. Its important to have more than just a basic understanding of the many leagues across different sports- from football, to baseball, to basketball. Knowing how the league is structured, the rules, and the schedule will help you manage your sportsbook more efficiently. Even more, you also need to know what bets players tend to make in each sport or league. For instance, knowing the most popular March Madness bets your players will bet on will help you manage your lines faster, and do it easily.
When it comes to other wager types, like live betting, time is of the essence. And when you have limitations like this, you need to move as fast as you can and still do your job as a bookie correctly. The purpose of a sports betting bookie software is to fill exactly this need- to give you, the bookie, the best tools to manage odds and bets in your sportsbook.
March Madness Bet Types
Our guide to March Madness betting begins with the wager types that your players can place. When using a good bookie software, you will have access to a wide range of betting options, so you will not need to worry about variety. You will, however, need to know which wagers will be more popular, so you can check on those lines more often to manage them. Like most leagues, the point spread, moneyline, and totals are very popular in college basketball betting. Halftime bets are also popular, and they are still your basic spread, moneyline and totals bet, but the outcome is only for the half game specified in the wager.
Since college basketball offers a very busy calendar, parlays are popular bets. With more games on the slate each day, bettors can make a larger bet with more legs for parlays. Then you have the other bet types like prop bets, futures and so on.
Most Popular March Madness Bets
Live Bets
Live bets are very popular, from the result of a play to same-game parlays. When it comes to live betting, lines will change rapidly, so players will be quick to bet. That means you also have to be on the lookout on these bets to make sure you balance these lines as well as you can.
Futures Bets
Naturally, futures bets are also very popular in NCAA basketball betting. Out of the 351 schools that are in the NCAA Division I for basketball, they are divided into 32 conferences. The NBA, for comparison, just has two- the East and West. The scale of this league gives bettors a lot of options for futures bets. As a bookie, if you have a player that will place a futures bet on each conference, that’s 32 bets instantly. That does not even include bets for the finals.
Special Wagers for Each Tournament Round
You also have bets for Selection Sunday, the First Four, the First Round, and Sweet Sixteen. Then, the competition narrows down to Elite Eight, the Final Four, and the NCAA Championship game. With futures bets on these games alone, you can earn a lot in your online sportsbook.
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