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March Madness is Here!
It has become a March betting tradition in college basketball. Even though all sports fans understand tournament action is full of upsets, far too many casual bettors try to parlay money-line favorites because they “just can’t see” their chosen favorite losing the next game.
For example, nobody could see No. 1 Gonzaga losing as a 15-point favorite to St. Mary’s earlier this week. Until it happened. If you’re not familiar with money lines, those are prices for which team will win a game straight up. You have to pay a premium to take favorites in those spots. You’re rewarded with higher payoffs if you correctly call an upset.
In that St. Mary’s shocker, bettors had to risk around -2000 that Gonzaga would win the game (risking $2,000 to win only $100, or anything in that ratio). Taking a $100 shot on St. Mary’s to spring the upset would have earned a $1,000 profit (+1000 on the money line).
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