March Madness Betting History
The NCAA Division I Men’s Basketball Tournament, better known as March Madness, has evolved into one of the largest betting events in the world. What began as small, informal wagering has grown into a multi-billion-dollar industry that spread throughout the entire world.
Many wonder what were the stages during the development, how March Madness odds shaped, what determined them and betting markets, which factors helped its popularization, etc.
Here is a complete look at how NCAA March Madness betting has developed over time.
Early Years: Informal and Underground Betting (1939–1970s)
When the NCAA Tournament began in 1939, legal sports betting in the United States was extremely limited. Most wagering took place through:
- Local bookmakers
- Private betting circles
- Office pools
- Friendly wagers
Las Vegas sportsbooks were still developing, and college basketball was not a betting focus. Information was limited, spreads were inconsistent, and betting was largely regional. Outright betting markets were limited too, with most bettors focusing on team odds to win March Madness, some head-to-head games, and rarely on anything else.
During this period, most fans participated through small cash pools or personal bets rather than organized sportsbooks.
Rise of Las Vegas Sportsbooks (1980s–1990s)
By the 1980s, Las Vegas had become the center of legal sports betting in the United States. Sportsbooks began offering much more diverse March Madness betting odds:
- Standardized point spreads
- Totals (over and under)
- Moneylines
- Early futures markets
March Madness grew rapidly in popularity, and sportsbooks recognized its potential. More games meant more betting opportunities, and betting volume increased every year.
Television coverage also expanded, giving bettors more access to information and live games. And we can say this was the first big turning point in March Madness betting history.
This era marked the beginning of modern NCAA tournament betting.
The Bracket Pool Explosion (1990s–2000s)
In the 1990s and early 2000s, office and online bracket pools became a cultural phenomenon.
Millions of fans began searching for the perfect March Madness bracket in various contests. Some of them were at:
- Workplace contests
- Family pools
- Online competitions
- Fantasy-style leagues
While many of these pools were informal, they helped normalize betting-related behavior and introduced casual fans to wagering concepts such as odds, spreads, and probability. Up until that point, many recreational bettors were focused on a couple of outrights and moneyline betting, but now their options had widened.
Bracket pools became the entrance for many people into sports betting.
Online Betting and Data Expansion (2000s–2010s)
The internet changed March Madness betting permanently. During this era, bettors gained access to:
- Online sportsbooks
- Live odds updates
- Statistical databases
- Expert analysis
- Real-time injury reports
International sportsbooks also expanded access for US bettors, even in states where betting was illegal. Top offshore sportsbooks increased their presence in the United States, opening new horizons for American players.
Advanced analytics and betting models became more common, leading to sharper and more competitive markets.
Sportsbooks improved their pricing, making it harder to find major inefficiencies.
Legalization and the Modern Betting Boom (2018–Present)
Another major turning point came in 2018, when the US Supreme Court struck down federal restrictions on sports betting. After this decision, many states legalized sports wagering.
This led to:
- State-regulated sportsbooks
- Mobile betting apps
- Partnerships with media companies
- Massive marketing campaigns
March Madness betting volume surged as fans could now legally place bets from their phones in many states. And not just that, the competition forced the top sportsbooks to compete for every bettor, giving them more resources and increasing their chances of making profits.
Today, the March Madness is consistently one of the most bet-on sporting events in North America.
Growth of Betting Markets
Over time, NCAA tournament betting expanded far beyond simple game spreads. Among other things, top sportsbooks now offer:
- Game lines
- Live betting
- Team futures
- Final Four futures
- Conference futures
- Player props
- Team props
- Margin of victory bets
This variety has increased both engagement and total betting volume. Ordinary bettors now place dozens of wagers during a single tournament.
Historical Betting Trends
Over decades of wagering, several important trends have emerged.
Favorites vs Underdogs
Favorites win outright more often, but underdogs frequently cover the spread. This is especially true in early rounds.
Common Upset Zones
Matchups such as 12 vs 5 and 11 vs 6 have historically produced many upsets. And just to add, no other US sport has produced more Cinderella stories than NCAA basketball.
Top Seeds
No. 1 and No. 2 seeds dominate championship outcomes. Most national champions come from these positions.
Totals Betting
Overs and unders are influenced by pace and defense. Tournament pressure often leads to lower-scoring games in later rounds.
Public Bias
Popular teams and major programs often receive heavy public betting, sometimes inflating their lines.
Rise of Live and In-Game Betting
Live or in-play betting has become one of the fastest-growing segments of March Madness betting. To be honest, live betting is slowly pushing out traditional pre-match betting across all sports, not just NCAA basketball.
Bettors can now wager on:
- Full-time result
- Halftime lines
- Live spreads
- Live totals
Live March Madness odds adjust in real time based on performance, fouls, injuries, and momentum shifts. And just to say, the listed betting markets are just a handful of the most popular, as there are tens of others.
This has transformed how fans watch games, making every possession meaningful.
Role of Media and Technology
Sports media played a major role in shaping betting behavior. Television and digital platforms now regularly display:
- Point spreads
- Betting odds
- Public betting percentages
- Expert picks
Also, mobile devices have made all the betting info available within a few clicks, and any bettor can get complete betting info on any March Madness game available. This is one of the main reasons why live betting became so popular and frequent.
Advanced software tools provide:
- Simulation models
- Win probability charts
- Bracket predictors
These tools have made betting more data-driven than ever before.
Impact on Fan Culture
Betting has changed how fans experience March Madness.
Many viewers now:
- Track March Madness odds daily
- Follow betting markets
- Compare predictions
- Engage on social media
- Watch more games
Wagering has increased overall engagement, even for neutral fans. People are more likely to watch games involving teams they have bet on.
Future of NCAA Tournament Betting
Looking ahead, NCAA tournament betting is expected to continue growing.
Key trends include:
- More state legalization
- Expanded mobile platforms
- AI-powered analytics
- Personalized betting offers
- Stronger regulation
Technology will likely make betting faster, more interactive, and even more data-driven than it is now. We can’t say for sure what the characteristics would be, because we don’t know in which direction the technology will evolve.
Final Thoughts
March Madness betting has evolved from small underground wagers to a massive, regulated industry. What started as informal pools and local bookmaking has become a global market powered by technology, legalization, and, more importantly, huge media coverage.
Though, despite all the changes, the basics of March Madness remain the same: unpredictable games, dramatic upsets, and the chance for underdogs to make history. Betting just follows all this, nothing more than that.
