How to Place Parlay Bets on the NCAA Basketball Tournament

There is nothing like the action of the NCAA basketball tournament every March. They do not call it "March Madness" for nothing. And if you're a betting man, then you know about the thrill of betting on 65 games in three weeks. If you just bet on one game, it's a 50-50 proposition, but bet the parlay and you can get rich quick. Read on to learn how to place parlay bets on the NCAA basketball tournament.

Instructions

    • 1

      Find a sports book that will take your action. Gambling on sports is illegal in most of the United States. You must physically be in Las Vegas, Atlantic City, Tahoe, certain reservations or other designated areas. Placing bets with a bookie is against the law, so stay away. While Congress has tried to pass legislation to stop online gambling, at this point they haven't, so it is still legal. But know that you are in a gambling grey area. Type into a search engine, "basketball bets" or similar and you will be overwhelmed with opportunities to open an account.

    • 2

      Study the games you are betting on. There are different types of parlay bets when it comes to betting on basketball. Most people will stay with either the point spread (how much one team will beat another by), bet the over/under (how many combined points teams will score in that game) or do a combination of the two. To maximize a parlay bet, you must bet games that are "equal" in the eyes of the house. If a team is favored by 30 points and you pick them "to win," you will receive little money for your wager. It would be something like wagering $10 to win just $1. Study the games and look for the edge.

    • 3

      Choose the number of games you want to bet on. The advantage to a parlay is that with a little money down, you can make a big return on your investment. Technically a parlay is everything over two combined bets. Most people do not bet more than eight games at once, as you must select all eight games correctly for your ticket to pay. Starting out by parlaying two to four games is a nice way to introduce yourself to the idea and still get a nice return on your money.

    • 4

      Place the bet at the sports window and double-check your ticket. You don't want to think you have a winner and then suddenly realize you made a mistake on your bet. Use language like, "I want a three game parlay (meaning you're playing three games) for the NCAA tourney. Uconn to cover against Ole Miss (meaning they'll beat the point spread), Georgia Tech to cover against Cal and give me the over on the UCLA Arkansas game." (Meaning the combined point total will be higher than what the house is projecting.)