Best Sportsbook Promotions for March Madness 2023

February 21, 2023

At the end of every college basketball season, NCAA March Madness, or the NCAA Tournament is something sports fans can always look forward to. Known for its excitement and unpredictability, the NCAA Tournament is one of the most widely bet on events in the United States. As a result, several sportsbook operators are giving bettors an opportunity to wager on the tournament using an array of March Madness sportsbook promos.

Let's have a look at what top-rated online sportsbooks have to offer:

Best March Madness Bets & Sportsbooks

Betting on March Madness is one of the pinnacles for all sports bettors and sportsbooks. Below you will get access to the best MM picks for today and the best sportsbooks to place your bets on. 

Bet365 Sportsbook

Bet365 Sportsbook is bringing one of the most exciting offers for the NCAA tournament! The Bet $1 Get $200 in Bonus Bets offer is one of the best we could stumble upon so be sure to take full advantage. The promo is precisely as it is described. Follow the link and make your first deposit of $10 or more. Make your first bet for just $1 or more and get credited with $200 in bonus bets, win or lose! Again, do not moss out on this high end promo offer. 

Promo Offer:Bet $1, Get $365 in bonus bets, win or lose
Available In:CO, NJ, OH, VA
Promo Code:None Needed - Click Here

*Paid as bonus bets in OH. 21+ and present in OH. Gambling Problem? Call 1-800-GAMBLER

Bet365 Sportsbook

Rated 4.8 stars out of 5
  • World biggest sportsbook
  • Great live betting
  • Top class user experience

Bet $5 Get $150 in Bonus Bets

Promo Code:
Gambling Problem? Call or TEXT 1-800-Gambler 21+

DraftKings Sportsbook

At DraftKings Sportsbook, new customers can bet $5 on March Madness and turn it into $150 if that first bet wins. To claim the offer, bettors can place their first bet for $5 on the game of their choice. Should that first bet win, DraftKings will pay bettors $150 in bonus that they can use to continue betting at DraftKings. Bettors will also receive the payout from their bet should their $5 bet win.

Promo offer:Bet $5, Win $150 If Your First Bet Wins
Available in: AZ, CO, CT, IA, IL, IN, LA, NJ, MD, NY, MI, OH*, PA, TN, VA, WV & WY
Promo Code:None Needed - Click Here

*Paid as bonus bets in OH. 21+ and present in OH. Gambling Problem? Call 1-800-GAMBLER

  • One of the Largest Gambling Sites in the US
  • Offers Casino, Sportsbook & DFS
  • Great Promotions

Bet $5 Get $200 + No Sweat SGP Daily

Promo Code:
Gambling Problem? Call or TEXT 1-800-Gambler 21+

Caesars Sportsbook

March Madness action gets very exciting at Caesars Sportsbook. There, bettors can get their first bet on Caesars up to $1,250. That means bettors can place their first bet on this year's NCAA Tournament. Should that bet fall short, bettors will get their money back in site credit, up to $1,250, so they can try again to pick a winner during the tourney. There is currently an extra boost for Ohio bettors as well. That first bet is good for up to $1500 in Ohio.

Promo offer:First bet on Caesars up to $1,250
Available in: AZ, CO, IA, IL, IN, KS, LA, MD, MI, NJ, NY, OH*, PA, TN, VA, WV, or WY

*Paid as bonus bets in OH. 21+ and present in OH. Gambling Problem? Call 1-800-GAMBLER

  • Well known brand
  • Great reward program
  • Wide range of banking options

$1,000 First Bet on Caesars

Promo Code:
Gambling Problem? Call or TEXT 1-800-Gambler 21+


New BetRivers users can set up an account today to receive their second chance bet promotion. This March Madness sportsbook promo lets bettors place their first wager at BetRivers on a game during the NCAA Tournament. If that bet does not win, bettors will receive their initial wager back in bonus bets, up to $500.

Promo offer:Second chance bet up to $500
Available in:AZ, CO, IA, IL, IN, LA, MI, NY, OH*, PA, TN, VA & WV
Promo Code:SPORTS

*Paid as bonus bets in OH. 21+ and present in OH. Gambling Problem? Call 1-800-GAMBLER

  • Great Welcome Bonus
  • Both online and land-based sportsbook
  • Top Class Customer Support

UP TO $500

Promo Code:
Gambling Problem? Call or TEXT 1-800-Gambler 21+


PointsBet has a unique welcome bonus that is perfect for the NCAA Tournament. Their March Madness sportsbook promo lets bettors place five $50 bets, all with a second chance of bonus bets. With this promotion, bettors can place a bet of up to $50 in their first five days using PointsBet. For each of those five bets that does not win, bettors will get second chance bonus bets in the amount of that day's wager, up to $50 per day.

Promo offer:5 x $50 Second Chance Bets
Available in:CO, IA, IL, IN, KS, MI, NJ, NY, PA, VA, WV & OH*
Promo Code:5X50

*Paid as bonus bets in OH. 21+ and present in OH. Gambling Problem? Call 1-800-GAMBLER

  • One of the biggest sportsbooks in US
  • Outstanding US sports offers
  • Very user-friendly platform


Gambling Problem? Call or TEXT 1-800-Gambler 21+

FanDuel Sportsbook

FanDuel Sportsbook has a no sweat offer for March Madness. With upsets being so prevalent in the NCAA Tournament, this offer can provide bettors with peace of mind knowing that they will get something no matter how their first bet fares, and potentially a significant amount. Simply deposit and make your first bet. If that bet wins it is paid out as normal. If it loses, FanDuel will credit you with bonus bets in the amount of the initial wager, up to $1000.

Promo offer:No Sweat First Bet - Up to $1000 in bonus bets if your first bet loses
Available in:AZ, CT, IA, IL, LA, NJ, NY, MD, MI, OH*, PA, TN, WV, VA, IN, CO, and WY
Promo Code:None Needed - Click Here

*Paid as bonus bets in OH. 21+ and present in OH. Gambling Problem? Call 1-800-GAMBLER

  • Strong presence in US
  • Wide range of betting options
  • Generous bonus offers

Bet $5 Get $100

Promo Code:
Gambling Problem? Call or TEXT 1-800-Gambler 21+

SI Sportsbook

Another sportsbook worth checking out for March Madness is SI Sportsbook. There, bettors can place a $20 bet with their first wager. Should that bet win, bettors will receive $200 in bonus bets on top of their winnings. That is certainly not something to miss out on during some of the best days of the year to be a sports fan.

Promo offer:Bet $20, Win $200
Available in:CO, VA, MI
Promo Code:SI200

SI Sportsbook

Rated 4.3 stars out of 5
  • Great Bonus Offers
  • Well-known brand
  • Easy to get money in and out

Bet $20 Win $200

Promo Code:
Gambling Problem? Call or TEXT 1-800-Gambler 21+

How basketball odds work

Basketball odds function in the same way they do in most other sports. When sportsbooks determine College Basketball odds, they keep the general public in mind and assign probabilities based on a variety of parameters.

The odds tell you how much you may expect to win if you place a specific wager. For instance, if you bet on a team with odds of +110, you stand a chance of winning $110 for every $100 wagered. However, if the odds are -110, your projected winnings are $100 for every $110 wagered. The proportion does not change no matter how large or small the bet.

Betting markets

The advantage of betting at regulated US sportsbooks is that they offer a diverse choice of betting markets and alternatives. In addition, they provide fantastic benefits and promotions such as welcome bonuses, bonus bets, and loyalty prizes. We will go over some of the betting markets accessible in college basketball below.


The most popular betting option offered in college basketball tournaments is the moneyline bet, in which you simply place your money on a specific team to win the game.

Point Spreads

Point spreads are another college basketball betting market available at top sportsbooks. To balance out the chances of each team to win a game, handicappers offer a team a positive or negative handicap to level the playing field. Bettors are then tasked with picking which team will have a higher score after that handicap is applied.

Totals (Over/Under)

The totals, or over/under, betting option is available at most top sportsbooks in the United States, including those we suggest. With this market, you are betting on the total amount of points that will be scored in a game. You can bet that the number of points scored will be less than or greater than a certain value set by the sportsbook.

Proposition Bets

This is a one-of-a-kind wager that has nothing to do with the result of the game. Prop bets are an excellent option for knowledgeable bettors since it allows them to forecast occurrences in a college basketball game without having to worry about the score itself, such as how many points a player will score.

Parlay Bets

Parlays let bettors risk a small amount to potentially win a large amount. With parlays, bettors make multiple selections and combine them into one ticket. For the parlay to win, bettors need every leg of it to win. If even one leg of a parlay loses, the whole thing is graded a loss. This is why the odds for parlays can be so long, as one wrong move tears the whole thing down.


Teasers are bets that are comparable to parlay bets. However, one notable distinction between these two betting choices is that teasers allow users to tailor the point spread or total to their liking. As a result, teasers also have lower odds than parlays.

Thing to consider when betting on college basketball

When betting on any NCAA Tournament game or outright market, users must take a few things into account. Here are some of these variables bettors should consider and how they may affect your forecasting of college basketball tournament action.

Current form

Examine the current performance levels of a college basketball team on which you want to bet. A team that is peaking going into the tournament could be dangerous to their competition, but they could also be overvalued in the betting markets. Conversely, a team that has hit a rough patch right before March Madness may be worth avoiding when placing bets.


Coaching is so important in college basketball, as coaches are called upon to guide the relatively inexperienced players at the college level. Brilliant college basketball minds like Tom Izzo or Bill Self can really elevate talented teams to a championship level.

Past performances

Bettors should look at how a program has performed throughout the season as a whole, along with how they have performed at previous NCAA Tournaments. This can give bettors a clearer picture as to what they can expect going into March Madness.


Is it legal to bet on college basketball?

You may wager on college basketball in states where sports betting is permitted. Some states prohibit wagering on in-state college teams or tournaments.

Which teams have the best chances of winning the NCAA Tournament?

Looking at this year's landscape, teams like Houston, Purdue, Kansas and Alabama are among the teams with the best odds of winning the NCAA Tournament.

What are the differences between betting on the NBA and college basketball?

The major difference between college basketball and the NBA is the game's length: the former lasts 40 minutes, while the latter lasts 48 minutes. There are also differences in three-point shooting distance, the number of fouls players are allowed to commit, among other factors.

Gus Anderson
Gus Anderson is a gambling wizard. As a kid he dreamt about becoming a Tennis, Hockey and Golf professional but ended up as a gambling professional with focus on both sports & casino.