Less than 20% of the 350-plus Division-1 teams are selected to the NCAA Tournament. March Madness is the single-game elimination tournament that determines the NCAA Division-1 college basketball champion. How to understands betting odds What is March Madness? How do you bet on March Madness? What are the best March Madness betting strategies? Here’s what you need to know for betting on the NCAA Tournament. With sports betting becoming legal in more and more states, much of the country has even more ways to bet on the year’s biggest college basketball games through sportsbooks. March Madness bracket pools have been a staple of the tournament since it expanded in 1985. Whether you’re a die-hard college basketball fan or someone who hasn’t seen a second of the season, you can bet on the NCAA Tournament. Most people who wager on the games are not experts. Betting on March Madness isn’t difficult.