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So many brackets, so many bets, so many possibilities.

THE BEST BETS TO MAKE
Oddsmakers will tell you that the best bets to make during March Madness are those bets that provide “value.” What does this mean? Generally speaking, it means to look for point spreads that are giving underdogs too many points, or point spreads that aren’t giving favorites enough of them.

This year, after a college basketball season during which many of the top teams were notorious slow-starters, first-half point spread bets might also be worth considering (especially if you’re backing the dogs).

A third type of wager that beginners often overlook are “teaser” bets. Though not every sports book offers them, these bets are modified parlay bets, and they enable bettors to better opt for a slightly reduced payout for more points on different legs of a parlay (usually a spread and a point total). Essentially, teasers are like parlays with insurance.

TIP: Be sure to ask about teasers; most sports books don’t list them in the regular lineup of betting options.

[Photo: The D34n]

Hopefully, you can collect some "wynnings" at the Wynn's sports book.

THE BEST WAY TO WIN BIG
There are two basic ways to stretch a limited budget in the sports book during March Madness and win big.

The first is to look for great moneyline odds on an underdog. Most books will offer something in the neighborhood of +350 or +400 (this means you must bet $100 to win $350 or $400, respectively) on at least one game each day. Pick the right underdog and you could quadruple your money instantaneously.

Of course the other option is to go for a parlay. Parlays string together separate bets but compound odds as they go. A three-team parlay, for instance, pays 6-to-1. Wager $100 on three favorites to cover light spreads and you can earn a cool $600 in no time. Add more teams to the mix and the odds get even better (though it becomes that much more difficult to win all of your bets).

The downside to a parlay is that when one wager falters, the whole card is kaput. If one of your parlay bets ends in a push, that wager simply drops out of the parlay and the payout readjusts accordingly.

The sports book at Caesars palace

THE BEST TIME TO PLACE BETS
Opinions are divided on when is the optimal time to place bets. Some (us included) prefer to place them right when the lines go up; this is usually the best time to pounce on bookmaking mistakes that underestimate a particular underdog. Others, however, say it’s better to wait until an hour or so before game time; this way you can stay abreast of injury updates that could impact the outcome.

Whenever you decide to place your bet, be sure to give yourself enough time to get to the window—with larger-than-usual crowds during March Madness, sometimes it can take 20 minutes just to get to the ticket writer (this is one of the benefits to using mobile betting devices like the ones at M Resort, Palazzo, Venetian and the Hard Rock Hotel).

Super Bowl Sports Book Seat Fail

THE BEST WAY TO GET A GOOD SEAT
For years, there were two ways to get a good seat in a sports book during March Madness—wager a ton and become a VIP (for whom bookmakers always reserve seats), or stand in line for anywhere from 12 to 16 hours before opening tip-off at 9 a.m. PST on the Thursday morning.

We admit to doing the latter during the early part of last decade; we also know some die-hards who have hired “seatfillers” to wait in line and keep seats warm through the night (price: $80.)

But this year, a number of sports books finally realized they could charge a premium for guaranteed seating. Some, such as Lagasse’s Stadium at The Palazzo, sell reserved seats with a minimum of $125 in food purchases. Others, such as Wynn, Encore and Planet Hollywood, charge $25 per day, which includes a reserved seat and two complimentary cocktails.

THE BEST OVERALL STRATEGY FOR THE WEEKEND
1. Moderation is a key to a fun and lucrative March Madness weekend. As tempting as it is to bet every single game (believe us, it is incredibly tempting), resist, and instead throw bigger portions of your bankroll behind teams and wagers in which you have a strong degree of confidence (or at least a little bit of familiarity).

2. Keep the drinking in check while tournament games are rolling. (We know, it was just as painful for us to tell you that.) Though most sports books give away booze for free, we’ve learned the hard way of the inverse relationship between the amount of gin greyhounds and the number of bets you win.

Get into it. Or at least take a picture of everyone getting into it.

3. Don’t feel compelled to bet with the pack, even if you're watching the games with a group of old college friends who once convinced you that streaking the quad was a good thing. If you think your friends are wagering like douchebags, go your own way. Sure, you might risk alienating your buddies for an hour or two, but they’ll forgive you when you buy them a round of Jacks and coke with the money you’ve won.

4. Get into it. You'll notice right away that sports book during March Madness are not for the faint of heart. People cheer. They heckle. They scream. The best way to be a part of the vibe is to embrace it wholeheartedly. There's nothing quite like chanting "De-Fense, De Fense" when you really need a stop to ensure your team will cover the spread.

5. Don't chase your bets. If you've lost a bunch of sports bets in a row, do what you'd do on a losing streak at the blackjack table--sit out the next few. Especially since sports books are usually right next to the poker rooms, there's no shortage of ways to get your gambling fix.

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