March Madness Betting Review: The Best Online Betting Colorado Sportsbooks

Published: Nov 13, 2020 Updated: Jan 4, 2022

Best Online Betting Colorado Sportsbooks

Following a bunch of legislatures all over the country, freedom to take place in sports betting is ironically back in the land of the free. It became legal at the end of the year 2019 and has a lot of people excited for the mouthwatering possibilities. In the month of May in the following year, the State of Colorado had online sports betting legalized. This was followed by some sportsbooks taking their services online for gamblers to access.

These developments have an unmistakable consequence – March Madness betting in Colorado (CO) is finally legally available. Seeing that it is one of the most uniting and engaging events in the USA, the excitement is understandable.

This CO betting site review is important for any online bettor, especially if you are a fan of NCAA March Madness. We will explain thoroughly how the tournament is set up and how it progresses, so you can understand what betting opportunities are available. We will take you through the best sports betting sites in Colorado with their bonuses and promo codes, the best March Madness odds, and the most effective betting strategy.

Table of Content

    Best March Madness Online Betting Sites in Colorado

    PointsBet Sportsbook Review & Bonus Code

    PointsBet Sportsbook Review & Bonus Code


    FanDuel DFS Betting Review & Promo Code

    FanDuel DFS Betting Review & Promo Code

    Draftkings DFS Betting Review & Promo Code

    Draftkings DFS Betting Review & Promo Code



    March Madness Crash Course

    March Madness is also known as NCAA Division I Men’s Basketball Tournament, or NCAA March Madness. It is regulated by the National Collegiate Athletic Association (NCAA). This organization founded in 1910 takes care of the affairs of college athletes in the US and in Canada. March Madness is a college basketball tournament and this is important to know. It is important because like other sports betting, college basketball betting in CO had not been legal for a long time.

    March Madness is played by 68 teams over 7 rounds of games. The tournament runs from the middle of March starting with selection Sunday and ends at the beginning of April with the Final Four. It is packed with exciting play, Cinderellas, upsets, and so much more than the name is easily a befitting one. All these multiple events are happening all at once in addition to what happens in basketball games. This provides a lot of options for online betting on March Madness in Colorado.

    March Madness Selection and Format

    March MadnessThe 68 teams are selected on two different bases. One set of the teams are automatically selected as champions of their conference tournaments, while the other set is selected based on performance in the regular season.

    The former group makes up 32 of the teams. The latter makes up the remaining 36, and are selected carefully by a committee of 10 university sports officials charged with this duty by the NCAA. This process involves a number of metrics and the NCAA Evaluation Tool (NET) to decide the best teams in the regular season. The result is then televised live on TV and has been dubbed “Selection Sunday”. Apart from this, the placement of teams into their respective seeds is done on selection Sunday, and the bracket is set. March Madness bracket betting is very popular. Numerous amounts of people try their hands at it even though the odds are so low it may be impossible.

    The teams are seeded into 4 groups based on their regions with sixteen teams each, and the big dance begins. There are seven rounds:

    1. The First Four
    2. The First Round
    3. The Second Round
    4. The Regional Semifinals (Sweet Sixteen)
    5. The Regional Finals (Elite Eight)
    6. The National Semifinals (Final Four)
    7. The National Championship

    History of March Madness

    March MadnessThe idea of the tournament was first proposed by Ohio state coach, Harold Olsen. It was created by the National Association of Basketball Coaches, and first featured eight teams. Oregon state university went on to win the inaugural edition of the competition. The tournament has gone on to great heights, becoming one of the most anticipated, engaging, and watched competitions all year long. It has since gone through modifications moving from 8 teams to 22, 48, 64, and finally 68 team formats that we now know. This new format was introduced in 2011.

    The team with the most titles is the UCLA Bruins, with 11. John Wooden was the coach who led them to ten of those titles and is nicknamed “the Wizard of Westwood”. The University of Kentucky is the second most successful with eight titles, and the University of North Carolina rounding off the top three with 6. Duke University and Indiana University are close behind however with 5 titles each. The University of Virginia is the current champion winning it for the first time in 2019.

    March Madness Betting Options in CO

    There are so many March Madness betting options due to the many events happening in the tournament. If you are going to bet on the games you should know what options are available to you and what they mean.

    • Moneyline: This is the simplest and least complicated type of water you can make on a game. You are simply picking the winner of a game in this moneyline bet. The favorite to win has odds in the negative, while the underdog has odds in the positive.
    • Totals: Basketball games are decided by points. This type of bet allows you to wager on those points. You can predict if a team will score below or above a certain points total.
    • Props: These are extra things you can add for a game based on the point of view of a team and its players. Things like, victory margins and the player with the highest points are examples of props.
    • Parlays: You may feel that two different events in two different games are likely to happen and you want both on a single betting slip. This is possible and is called a parlay. You can bet multiple game events in one betting slip, and increase your potential income. The odds of winning the bet also increases, however.
    • Futures: You may decide to wager on events that are far from occurring at a certain point in time. You may decide to wager on who you think is going to win the Tournament or even a region. Because of the length of time, this type of bet is accurately called futures. This is one of the most unique options because they are technically always available. At any moment futures will always be available for you to wager on, even if the tournament has not begun.
    • Live Betting: Even when a game has begun, you can still place bets. In retail sportsbooks, this is more difficult, because of how quickly odds will update. But on online sportsbooks, you can do this with ease. Moneyline, totals, and other types of March Madness betting options will get updated to give you live betting odds.

    The Best Colorado March Madness Online Betting Sites

    When choosing an online betting site for March Madness betting options in Colorado, there are several criteria to consider. Some of those include:

    • Sportsbook Reputation
    • Transaction Options
    • Promotions and Bonuses
    • Wide Range of Wagering Options
    • Reputable and Efficient Customer Care Service

    We have gone through these criteria to select the best sportsbook options. You can go through these sportsbooks to know the best for you to play March Madness online sports betting in Colorado.

    Sportsbook Offerings Bonuses and Promo Codes
    PointsBet No Juice Spreads $250 deposit bonus

    Promo code: USSB

    William Hill 3 Leg Parlays $100 loyalty Bonus

    Promo Code: SPORTSBONUS500

    FanDuel All Kinds $500 Risk-Free Bonus

    $5 Welcome Bonus

    No promo code required

    DraftKings All Kinds $500 Deposit Bonus

    $500 Risk-Free Bonus

    No promo code required

    Caesars All kinds $10 no-deposit Bonus

    Promo Code: SPORTS10

    $300 Risk-Free Bonus

    Promo Code: SPORTS300

    SugarHouse All kinds $250 Mobile App Match Bonus

    No promo code required

    BetMGM All kinds 100% Match Bonus up to $500

    Promo Code: PLAYBONUS

    How to Win Betting on March Madness in CO

    March Madness is a very unique tournament. Because of this, it is a bit different from other sporting events that we normally wager on. All these should be taken into account when placing your stake in the games at online sports betting sites. However, there are similarities to other sports betting, and this should be considered as well.

    Gamble Responsibly With a Bankroll

    This is the first and most important thing for any gambler gambling on any game whatsoever, anywhere in the world. Considering that the house has an in-built advantage over the player on every stake, a bankroll strategy is essential. When betting on March Madness games in CO online betting sites, you may encounter a streak of losses and pursue it. This could lead to massive depletion of your money and unhealthy gambling behavior. A streak of wins could also have the same outcome. This is because you could, with your newfound confidence decide to bet heavy and lose it all in one fell swoop.

    A good bankroll, and a proper strategy to manage it will dictate how you should bet in good or bad times. However, patience and diligence are required to see this work.

    Understand the Respective Seeding for Teams and Acknowledge It

    The teams are selected into the four regional groups and are given respective seeds. These seeds represent the strength and form of the teams and are a good indicator of what to expect. At the first round, the highest-ranking teams in a group are pitted against the lowest ranking, the second-highest against the second-lowest, and so on. This is one of the best times to make wagers. But you must be careful because there is always bound to be one or two upsets. Nevertheless, there are few better pointers to the capabilities of a team than their seeding.

    Watch Out for Form

    A lot of the time in the NCAA Division I Men’s Basketball Tournament, we have what we call the “Cinderella”. This is a team that defies the odds and goes on to do very well in the competition. They are called Cinderella because of this –  that the least expected shine the brightest just like the Disney character. This is one of the most looked out for teams in the entire competition. Not just because everyone loves an underdog story, but also because, for bettors, they pose an interesting prospect for tangible winnings. They light up the tournament for regular fans and gamblers alike.

    Because of this regular occurrence, it is always important to look out for the form of the teams in the tournament. Oftentimes, some teams come into the team with good form and underlying stats. But because they have been tagged a low seed team with high moneyline odds from the bookmakers, bettors shy away from them. It is good to identify such teams and bet carefully on them.

    Acknowledge the Bookmakers’ Odds

    The odds on every possible outcome is the most objective determiner of the eventuality of that outcome. It is needless to say that odds should not be taken lightly. The lower the odds the higher the possibility of that outcome occurring, and the higher the odds the lower the possibility. It is therefore advisable to always bet higher on lower odds and lower on higher odds. This helps you to test both waters as you wish without having to lose horribly on either end.

    Colorado March Madness

    March Madness 2020For the first time in its 80+ year history, the March Madness tournament was not completed. This is remarkable as the competition has survived crazy tragedies like the second world war, virus epidemics, and even black Monday. But 2020 was not the year this time around due to the global pandemic that took flight in the beloved month of March itself.

    Considering that several states like the state of Colorado had just made sports betting legal, this was a big pill to swallow. Gamblers in Colorado had been eager to wager on this cultural phenomenon loved by everyone. Following several state legislatures legalizing sports betting, a 6.8% increase in the activity had already been recorded at the beginning of 2020. The figures released by the American Gambling Association (AGA) put the amount wagered at $8.5 billion on the March Madness tournament of 2019. Based on estimates of these figures, the NCAA is believed to have lost around $9.1 billion on bets alone for the 2020 tournament.

    All hope is not lost, however, as the tournament returns for 2021 with dates and venues already set. It all kicks off in the University of Dayton Arena, with the First Four taking place on the 16th and 17th of March in 2021. This is the customary two days after selection Sunday which takes place on the 14th of March.

    The games are available live for anyone in Colorado and even worldwide. The NCAA names a lot of money from TV deals for the tournament. Some places to watch include;

    • CBS
    • TNT
    • TBS
    • truTV (NCAA March Madness)


    The NCAA Division I Men’s Basketball Tournament is a very lucrative venture, both for organizers, fans, and other parties involved. This is just a reflection of the level of interest in the tournament itself. Not just by the people of Colorado or the US, but the world as a whole as the numbers indicate. March Madness has shown a pattern of growth throughout history. With new legislation in states like Colorado, this is expected to continue.

    Come March 2021, gamblers in CO will get to access these games in sports betting online to satisfaction. If you follow our tips you should be sure to walk away from a champion yourself at the end of the tournament.

    Read more about legal optinos for online betting in Colorado:


    Is it legal to bet on March Madness online in Colorado?
    Yes. Legislature has been passed in May of 2020 legalising sports betting online in the state.
    When does March Madness start?
    The next edition starts on the sixteenth of March 2021 with the First Four.
    What was the biggest upset in March Madness history?
    University of Maryland, Baltimore County (UMBC) was the first No.16 seed team to beat a No. 1 seed team in 2018. They beat the University of Virginia 74-54 much to the surprise of everyone, and it is widely regarded as the biggest upset in the tournament's history.
    What was the lowest seed to win the March Madness tournament?
    Villanova in 1985 won the tournament as a No. 8 seed team. That is the lowest in March Madness history.
    Who won the last March Madness tournament?
    The University of Virginia is the most recent winner of the championship. Winning it for the first time in 2019.
    Who is the best March Madness team in 2020?
    There are a few teams with the best futures odds on winning the championship come 2021 according to some of the best bookmakers. Some include; Gonzaga, Baylor, Duke and Kentucky.

    Written by:

    Author, Contributor, Law Expert at Karen is our writer and contributor who tells you the latest news and trends in gambling industry that take place in the United States.
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