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March Madness Betting Promotions | Best College Basketball Promo Codes | 2023

Your Guide to All the Top College Basketball Bonuses and Promotions

ByPat Pickens

Feb 28, 2023

The college basketball season is full of non-stop action with teams from all across the country facing off nightly in what can only be described as a sports bettors dream.

Whether it’s two top 10 teams colliding in mid-December or a 15-seed taking down a 2-seed in the big dance, there is always something to be excited about when betting on college basketball.

If you are new to betting on college basketball or are looking to try out a new sportsbook, you can instantly build your bankroll with some lucrative new player offers.

These offers range from risk-free bets, deposit matches and many other promos. They can help you start off betting with house money.

Looking for the best sportsbook bonuses for the upcoming season can get confusing, but we will help you through the process with our suggestions. These promotions are an important key to you succeeding in betting on college basketball.

Benefits of College Basketball Betting Promos

No matter if you are an experienced bettor, or a new user looking to get into the sports betting action, starting off with a new online sportsbook comes with many benefits. Whether it’s a deposit match, risk-free bet or first bet match offer, you are essentially playing with their money, not yours.

You may be wondering why an online sportsbook would just be giving away free bets? In the same spirit of a car dealership offering three free oil changes with a new car purchase.

The small amount invested in the new customer gives them a chance to get accustomed to the dealers service department and hopefully make them a long term customer.

New player bonuses give you the chance to play around on the sports betting site, and in turn, they hope that you come back for all your future sports betting needs.

These welcome bonuses can seem a bit confusing, but don’t worry, we will walk you through how to claim these offers and the best way to collect some cash along the way.

Online Sportsbooks with NCAAB Signup Bonuses

DraftKings Sportsbook

DraftKings Sportsbook began as a daily fantasy sports site before expanding to one of the most popular betting sites in the industry.

The platform is renowned for its accessibility, boasting a sleek interface that makes navigation easy. There are a number of betting markets available, including novelty props that you may not find at other online sportsbooks.

Their welcome bonus and ongoing promotions will have you feeling satisfied with your experience at DraftKings.

Caesars Sportsbook

Caesars Sportsbook has a ton of betting markets, enough prop bets for even the most niche bettor and seemingly endless supply of betting promotions.

They have shown their commitment to becoming a top online sportsbook by acquiring international superstar William Hill. This acquisition has transformed into one of the most trusted betting options for sports fans in the US market.

The site features one of the best rewards systems in this space, offering loyal users with cool perks like hotel accommodations at Caesars properties. The welcome bonus is lucrative and helpful as you start your betting venture.

BetMGM Sportsbook

BetMGM Sportsbook has one of the most robust prop betting menus in the US market and offers odds boosts daily.

MGM is one of the most recognizable names in the international gambling community, with properties scattered throughout the world. The online betting wing, BetMGM, brings that same level of elegance that you have come to expect from their parent company.

Their new-player offer will put you in a good position to succeed, while their college basketball selection is among the best in the industry.

FanDuel Sportsbook

FanDuel Sportsbook is in every legal market in the US and is the go-to sportsbook for most bettors. They offers a full daily list of odds boosts, promos for nearly every betting market and plenty of safe and secure banking options.

You’ll find some of the most competitive lines among the legal US sportsbooks along with one of the most intuitive apps out there.

The welcome bonus is helpful and the recurring promotions will give you a chance to build your bankroll with site credits.

BetRivers Sportsbook

BetRivers Sportsbook offers a lucrative welcome bonus. during the college basketball sports betting season. They also have a myriad of betting options for college basketball and one of the best rewards programs in the industry. The more you wager, the more points you get.

These points can be traded in for odds boosts, site credit or spin a wheel to earn prizes. Depending on what state you are in, there will be plenty of prop bets and parlays boosts when March rolls around.

The site is also easy to navigate, helping enhance the user experience.

Best College Basketball Betting Promos

Each online sportsbook will have its own unique offer, but they typically break down into a few categories. Each offer comes with its own set of terms and conditions, but we did all the heavy lifting for you.

We read through thousands of lines of terms to break down each individual sites new player bonus rules and put them in easy to follow steps in our sportsbook reviews, but below is the basics of the most popular offers.

Site credit vs Free Bets

College basketball betting promos usually end with you having either site credit or free bets added to your account, and before we jump into the top bonus offers, let’s clear up the difference between site credit and free bets.

When you get site credit added to your account, it plays the same as cash. This means that you can bet in any denomination and once you bet the site credit one time through, it is converted to cash.

Site credit also pays out the bet plus profits, so if you were to bet $500 in site credit at +200, the potential payout would be $1500 ($500 bet + $1000 profit.)

Free bets, on the other hand, typically have to be used in one shot, and only pay the profit from the wager. So, using the example above, a $500 free bet wager at +200 would only pay out $1000 for a winning bet.

Some sites will let you break your free bet into smaller amounts, but for the most part, its a “one and done" situation.

Deposit Bonus

Online sportsbooks can offer new players a match on their first deposit up to a certain amount. The amount that they will match and wagering requirements will vary by sportsbook and may not always match 100% of the first deposit. Let’s take a look at a few examples.

Sportsbook A may offer a 100% deposit match up to $500 with 1x wagering. Once the registration process is complete, you use one of the sites many safe and secure deposit methods to load up $500 into your new account. Y

our bankroll will instantly double to $1000 ($500 cash and $500 in site credit) and once you bet put the $500 in site credit in play, any remaining bonus funds will convert to your cash balance.

Sportsbook B may offer a 25% deposit match up to $1000 with 10x wagering requirements. In order to trigger the full $1000 in bonus funds, you would need to deposit $4000 which would start you off with $5000 to bet with.

The 10x wagering requirements would mean you have to place $10,000 in bets in order to convert the bonus to cash.

Risk-Free Bet

Risk-free bets can come in many shapes and sizes, but the basic premise of the promotional offer is that you place a bet, and if it comes out as a loss, you get a refund up to a certain amount in the form of a free bet or site credit. Lets take a look at a few examples.

Sportsbook A may be offering a risk-free bet up to $1000 that pays out a refund in the form of site credit if your first bet loses. You make your first deposit of $2000 and bet $1500 on UNC over Duke moneyline at +200 odds.

If UNC prevails, you will be paid out the usual $4500 ($1500 bet + $3000 profit) and nothing else happens, you are done with the promo.

If Duke ends up winning, your bet will be graded as a loss, but, no worries, you will get $1000 in site credit refunded to your account.

Depending on the site, you may be able to bet that site credit in any amount, like 100 $10 bets, 2 $250 bets and one $500 bet etc as long as the final tally is $1,000. Once you are done betting through the $1000, anything left over is yours to keep.

If the same scenario as above plays out at sportsbook B, which is offering a risk-free bet up to $2,000 that pays out in a free bet, the only change would be how a losing bet is refunded and the amount.

If you put $2,000 on UNC, and they win, you would still be paid out $6000, just as any other cash bet. If that first bet loses, you will get a one-time free bet for $2000.

That free bet will need to be used on a single bet, and will only pay the profits from the bet. So, lets say you put that $2000 free bet on Baylor -15.5 at -110 odds, you would only be paid out $1,888, which is the profits from the bet, and does not include the $2000 stake.

First Bet Match

If you sign up for a new online sportsbook that is offering a first bet match, you will find yourself in a similar scenario to a risk-free bet, but with the refund coming win or lose.

For instance, if you register a new account and that sportsbook is offering a first bet match up to $1,000, you would make a deposit and place a bet on any qualifying market.

If that first bet is for the full amount of $1,000, once the bet is settled, you will find a free bet or site credit in your account for $1,000, no matter if your first bet won or lost.

If that bet is matched in site credit, you will need to wager that $1000 through 1x in order to convert to cash. If you get a free bet, you can place that bet on any qualifying market, but only the profits from the bet will be paid out.

Bet & Get

When you are offered a Bet & Get promo, it boils down to making a specified wager or amount of wagers and you are rewarded with free bets, site credit or cash.

For example, if FanDuel were to offer a Bet $5, Get $250if your team scores 10 points, you would simply need to bet $5 and if your team scores 10 points, you would get $250 in site credit.

Some sportsbooks may pay out the promo in free bets, while others may just pay out in withdrawable cash.

College Basketball Betting No-Deposit Bonus

Although this has become one of the least popular new player offers in the US sports betting market, some sites will offer a no-deposit bonus where you are credited with a free bet or site credit, just for successfully registering a new account.

These no-deposit bonuses tend to be on the smaller side, usually around $10-$25 and can be cashed out once the free bet or site credit is played one time through. You are not going to be able to pay your rent with this offer, but hey, free money is free money.

How To Pick the Best CBB Sportsbook Promos

It’s important to pick the right sportsbook bonus to allow you to make the most out of it, so let’s take a look at the criteria to help you make this selection:

  • Type of Bonus: Check to see which type of bonus is being offered. The preferred choice is the first-deposit bonus because you are given bet credits immediately upon your first deposit, which is useful.
  • Time Constraints: Sportsbooks require you to use the bet credits within a certain timeframe, so make sure that you’re aware of the time limit.
  • Odds Restrictions: Some bonuses can only be used on certain moneyline odds, preventing you from using them on heavy favorites. You might also be limited to certain bet types, such as straight bets.
  • Wagering Requirements: Some bet credits might be non-withdrawable, while others might require you to place a certain amount of wagers to be able to deposit them.

NCAAB Sportsbook Promo Codes vs Bonus Codes

Promo codes and bonus codes are terms sportsbooks use interchangeably. Marketing departments at all sportsbooks employ this strategy, and while it can get confusing at times, just keep in mind that they are the exact same thing!

To put it simply, there is no difference between the two.

Do You Need A Promo Code?

Promo codes are some combination of letters and numbers that can be entered upon signing up at a sportsbook’s website or app upon first deposit or during your stint at a book. Some sites will require a promo code, and others will just require you to opt in once you register.

In order to guarantee the best offer, be sure to click through The Game Day and use our promo codes as we have developed partnerships with all the top online sportsbooks to be able to offer you the most lucrative bonus offer, often better than the general advertised new player offer.

Promo codes grant additional value to your sports betting experience and represent an enticing way to bring both casual and seasoned sports bettors to the platform.

Best March Madness Betting Promotions

There are several March Madness betting promotions. The most common are odds boost, which enhance the moneyline of a selected event, giving you more value on your wager.

You may also find parlay insurance, where you’re refunded in bet credits if your parlay (minimum four legs) loses by one.

These offers can vary by site, but you’re likely to see them across several sportsbooks.

Be sure to take advantage of these promos because they help you stack your balance with more winnings.

Here are some of my other favorites from previous year’s March Madness:

  • Turn $1 into $100 (DraftKings): DraftKings provided an odds boost of +10000 to a March Madness game on a $1 bet. This is such a huge odds boost that can get you started on March Madness betting.
  • Make It Rain (PointsBet): Bettors would take a team on the point spread for $50+ and get $3 for every three-pointer their selected team hits. This is great if you take a team that is proficient at three-point shooting because you can really hit big if they cover the spread and hit several three-pointers.
  • Bet $5, Win $150 (FanDuel): FanDuel offered bettors with a +3000 odds boost on a $5 wager on any Sweet 16 March Madness game. This was another great odds boost that increases your expected value.
  • Bet $10, Get $10 (BetMGM): New users who bet $10 on March Madness would get an additional $10 bonus. This is great because there are so many games on a given day in March Madness, so you can really rack up bonuses here.

How To Use College Basketball Betting Bonuses

The best way to use the welcome bonus is to treat it as if it were your own funds. You don’t want to use these bet credits recklessly just because they were given to you for making a first deposit or losing a risk-free bet. Instead, research your wager just as you would if it were with your own money.

I would suggest mixing the bet types between straight bets with safer picks and longshot parlays to take a shot at a large payout. You can use your straight bets as insurance in case you lose your parlay. Keep trying to swing for the fence with these bet credits.

You should also make sure to choose your bet with these promotions carefully. It’s a good idea to take favorites with the odds boosts to increase your expected value.

It doesn’t make sense to take a heavy underdog at, say +1600 moneyline, when you’re getting a +3000 odds boost because you can take a favorite at -120 moneyline instead. This is a good way to get the most out of this promotion.

You can also take a team that hits a lot of three-pointers if it’s a promotion that rewards you some bet credits if your team hits a three. This is just another way to maximize your potential winnings with these promotions.

Always remember to be diligent with these bonuses and promotions as a way of putting yourself in the best position to succeed.

Do NCAAB Betting Promos Have Restrictions or Limitations?

Almost all college basketball betting bonuses have restrictions and limitations.

Time limitations and bet amount requirements are the common types of restrictions, or as we will discuss next, wagering requirements.

At some sportsbooks, bet types are heavily impacted. Risk-free bet offers often do not work with parlays unless explicitly stated in the promotion that they do.

Being thoroughly aware of the restrictions and limitations for each promotion is very important as a sports bettor looking to get maximum value on your returns.

What Are Wagering Requirements?

Wagering requirements have a significant impact on the value that each promotion carries. They are extremely common and they stand as a way for sportsbooks to not be in the business of handing out free money.

One common form of wagering requirement is the time limitation. Bet amount wagering requirements are also quite common.

Another important component is the playthrough multiplier. In other words, you need to rack up a certain amount of cumulative wagers before your bonus and/or winnings can be withdrawn.

This can vary from 1x to 5x in most cases. For example, if I had a $250 deposit bonus at a 3x multiplier, I’d need to bet $750 in total before I can make a withdrawal.

Viewing the wagering requirements in the “fine print” of promotions is the best way to approach them.

Where Can I Bet on College Basketball?

There is currently a lengthy list of states where sports betting is available and these sportsbook bonuses can be obtained. Let’s look at a list of states where sports wagering is already legal and a few more that are in the legalization process:

  • Arizona
  • Arkansas
  • Colorado
  • Connecticut
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Louisiana
  • Maryland
  • Massachusetts
  • Michigan
  • Nevada
  • New Hampshire
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Rhode Island
  • Tennessee
  • Virginia
  • Washington D.C.
  • West Virginia
  • Wyoming

Look for More than One NCAAB Sportsbook Bonus

It is very important for all sports bettors with varying bankroll sizes to obtain as many sportsbook bonuses as they can. This principle can apply to all bonuses, not just those that are college basketball specific.

Whether it’s a deposit match, risk-free bet, or Bet & Get offer, be sure to take advantage when the opportunity presents itself. It’s a great way to build your bankroll.

By getting these college basketball sportsbook promotions, you are not just extracting the maximum monetary value — you are also getting the maximum amount of “edge” over sportsbooks.

This usually will only happen for a short time period, but there is still no reason to be selective with your promos when you can have all of them.

Author

Pat Pickens

Pat Pickens is a seasoned sportswriter who has covered pro sports since 2013 for various websites, including The New York Times, NHL.com, Bleacher Report, Sportsnet.ca, USA Today, the Associated Press and many others. His debut book, titled "The Whalers" about the history of the NHL's Hartford Whalers, was released in October 2021.