This American sportsbetting tradition all began from a small annual tournament hosted by the Illinois High School Association in Illinois. Henry V. Porter was the first to use “March Madness” to describe the rapidly spreading betting fever.  Soon “March Madness bets” were used by media and fans to describe their wagers.

Today, the March Madness sportsbetting market is only behind the NFL when it comes to the size of dollar bets.

The NCAA Tournament is one of the most exciting spectacles in sports, with many upsets and unexpected wins. Adding to the challenge of predicting winners this year is the less number of seeded power teams compared to the 2009 NCAA basketball tournament. Even big name teams such as UCLA and North Carolina are not joining the tournament this year.

Still bettors can use some smart betting basics to better their winning odds. Based on past tournaments, #1 seeds have won 100% of the time against #16 seeds, and the #2 seeds have won the #15 seeds 96% of the time. Picking seeds that look safe go as far as #3 seeds. Beyond that, bettors need to put more thoughts in their picks.

There are other statistical probabilities that bettors can base their decisions on. Teams that have made it to past NCAA tournaments often end up doing better than newcomers. Teams that have more seniors in the squad are more likely to win. In college basketball, experience is a weapon.

Parlay is the most popular type of March Madness bet, but if straight bet is not your cup of tea, you can bet on team matchups. No matter, sportsbetting experts agree that it’s better to bet in small chunks than place your entire bet outright on a complete bracket.

The March Madness sportsbetting frenzy will begin on March 16, when the 2010 NCAA Tournament kicks off with an opening round game. This will be followed by the main tournament on March 18^th. There will be surprising upsets. There will be Cinderella stories. There are lots of betting options, but the ones who practice smart betting most often end up with a great payoff.