Bettors take in the first weekend of NCAA Tournament action in March 2010 at the M sports book. Northern Iowa was the most notable underdog to shake up the tournament picture heading in to the Sweet 16.
Monday, March 12, 2012 | 2 a.m.
The brackets are out, and some betting is already a day old. In Las Vegas, March Madness is about more than basketball.
Sports books throughout the city were posting their odds Monday morning, following Sunday's announcement of the brackets. Wagers began Sunday night, after off-shore online books began posting their odds.
The Super Bowl draws the most betting in Vegas sports books, but the first week of the NCAA men's basketball tournament ranks No. 2 and brings the same excitement to town for four days of competition.
"It's like the Super Bowl times four," said Todd Fuhrman, senior race and sports analyst for Caesars Entertainment.
Furhman said Sunday provided a flurry of activity among nearly a dozen Caesars sports books officials throughout the company, trading emails and phone calls to set the odds for the opening rounds, which bring the biggest crowds and most betting activity to Vegas of the tournament's six rounds.
In Vegas' sports books, there might as well be two seasons: football and basketball. Everything else plays a distant third, says John Salerno, director of sports book for Leroy's Sportsbook, and the first two rounds of the NCAA tournament are the highlight of basketball season.
"It's the excitement of 64 teams going down to 16 teams in just four days," Salerno said. "The sheer magnitude and convergence is what makes this week one of the biggest events in sports."
Even fans who haven't landed at the airport yet can check the latest lines at online sites like Vegasinsider.
In Vegas, the crowds of bettors give "March Madness" its name. Those who bet with their emotions, going with their favorite teams, are known by industry insiders as "squares." That's not meant as a derogatory term, just a nickname for those who bet more with their heart than head. The experienced bettors are called "sharps."
Those whose experience in sports betting hasn't gone past the office bracket pool can usually find people to answer questions about last-minute injuries, changes to lineups and other factors that can shape the outcome of the games.
"We're pretty open and honest, and we try to give out the best information we have," Fuhrman said. "We know some are knowledgeable and seasoned, some are not. To us, there's no such thing as a stupid question."
Just be prepared.
Lines for sports books during the NCAA Tournament can wrap around the casino floor. Have your money ready and teams picked by the time you reach the counter.
"The people at our sports books will be more patient," Fuhrman said. "But the people who have been waiting in line for 45 minutes can get a little testy."
This year's favorite: Kentucky.
"Until they win it or are upset, Kentucky is going to be the No. 1 team," Furhman said.
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