Betting on March Madness is a big deal. In fact, more people bet on March Madness than on the Super Bowl! The most common way to bet on March Madness is to go to an online betting site and set up your tournament brackets with your picks for winners for each round.

For 2010, favored teams as of the third week in February included Kansas, Kentucky, Syracuse, Texas, Villanova, Michigan State, and West Virginia. Here's how the handicappers are currently writing the odds: Kansas 5/2, Kentucky 9/2, Syracuse 10/1, Texas 10/1, Villanova 10/1, Michigan State 12/1, West Virginia 12/1.

The tournament sleepers included Kansas State at 30/1, BYU at 45/1, and Wisconsin at 50/1. Who are the anti-Cinderella teams this year? North Carolina, last year's champs, opened the season at 10/1 to repeat. However, having lost 10 of its last 16 games, the Tar Heels are now at 60/1. Likewise, UCLA and Connecticut opened the season at 30/1. As of the third week in February the UCLA Bruins have odds of 200/1 and the Huskies have gone 5-7 in the Big East conference. They stand at 60/1 and may have to take the consolation prize of a trip to the National Invitational Tournament. Madness? You betcha.