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Running a basketball bracket pool is a great way to get a group of people involved in a basketball tournament. It is a form of sports betting that allows participants to bet on multiple teams throughout a tournament, rather than just one game. There are a few key steps to running a basketball bracket pool. First, you need willing participants. Once you have an idea of how many people want to join, you can set up an account and pool group on a website such as ESPN or CBSSports. Next, you need to decide on an entry fee and communicate this to participants, along with any rules and the scoring system. It is important to collect entry fees at the same time as collecting brackets to avoid chasing late payments. Once all participants have submitted their brackets and paid their fees, the tournament can begin!
| Characteristics | Values |
|---|---|
| Type of pool | March Madness Tournament Bracket Office Pool |
| Participants | Willing participants, reached out to via email, text or phone call |
| Rules | Set by the organiser |
| Entry fee | Between $10 and $20 |
| Number of entries | Maximum of two entries per person |
| Deadline | Half an hour before tip-off |
| Payout structure | Winner takes all for small pools; winner gets 70% of the pot for larger pools |
| Prizes | Money, or big prizes like a trip to the Final Four or a car |
| Online platforms | ESPN, CBSSports, Braid, RunYourPool |
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What You'll Learn
Finding participants and gauging interest
When it comes to finding participants for your basketball bracket pool, it's a good idea to first estimate the total number of people you think will be interested in entering. This will help you decide whether to use an online platform or a printed bracket system. If you're gauging interest, sending a quick email, text, or making a phone call to your peers is a simple way to see who's willing to take part. You can explain how the pool will be run and let them know about any entry fees. It's important to be aware of what people are willing to pay to participate, as this will affect the overall payout to the winner. You don't want to set the fee too high and end up with a small number of participants, nor do you want to set it too low and end up with a lacklustre pot.
Once you have a sense of how many people are interested, you can decide on the best platform to use. For a small group of friends, an online platform like cbssports.com or espn.com might be a good option, as it's free and easy to set up an account and a pool group. These sites often have rules already in place, which can make it simpler for the organiser. Alternatively, you could use a dedicated pool manager like TourneyTime, which offers a range of pricing options depending on the number of participants.
If you're organising a larger pool, printed brackets might be more suitable. In this case, you'll need to print or copy enough brackets for all participants, plus any extras for those who might change their minds or lose their original copy. Make sure to collect entry fees as you collect the completed brackets to avoid having to chase people down later.
To encourage participation and ensure fairness, you could offer to print a copy of every person's bracket for everyone in the pool. This way, everyone can see how well they're doing and no one can claim that the pool isn't being run fairly.
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Setting entry fees and prizes
Determining Entry Fees
The entry fee is an important factor that can influence the overall attractiveness of your pool and the eventual payout. It is recommended to set a reasonable fee that encourages participation. Lower entry fees tend to attract more players, but you should also consider what feels fair to your potential participants. Fees between $10 and $20 are commonly used in similar pools. Be mindful of the number of participants you expect, as a small group playing for a meagre prize pool can be underwhelming.
Collecting Entry Fees
Emphasise the importance of collecting entry fees at the time of registration or bracket submission. This ensures you don't have to chase down late payments once the games begin. Whether you're using an online platform or a pen-and-paper style bracket, make the payment process clear and convenient for participants.
Payout Structures
The payout structure can vary depending on the size of your pool. For smaller groups, a "winner takes all" approach is common. However, if you anticipate having 30 or more participants, you might consider a different structure. In larger pools, the winner typically receives 70% of the pot, while the runner-up gets a smaller percentage, and possibly a third-place winner as well. Alternatively, you can base the payout on the number of points earned throughout the tournament, rewarding the participant with the highest cumulative score.
Multiple Entries
Consider whether you will allow participants to submit multiple brackets. While limiting entries to one per person simplifies the process, allowing two entries per person can add variety and increase participation. This gives individuals an opportunity to make different predictions and potentially increase their chances of winning.
Prizes
In addition to the cash prize from the pot, you may want to offer other incentives or prizes. Some platforms, like Braid, offer convenient ways to collect and distribute winnings, including options for instant transfers to bank accounts. You can also explore non-cash prizes, such as merchandise, gift cards, or experiences related to basketball or the participating teams.
Remember to always be mindful of sports betting laws and regulations in your jurisdiction when handling entry fees and prizes.
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Choosing a platform
There are a variety of platforms available for those wanting to run a basketball bracket pool. The most common platforms are espn.com and cbssports.com, which both offer the ability to set up an account and a pool group. CBS Sports also offers Bracket Games on their app for free, with the chance to win prizes.
Another option is RunYourPool.com, which offers to manage your March Madness Bracket Pool by accumulating members' picks, updating games, calculating results, and generating reports for members. RunYourPool.com also offers a free private message board for each pool, which is a great way to communicate with members. The platform is free to use for the first week of the tournament, after which there is a one-time fee to continue using the service based on the number of members in the pool.
If you are looking for a more customizable option, you can consider using Braid. Braid is free to use and allows you to pick an avatar, name, and color for your pool. However, Braid does require identity verification through their bank partner. It is important to note that Braid does not provide legal advice, so be sure to research your state's sports betting laws before using this platform.
Additionally, you can always choose to run your basketball bracket pool using the old-school method of printed brackets. This option may be more suitable for a smaller group of friends or peers.
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Collecting entries and payments
The first step to running a basketball bracket pool is to find willing participants. You can do this by sending an email, text, or making a phone call to gauge their interest. Once you have explained how the pool will be run, let them know they will receive an email with a link and sign-in information if it's an online pool, or where they can pick up a printed bracket.
If you're running the pool online, set up an account and group on a platform of your choice, such as espn.com or cbssports.com. From there, you can set the rules and enter your competitors' emails so they can receive a link to enter. If you're using printed brackets, make sure to have enough copies ready for those who want to participate.
It's important to collect entry fees at the same time as collecting or seeing submitted brackets. This ensures that you don't have to chase down participants later on. The entry fee amount is up to you, but keep in mind that a lower fee may encourage more people to participate and make the prize more enticing. Some pools price entry fees between $10 and $20.
Once all participants have submitted their brackets and paid their entry fees, you're ready to begin the tournament!
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Paying out winners
Firstly, determine the entry fee or betting contribution. A lower entry fee may encourage more people to participate. According to some sources, entry fees for similar pools are typically priced between $10 and $20. However, it is essential to be mindful of the local sports betting laws and regulations. It is also worth noting that the more participants there are, the larger the prize pool will be, which can incentivize more people to join.
Secondly, decide on the payout structure. The most common structure is "winner takes all," where the winner receives the entire prize pool. This structure was used in about 30% of bracket pools. Alternatively, you can allocate a larger percentage of the prize pool to the first-place winner and smaller percentages to second and third-place finishers. For example, a common split is 75% for first place and 25% for second place. Another option is to pay out the leader at the end of each round instead of making multiple payouts at the end of the tournament.
When determining the payout structure, it is essential to consider the number of entries that will receive a prize. While some pools only pay out to the top three finishers, others distribute prizes to up to five winners. The percentage of the pot that goes to each finisher can vary significantly.
Finally, consider using a platform like Braid to facilitate cash-free betting entries and quick payouts. Braid allows you to collect everyone's betting entries and easily award payouts to the winners. You can use Money Links or Instant Send to transfer winnings to the lucky winners.
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Frequently asked questions
March Madness bracket pools are a form of sports betting for the NCAA Division I basketball tournament that takes place every March and April. With March Madness, you bet on 68 teams that compete in seven rounds, instead of betting on a single game.
First, you need willing participants. You can send an email, text, or even call people to gauge their interest. Once you have explained how the pool will be run, let them know they will receive an email with a link and sign-in information if it's online, or where they can pick up a printed bracket.
You can set up an account and pool group on a website like espn.com or cbssports.com. From there, you can set the rules and enter your competitors' emails so they can receive a link to enter. If you're doing it the old-school way with printed brackets, make sure to have enough copies.
Each round is worth a set number of points, but there is no standard for the points system—everyone does it differently. Be sure to let all entries know before the tournament begins what the scoring system will be. Write the point values under each round at the top of the bracket.
You can use a service like Braid to collect everyone's betting entries and award payouts to the winners. To send money to non-Braid users, Braid generates a link for them to claim the money in the form of Braid Cash. Alternatively, you can use Instant Send to transfer pool money to your bank account, then give people their cash award.
