Betting on the NCAA basketball tournament is big business—an estimated $9 billion might be spent gambling on March Madness this year. With that kind of money at stake, it's a safe bet that professional gamblers will be out in force trying to take advantage of the regular Joes putting down cash. It's the sports world version of "smart money" versus "dumb money"—and before you fill out your bracket, be aware of these basic tips.
Ed Feng spoke with CNBC about what to watch out for during bracket time. Feng runs The Power Rank, a sports data and prediction subscription service. Feng's "quant" background—parlance for data analysis—includes a Ph.D. from Stanford. In time for the tournament, he wrote a new book helping amateurs compete in against pros like himself.