How to bet on NFL draft: Strategy explained step by step and Tips
The NFL Draft is held in the spring during each offseason. However, it’s also one of the major betting events for U.S. football fans. The draft is no longer just a chance for NFL franchises to improve their teams, but the three-day draft has become a massive event for the public, with the first round broadcast live on TV during prime time. It comprises seven rounds of 32 picks each, with a total of 256 of the top college players in the country being selected.
Betting on the NFL Draft is an excellent opportunity for fans to enjoy wagering on football in the spring when there’s no action on the field. Instead of having one week to prepare for games like during the season, players have plenty of time leading up to the draft to make their NFL picks. For those wondering how to bet on the NFL draft, many vital tips and strategies are involved in helping bettors decide how to place their wagers.
NFL Draft Odds
Understanding odds when learning how to bet on the NFL Draft is the same as seeking value for other types of wagers. There are various NFL Draft betting markets, meaning that bookmakers can display odds using a few different methods. Many betting markets will be shown, similar to most futures markets in professional sports. For example, the odds for the first player to be picked in the draft may be set at -200, like a standard Moneyline wager.
At -200 odds, the bettor must wager $200 to win $100 profit. A positive number indicates the amount bettors can win based on a $100 bet. The same calculation will be used regardless of the betting market.
There are also NFL Draft odds that are similar to an over/under wager but are still considered futures bets on the event. For example, it’s possible to pick whether a player’s draft position will be over or under a specific number.
NFL Draft Betting Markets
When looking at NFL betting, the Draft markets mainly focus on the top players at the skill positions on offense. However, bookmakers have developed an extensive market of betting options surrounding the event. They are also creating more ways to bet on the event with each draft.
This includes guessing the draft order or picking which team will select a specific player. The list of NFL Draft betting markets may consist of any or all of the following:
Pick Number Over/Under
Oddsmakers that offer NFL betting will always have over/under odds on the position a specific player will be picked. Bettors can wager on whether a team will select the prospect over or under the number set by the bookmaker. For example, if a player’s draft position odds are 7.5, a bet on the over is whether the player is picked eighth or lower, while a bet on the under is whether he’s picked seventh or higher by any team.
Pick Number Prop Bets
Choosing which player will be the top draft pick or the second and third picks is one of the most common NFL draft prop bets. Bookmakers will set odds on various top prospects and attempt to price these picks based on their draft stock.
Head-To-Head NFL Draft Player Props
Bookmakers will set odds on two players of similar draft stock so bettors can pick which of them they believe will go first in the draft order. Odds are assigned to each pairing based on the players’ probabilities and the public’s betting action on either side.
Position-Based NFL Draft Props
Most bookmakers will provide a few props based on the player’s position for NFL Draft wagering. The most popular is picking the first player chosen at a specific position, such as the first quarterback selected in the first round. Another position-based prop bet is an over/under market for the total number of picks at a specific position for a chosen round, such as betting if the number of linebackers selected in Round 1 will be over or under 5.5.
Conference and School Props
This NFL betting market also has several ways to bet. Some bookmakers will offer over/under odds on the total number of players expected to be drafted from the same school or conference in any given round. For example, bettors can pick if the total number of players from the University of Georgia taken in the first round will be over/under 4.5.
Some sportsbooks will also have head-to-head school and conference props markets available. This puts two competing conferences or schools against each other and gives bettors a chance to wager which one will have the most draft picks in a specific round.
NFL Draft Live Betting
Live betting is one of the best features of wagering on the NFL Draft. Bettors can find many online bookmakers that offer live lines and odds as the event progresses. Live betting gives all bettors a chance to place wagers on every selection. Draft picks selected outside of where they were initially projected will affect the live odds on all remaining picks.
NFL Draft Betting Tips And Strategy
Players who plan to learn how to bet on the NFL must research and take advantage of some valuable tips before getting started to be successful. The following are a few things bettors should keep in mind before placing their NFL Draft wagers:
Use Mock Drafts
Before learning how to bet on the NFL Draft, players will need to know each prospect’s expected draft position. Various online sources provide their projections on what order they think teams will select each player. In addition, many of these sites offer bettors the most accurate information for each prospect, which is invaluable when making wagers on the NFL Draft.
Consider Team Needs
In the NFL Draft, NFL teams often don’t always draft the best talent left on the board but will base their picks on the team’s needs. As a result, what will happen sometimes is that highly-regarded players will occasionally drop in the draft if teams with the first several picks don’t need help at that prospect’s position.
Team News and Rumors
Bettors that plan on wagering on the NFL Draft must also keep up with the most recent team news and rumors leading up to draft day. By following certain NFL insiders and draft analysts, bettors can get the latest happenings behind the scenes regarding trades and changes in the teams’ draft order.
Watch the NFL Scouting Combine
Top NFL Draft prospects are put through a series of physical tests and drills each year ahead of the draft so teams can get a better perspective on each player’s skills and athletic ability. It’s an optional activity for the potential draft picks, as some players will set up their pro day and invite teams to come and witness their workout. Either way, bettors need to on each player’s stock.
Make Bets As Late As Possible
The most accurate and reliable information about the yearly NFL Draft is usually available within 48 hours before the first round. Many leaks to the media can happen within this timeframe, with bettors sometimes able to beat the bookies and make their wagers before the more favorable odds can be changed. However, many sportsbooks will close NFL Draft betting a couple of days before, so bettors must know the rules for each bookmaker they use.
How to bet on NFL Draft FAQs
The availability of NFL Draft betting depends on where you live. However, some states don’t permit NFL Draft betting because it’s not considered an actual sporting event. Check the rules in your state, as they vary widely depending on your location.
There are seven rounds in the NFL Draft, with each team given a time limit of ten minutes in the first round to make their selection once they’re on the clock. That time limit drops to seven minutes in the second round and five minutes to make picks in games three through six. Finally, teams receive four minutes to make their picks in the seventh and final rounds.
The approximate length of the entire NFL Draft is around 14 hours. It’s spread over three days, with the TV broadcast of the first round taking about three hours.
The NFL holds a supplemental draft each season for players whose pro eligibility may have changed after the NFL Draft in the spring. Teams must bid on players, stating which round they would select them.
If no other team bids on the same player, they are awarded that player’s rights. That team will then lose their pick in that same round in the next NFL Draft. Also, there is no wagering offered on the supplemental draft.
The 2023 edition of the NFL Draft will take place in Detroit from April 27 through April 29