There are plenty of entertaining options to wager on this time of year, such as the NBA playoffs and MLB season, but the NFL still dominates the brains of football fans everywhere.
This is no different in the sports betting space and the NFL draft provides a unique opportunity to find value away from the gridiron.
These types of wagers require a different type of preparation and research as they involve predicting the decisions made by front offices rather than a direct outcome on the field.
However, the tickets cash the same and there are plenty of intriguing values worth taking a look at.
With the draft set to begin on April 25th, 2024 here is a breakdown of how to wager on the event and some of the most popular ways that fans partake.
The best sportsbooks and promos for the NFL draft
See our curated list of the best legal sportsbooks and promos for the NFL draft. Read more about the sportsbooks in the NFL sportsbooks and promos overview.
Operator | Bonus | Min. deposit | Expiration |
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DraftKings | Bet $5 get $200 | $5 | 7 days after credited |
BetMGM | Up to $1,500 in bonus bets paid back if first bet does not win | $10 | 7 days after credited |
BetRivers | 2nd chance bet up to $500 | $10 | 7 days after credited |
Betway* | Bet $25 get $150 if bet wins | $10 | 7 days after credited |
NFL draft bet types
Bookmakers continue to expand the number of available wagers on a year-by-year basis.
These also vary widely depending on the sportsbook. However, there are still some staple bets that have become the most common and generally available on each sportsbook offering NFL Draft odds.
Pick number props
Typically offered for each draft slot, these types of bets are based on the outcome of each numbered selection.
This selection predicts who will be the Number 1 pick, Number 2 pick, etc. The field is made up of a wide range of prospective players at various positions with the odds being set accordingly.
Pick position over/under
Rather than betting directly on individual players being selected at a specific pick, choosing to wager on the pick position over/under casts a wider range of outcomes.
Oddsmakers set an estimated pick position in the draft and then you wager on whether the player will be picked before or after this. This is more common after the first few picks as the previous selections made by front offices will dictate the decisions made by the next teams. An example of this type of bet would be if a certain player will be selected over or under the first 5.5 picks.
Position props
It also is possible to bet based on the positions rather than direct players. This comes in a few different forms and variations. For example, you can wager on how many of a certain position will be selected in a set period of time.
This would be framed such as “Will there be over or under 4.5 quarterbacks selected in the first round.” Sometimes this is not as position-specific and framed such as “Over/Under 13.5 defensive players selected in the first round.”
Player head-to-head props
This type of wager cuts the field down significantly and is the only form of direct head-to-head wager regarding the draft. Head-to-head player props match two players with similar expected draft positions and match them up against each other.
Odds are set for each matchup and you choose which player will be called to walk across the stage first. An example in this year’s draft would be “Will Drake Maye or Jayden Daniels be selected higher?” with odds attached appropriately.
School and conference props
Rather than being based on a specific position, school or conference props have various forms of betting in the NFL Draft. This comes in many variations including head-to-head and over/under.
A few variations would be over/under 5.5 Alabama players drafted in the first round, over/under 12.5 SEC players drafted in the first round, or will the Big Ten (-1.5) or ACC (+1.5) have more first-round picks.
Tips for betting on the NFL draft
Find my best tips below for betting on the draft.
1. Shop around sportsbooks
There is always variance amongst sportsbooks for betting value and this is even further amplified around an event like the NFL Draft. Liability varies from one sportsbook to the next so make sure you are maximizing your potential earnings when you find the bet that you like. There also are oftentimes different limits imposed on each sportsbook.
2. Don’t be afraid to hedge
There is typically plenty of line movement in the days leading up to the NFL draft and there already has been quite a bit surrounding this year’s class.
If you take a wager early on a player and the line shifts dramatically in his favor, don’t be afraid to bet the other side so you put yourself in a win-win spot. While this is circumstantial and not always possible, this type of betting is extremely profitable and the NFL draft presents a more likely opportunity for this to occur.
3. Use social media
Follow NFL teams’ individualized beat reporters for the best chance of getting a feel for what each team may do. With so many players available and each team looking for different things, this is an area that can create an edge.
This is especially the case when looking at specific team bets or gauging if a player will be selected at a certain pick.
4. Beware of fake accounts
There continues to be growth in imposter accounts and people looking to fool the masses for clicks. This is especially common around the NFL Draft as sending smokescreens to opposing teams can increase their chance of getting their desired players. Make sure to verify your sources and be careful what you believe.
5. Target a specific prop
Unlike on-field action in which the strengths and weaknesses of one team directly impact the other, each decision made by a team is independent of the others during the draft.
Find the props that interest you most and focus on where the value can be found. With bookmakers continuing to produce a wide range of available prop bets, it is fair to believe that you can know more than the bookmaker on a singular prop if you focus on one specific category.
How the NFL draft works
The NFL Draft is the selection process that consists of all 32 teams selecting from the crop of new players eligible to join the league.
This consists of standout college players and other athletes who are at least three years removed from high school. The order is decided based on the previous year’s results with the teams that had the lowest winning percentage receiving the highest draft pick slots.
The team with the worst record in the NFL holds the top pick with the rest of the rounding filling out from there as their records dictate. Teams are also free to trade draft picks throughout the offseason and the legal period of the season which changes this order. There also will be plenty of draft picks traded during the draft itself.
In total, there are seven rounds of selections made up of the 32 teams. There also are a total of 34 compensatory picks handed out to teams that lose a player in free agency. Overall, the draft takes place over a three-day span.
How to sign up at a sportsbook to bet on the NFL draft
1. Evaluate each sportsbook
Each betting platform has its individual pros and cons for its functionality, layout, and available wagers. There also are limitations to what is available depending on where you are located. Make sure to check what is available to you and weigh what factors are most important to your betting experience before signing up.
2. Sign up
The sign-up process varies slightly across each platform but is fairly simple regardless. You will need your name, email address, and age while being capable of proving your identity with proper identification.
3. Make a deposit
Once you are fully registered and your account is set up, deposit your desired amount of money to begin your betting experience. It depends on each betting platform for which ways are available to deposit money but there are typically plenty of options such as debit/credit card, e-wallets (Venmo, PayPal, etc), and even some forms of cryptocurrency.
4. Place a wager
Be sure to do your research and educate yourself on the market you desire to wager on. Enter your desired amount of what you wish to risk and follow through the steps to officially click send.
NFL draft 2024 info
- Time: April 25 – April 27
- Where to watch: ESPN+, YouTube TV, Hulu+ Live TV, Fubo TV and Sling TV.
About the author
Sean Barnard
Sean Barnard has worked in sports media for the past five years. He has spent time as the 76ers Lead Writer for Philly Sports Network, Associate Editor at CluchPoints, Eagles Beat Reporter for YardBarker, and more. He also owns and operates his own Podcast Network called Pick Swap Media and is a radio host on Fox 102.5 The Gambler presented by iHeartMedia. Sean has written over 1500 articles and recorded over 500 podcasts and is just getting started. Based out of the Philadelphia region in the United States, Sean is a lifelong passionate sports fan who can be reached on Twitter at @Sean_Barnard1 where he rattles off basketball breakdowns and other news.
*DraftKings available in: AZ, CO, CT, IL, IN, IA, KY, LA, MD, MA, MI, NC, NH, NJ, NY, OH, OR, PA, TN, VA, and WY
**BetMGM available in: AZ, CO, FL, IL, IN, IA, KS, LA, MD, MA, MI, MS, NC, NV, NJ, NY, OH, OR, PA, PR, TN, VA, WA, WV, and WY
***BetRivers available in: AZ, CO, CT, IL, IN, LA, MD, MI, NJ, NY, OH, PA, VA, WV, and WY
****Betway available in: AZ, CO, IA, IN, LO, NJ, OH, PA, VA
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