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How To Bet On The NFL Draft

How To Bet On NFL Draft

Do you love the NFL draft but are new to betting? Do you love betting but haven’t wagered on the draft before? No sweat. We’ve got you covered like the Legion of Boom!

NFL football is widely considered to be the most popular sport for betting in the United States and Canada. NFL bettors today aren’t just looking at spreads, totals and Super Bowl futures odds. They want to bet on every part of the league calendar, including the NFL draft. We’ll show you the types of bets you can make so that you’ll be ready to tackle the draft like Terry Tate takes down office workers!

How to Sign up at a Sportsbook to Bet on the Draft

Step 1:
Pick the sportsbook you like best. Sportsbooks are the fancy industry name for the betting site you visit to bet on the draft. All of the betting sites we champion are reputable, safe, secure and meet our criteria, otherwise we wouldn’t recommend them. There are a number of places to bet on the NFL draft.

Our Favorite NFL Betting Sites

Step 2:
Sign up. The process is simple and takes only a few minutes. All you need is your name, email address and your deposit information ready. You will also need to enter your birthday to prove that you are of legal betting age. Fill out the relevant information and wait for a confirmation email or link. Make sure you have your deposit info handy because once the sign-up process is complete, you can place your first bet.

Step 3:
Make a deposit. How you want to fund your account is up to you. Playing for real money at your sportsbook of choice involves finding a deposit option that makes sense for your needs. The majority of betting sites allow you to make deposits using your credit cards (Visa, Mastercard, AMEX), e-wallets (PayPal, Neteller, Skrill), and debit. More online sports betting sites will accept cryptocurrency as a deposit method. Generally, you’ll find gambling sites that take Bitcoin, Litecoin, Dash and Ethereum.

Step 4:
Place your wager. Now that you’re equipped with enough information to get you going, and you know how to bet the NFL draft, choose a sportsbook from our list and get started!

How Do NFL Draft Odds Work?

You’re generally deciding between two possible outcomes, either the OVER or UNDER on draft position, or the number of a certain position to be selected. The biggest difference is in picking from select groups of players to be chosen with the No. 1 pick or to be the top player selected at their position.

What are the best places to find NFL draft odds? Online sportsbook BetOnline releases a long list of odds for the NFL draft, including the first player drafted at each position, specific rounds for when players will be taken, and OVER/UNDERs on draft position.

Wagering on the NFL Draft: Betting Options

The most common bet type is for who will be the first overall pick. Bet options will focus on the top prospects, especially at the skill positions. Their potential landing spots, as well as their draft spot, are available betting options.

Bets will also separate players by position and look at who will be the first QB, WR or RB to be taken. People will also be able to bet on how many of a certain position will be selected in the first round, or overall. Prospects may also be pitted head-to-head for who is the first to be picked.

Moneyline: How to Make a Straight-up Bet on the NFL Draft

When you visit any of the top online sportsbooks, you’ll see odds that look like this for who will be the No. 1 pick in the 2020 NFL Draft:

  • Joe Burrow -150
  • Tua Tagovailoa +200
  • Justin Herbert +600
  • Chase Young +750
  • Jake Fromm +800

In this case, Joe Burrow is the favorite to be selected first overall. We know this by the minus sign (-). The others are considered underdogs. We know this because of the plus sign (+). If there is no clear favorite, then the player with the lowest odds would be it. If Burrow was at +150 instead of -150, he’d still be the favorite since his odds are the smallest.

If you think Tagovailoa will be the first overall pick, and you bet $100 on the Crimson Tide quarterback, you would get a payout of $300. You would get your original $100 back plus your winnings of $200.

Our Odds Calculator will show you how much you’d win based on the odds and amount bet.

What is a Draft Prop Bet?

When you bet on NFL draft odds, you’re making a prop bet. Short for proposition, this is a bet on the occurrence or non-occurrence of certain player or team milestones that may not directly correlate to the outcome of a particular game. You can make this kind of bet as soon as draft odds are announced. If you see odds you like, jump on them quickly as the lines will move or be taken off the board.

Prop betting involves wagers made on just about anything to do with the NFL draft. Props will range from:

  • Who will be the first wide receiver drafted?
  • Will any first-round draftee put on the wrong hat?
  • How many Pac-12 players will be drafted in the first round?
  • Who will the No. 1 pick hug first?

Totals: Betting on Draft Position

When you’re wagering on the draft, you’re betting on either the OVER or UNDER on draft position. For example: Where will CeeDee Lamb be drafted?

OptionOdds
OVER 12.5 pick+110
UNDER 12.5 pick-150

If you think Lamb will be selected anywhere between 1 and 12, and you bet $150 on the wide receiver, you would get a payout of $250. You would get your original $150 back plus your winnings of $100.

If you think Lamb will be selected 13th overall or later, and you bet $100 on the Oklahoma Sooner, you would get a payout of $210. You would get your original $100 back plus your winnings of $110.

The numbers under the Odds column are the juice. This is the cut the sportsbook takes from your bet. It’s like paying a tax or commission. When you see -150, it means you have to bet $150 to win $100. When you see +110, it means you’ll have to bet $100 to win $110.

Live Betting: Wagering While the Draft is Unfolding

One of the greatest things about betting on the NFL draft, besides the potential to win money, is live betting. Football wagering sites offer live odds and lines as the draft is going on, giving you the chance to bet on almost every selection. If a prospect gets drafted fifth overall instead of 12th, as he was initially projected, then that will have an effect on live odds and lines with regards to the remaining selections.

Futures: Who Will Win it All?

Football betting sportsbooks offer NFL wagering year-round in the form of futures. These are bets made on events that usually take place at the end of the season. You can bet on things like which teams will win their divisions, NFL season win totals, which teams will make it to the Super Bowl, total passing and rushing yards, NFL draft picks, and which player will be named MVP. The draft will have a direct impact on futures based on team selections. For updated odds on which team will win the championship in 2021, check out our Super Bowl 55 odds article!