Can You Bet on the NFL Draft?
The NFL Draft is one of the most exciting events in the sports calendar, which this year happens to fall on April 25-27th. It’s a big deal as it captures the attention of football fans and sports bettors alike.
As teams select new talent in the hopes of building a Super Bowl-winning squad, many wonder if they can amp up the excitement by placing bets on the outcomes.
You might be surprised to know that, yes, you can bet on the NFL draft.
It’s as simple as placing a bet on a game and there are tons of different ways you can bet.
Is Betting on the NFL Draft Legal?
Yes, betting on the NFL Draft is legal in the United States, but with a few caveats.
The legality depends on the state you are in, as sports betting is governed at the state level.
Since the Supreme Court’s decision in 2018 to strike down the Professional and Amateur Sports Protection Act, many states have moved to legalize sports betting. This includes betting on events like the NFL Draft.
Where Can You Bet on the NFL Draft Online?
For those looking to place bets on the NFL Draft, there are numerous online platforms available. These platforms not only provide the means to bet but also offer tools and resources to help bettors make informed decisions. They typically include stats, draft histories, player profiles, and expert analysis. However, we recommend you do your own analysis before placing wagers on these up and coming prospects.
Here are some of our favorite online sportsbooks that actively take bets for the draft.
DraftKings Sportsbook
DraftKings is one of the leading sports betting platforms in the U.S. and offers a massive selection of betting options for the NFL Draft. From picking which player will be selected first overall to predicting which positions will be drafted in each round, DraftKings provides a comprehensive betting experience.
Despite being one of the best platforms for the draft alone, their sports betting app is one of the best we’ve seen. They offer ongoing bonus offers and let you bet on just about any sport you can imagine. So, even after the draft, we think you’ll stick around for a while.
FanDuel Sportsbook
Another powerhouse in the sports betting industry is FanDuel. FanDuel competes closely with DraftKings and offers similarly broad options for NFL Draft betting.
It’s known for user-friendly interfaces and often provides special promotions around big events like the draft.
BetMGM
BetMGM is another stellar sports betting platform that features NFL Draft betting. It includes detailed prop bets, such as over/under on the number of players drafted from a specific college or even how many wide receivers will go in the first round. While these types of bets are hard to pin down, they are a lot of fun.
How to Bet on the NFL Draft
Betting on the NFL Draft can be an exciting way to engage with the event, but it does require a bit of a different strategy compared to traditional game betting.
If you’re looking to place some wagers, here’s how we recommend you go about it.
Understand the Draft Structure
The NFL Draft consists of seven rounds over three days, with teams picking in reverse order of their finish from the previous season. But knowing when a team is going to make their pick is just the start of it.
Knowing the needs of each team and their drafting history can give insights into their likely choices. Despite this, there are always some unexpected curve balls that teams throw out to surprise the entire industry.
Research Prospects
Deep knowledge of the draft prospects can’t be overstated.
This includes understanding their college performance, combine results, pro day workouts, and any off-field issues. Remember, the NFL teams are looking for players who will fit into the fold of their team. Just because the numbers work out for a specific WR or RB doesn’t mean that the player is suitable for a team looking for those positions.
Keep in mind that the sportsbooks are researching these players too and that’s how they manage their NFL draft betting odds. Caleb Williams is the top QB in this year’s draft class and the team with the first pick just happens to need a QB, so Caleb’s odds are sitting around -10000.
The more you know about the players, the better you can predict where they might be drafted.
Focus on Prop Bets
Proposition bets, or prop bets, are popular when it comes to the NFL Draft. These can range from who will be the first quarterback taken to over/under the number of players drafted from a particular college or conference.
We like these types of bets in the draft as they give you a bit more wiggle room for error. Think of it like this: if you bet on Caleb Williams going to the Bears as the first pick, and they end up going with Drake Maye, you lost that bet. However, if you bet on total QBs going in the first round to be over or under 4.5, you have some wiggle room to still win your bet. In our example, just because Williams wasn’t picked up, the Bears still need a QB so it would still help in the prop bet.
Keep an Eye on Movements and Rumors
Draft positions can change drastically up to and during the draft itself. Trades between teams can shift the draft order, and last-minute player evaluations or rumors can affect when a player is picked.
Staying updated through reliable sports news sources can pay off big time if you catch it in time. Of course, the odds at these sportsbooks will change as the situation does, but if you catch wind of something before the odds change, you can get in on a solid bet early on.
Manage Your Bankroll
As with any form of gambling, it’s important to manage your bankroll wisely.
Set a budget for your betting activities and stick to it. Sure, it’s a fun time to bet, but don’t get in over your head. If you typically bet 3-5% per bet (or whatever your bankroll management style is), then stick to it even throughout the draft. This is not a time to go off the rails and blow through your bankroll.
Research and Place Your Bets!
Betting on the NFL Draft adds even more excitement to an already thrilling and highly-anticipated event.
With the right approach and knowledge, it can also be potentially profitable. Whether you’re looking to bet on who will go in the first round or even wagering on some over/under prop bets, there’s no shortage of options.
Take advantage of one of the bonus offers of the sportsbooks we mentioned, get in there, do your research, and start placing bets on the NFL draft. It’s tons of fun, and we think you’ll love the betting experience.
Matt Brown
Head of Sports Betting and DFS
Matt’s love for sports betting and daily fantasy sports, coupled with a deep understanding of football, hockey, and baseball, shapes his innovative thoughts on Hello Rookie. He has a B.S. in Aeronautical Computer Science and a M.S. in Project Management.
