The NFL Draft becomes one of the biggest events to bet on during the spring, and this means NFL draft odds also become a big thing when betting. Teams select a player, usually from college football, to sign to their team. The order is typically based on the reverse order of the standings, so the team that placed last from the previous season picks first while the Super Bowl champ picks last.
This annual event started in 1936 when there were still no scouting teams and names were put on a blackboard. It wasn’t until 1946 when teams began using scouts to better draft players. Now, there are so many resources dedicated to NFL Drafts and NFL draft odds that teams have entire departments focused on this aspect alone.
Getting into the NFL Draft Odds
Good news: You can bet on the NFL Draft! Find the NFL Draft odds at your preferred sportsbook. These become available sometime during the NFL regular season.
With each passing year, NFL Draft odds become increasingly available. You can find them on the sportsbook and bet on such things as the first overall pick, what draft position a player will be selected in, and what position will be selected by a team.
How to Read NFL Draft Odds
American odds are the most popular format for NFL Draft odds. You will notice a “plus” sign or a “minus” sign before every entry. This indicates how much you win for every $100 you bet and how much you have to bet to win $100, respectively.
Plus numbers like +150 indicate a probability lower than 50 percent while minus numbers indicate one that is greater than 50 percent. Which means that the less likely event to happen, the greater your payout will be, and vice versa.
You can also convert the American odds to decimal odds or fractional odds.
Types of NFL Draft Odds
NFL Draft odds come in many different markets. Find them at the sportsbook as early as months prior to the draft. Some popular markets are:
- Odds to Pick First
- Odds First Player to be Drafted
- Odds by Positions (offense, defense, quarterback)
- NFL Draft Position Over/Under
There are a slew of options for betting on the NFL draft odds. One of the most popular types is betting on the over/under (total) of the 1st Round. Point spreads are rare in NFL Draft betting, but you can bet on how many players from a position will get selected.
As an example, let’s say the over/under for the quarterbacks selected in the 1st round is 3½. If you bet on the under, three or fewer quarterbacks will need to be selected to cash your bet. But if you bet the over, four or more will need to get drafted to get your money.
The moneyline on the under 3½ is -150, which means you will need to stake $150 to win $100. On the flipside, the over 3½ is at +120 so a wager of $100 will return $120.