Live betting is one of the greatest things about betting on the NFL draft. Most gambling sites that offer wagers on the football draft provide live odds and lines as the draft is going on. This provides you with the opportunity to bet on almost every selection. For instance, if a prospect gets drafted sixth overall instead of 15th, as was initially projected, this will affect the live odds and lines of the remaining players. The constantly changing odds and lines make for an exhilarating experience. However, before you jump in with both feet, it’s important to understand how betting on the NFL draft works.
When it comes to placing odds on the NFL draft, you’re usually deciding between two different results; either the OVER or UNDER on draft position or the number of a specific position to be chosen. The most common ways of NFL betting include:
This involves selecting which player will be the number 1 selection overall, the number 2 selection, etc. These types of NFL draft props are pretty standard. In general, bookies set odds on a wide field of top players and price them according to their draft stock.
Oddsmakers will select a player’s estimated pick position, and then you can place a bet on whether a team will choose the player OVER that number or UNDER said number. For instance, if a player has an Over/Under draft position of 5.5., and you bet on the OVER, you’re saying you believe they’ll be picked number 6 or higher. By contrast, a bet on the UNDER means you expect them to be a pick of the number 5 or lower.
In this scenario, two players that are close in an expected draft position are put head-to-head against each other, and you can choose which player you think will be selected first in the draft. Additionally, each matchup is assigned an odds set based on the players’ probability and incoming betting action.
When making a position prop, there are a few different options. One is to wager on the first player of that position to be chosen, such as the first receiver selected in the draft. Another form of position props is to wager an Over/Under total for the total number of players at a specific position to be chosen in the round.
To place a bet on the NFL draft, you first need to choose a sportsbook. A sportsbook is the industry term for a betting site or bookmaker.
Signing up for a sportsbook is usually fairly simple. All you generally need is your name, email address, and deposit information. Additionally, most sites require you to enter your birthdate to prove that you’re of legal betting age.
Once you’re signed up, you’ll need to make a deposit. Most betting sites will let you make deposits using credit cards, e-Wallets such as PayPal, Neteller, Skrill, and debit. Additionally, some sites allow you to use cryptocurrency.
After funding your deposit, it’s time to place your wager. To do this, you’ll want to familiarize yourself with the odds on each type of bet.
In general, NFL draft odds are shown in American odds. This means a positive or negative is assigned to a value displayed in hundreds or thousands based on implied improbability.
For instance, you might see that a player has -300, which indicates a 75% implied probability that they will be selected number three overall. Therefore, for every $100 you want to win, you need to risk $300. Furthermore, a different player may have odds of +195, implying 34% to be the number three pick. This means that for every $100 you risk, you may win $195.
If you want to hone your betting skills, try a mock draft first. A mock draft will help familiarize yourself with what the top sources predict will be the order of players selected in the NFL draft.
NFL teams won’t always pick the best talent. Instead, they’ll choose players to fill certain positions. Therefore, highly favored players may fall back in the draft if clubs with early picks don’t need those positions.
Make sure to read everything you can from NFL insiders and analysts to get the latest takes and rumors from team head offices.