Betting on the 2023 NFL Draft

Author: Kate MagdziukPublished: 04/26/23
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Welcome to the 2023 NFL Draft, everyone! It's the best day of the year (according to me), where dreams come true and we get to see some of the nation's best walk across the stage to awkwardly hug commissioner Roger Goodell.

Unfortunately, we don't exactly get a hand in our favorite team's draft selections, but we can still put our knowledge to use and get in on the action from our couches via sports betting. So listen up, my fellow couch GMs — here's what you need to know about betting on the 2023 NFL Draft.

NFL Draft odds, explained

With NFL Draft bets come NFL Draft odds. Reading them can be kind of a mess. I'm here to help translate! "Odds" are a fancy way of indicating how much profit you stand to make with a given bet. They're displayed with a (-) or (+), followed by a number.

Minus odds (indicated with — you guessed it — a "-" sign!) indicate what are implied to be more likely outcomes.

The number after the minus sign tells you how much money you'd have to bet in order to win $100 in profit. The bigger the number after the minus sign, the smaller the profit margin for you, the bettor!

Example: Odds for Alabama QB Bryce Young to be the No. 1 overall pick are at -2000 at the time of this writing. That means it would take a whopping $2,000 wager on Bryce Young to go No. 1 overall, just to win you a measly $100 in profit.

Plus odds (indicated with — you guessed it — a "+" sign) indicate what are implied to be less likely outcomes.

The number after the plus sign tells you how much profit you'd win if you placed a $100 wager on that specific outcome. The bigger the number after the plus sign, the bigger the profit margin for you, the bettor!

Example: Odds for Kentucky QB Will Levis to be drafted No. 1 overall are at +1000. That means a $100 bet on Will Levis to be drafted No. 1 overall would win you $1,00 profit if it were to cash.

My very best NFL Draft advice

Here are three of my best pieces of advice to help make your experience of betting on the NFL Draft as fun (and fruitful!) as possible.

  1. Always bet responsibly. Yes. I know, this is pretty generic advice, but it's important, especially when betting on an event like the NFL Draft. Never wager more than you can afford to lose. The draft is volatile. Teams reach. Players slide. ANYTHING can happen, and it only takes one BIG surprise to shake up the rest of the draft board. Be responsible!

  2. Don't go all-in on heavy favorites for any given bet. Heavy favorites denote a high likelihood of a certain outcome. However, as we just noted, there are aways surprises (and very, very few guarantees) when it comes to NFL Draft.

    There is a reason odds for NFL Draft bets fluctuate so significantly before the draft, after all. It's because no one really knows what the hell is going on, and even if they did, I'll remind you — one unexpected trade or pick could change the entire landscape of the draft. There is no such thing as a "sure pick" — so investing heavily in an outcome where you stand to make minimal profits to begin with can be unwise.

  3. Do your best to block out the noise. The week of the NFL Draft is primetime for rumors (especially unfounded ones) to start flying. This is the last opportunity that agents have to get a bug in the ears of sports media and the front offices of NFL teams to get their clients in the absolute best situation. Sometimes, that means circulating narratives that will push others down draft boards (and perhaps push their own clients upward). When placing your bets, don't put too much stock in the most recent hot goss (as tempting as it may be)!

Where can you bet on the NFL Draft?

There are lots of places you can bet on the NFL Draft! Keep in mind, however, that not all jurisdictions allow bets to be placed on the NFL Draft, so you'll have to see what sportsbooks are offering in your area.

Here's a look at some offers on the table from various sportsbooks ahead of the NFL Draft.

Learn more about sports betting, including FAQ's about signing up for the sportsbook, types of bets and more, at The Betting Academy!

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