How to bet on the 2024 NFL draft: Bet types, odds and strategies
The 2024 NFL draft starts on Thursday, April 25, and concludes on Saturday, April 27.
While this is a draft where players will leave the college ranks and join the NFL, there’s still plenty of betting opportunities available, including picks, position picks, school props, head-to-head draft props, and more.
Below, I provide insight into all things 2024 NFL Draft betting.
Where to bet on NFL draft online
The NFL draft is a massive event each year, and you can wager on it at all of the top online NFL sports betting sites, including BetMGM, DraftKings, and BetRivers.
These sites will offer various betting markets and odds depending on the betting action they’ve received, so like all other wagers, be sure to monitor their markets to see what has the best bang for your buck.
Best promos for the NFL draft
| Operator | Bonus | Min. deposit | Expiration |
| DraftKings | Bet $5 get $200 | $5 | 7 days after credited |
| BetMGM | Up to $1,500 in bonus bets paid back if first bet does not win | $10 | 7 days after credited |
| BetRivers | 2nd chance bet up to $500 | $10 | 7 days after credited |
| Betway* | Bet $25 get $150 if bet wins | $10 | 7 days after credited |
How the NFL draft works
The NFL draft is a seven-round process with picks coming in from all 32 teams.
The first round is done on April 25, the second and third on April 26, and the final four rounds on Saturday.
Throughout the year and even years prior, teams use draft pick compensation in trades with other teams, which alters the order.
Additionally, teams are awarded compensatory picks based on things such as certain players signing elsewhere or losing coaching staff members.
There will be 257 picks this year, with the Chicago Bears picking first and the New York Jets rounding things out.
Across all seven rounds, there are 34 compensatory picks, with the first coming at No. 96 overall in the third round for the Jacksonville Jaguars.
Each team is given a time limit for how long they have to pick, and this changes throughout the rounds.
NFL draft betting types
As mentioned above, there are numerous ways to bet on the NFL draft, and we’ll explore them below.
Pick number
The pick number is perhaps the most common betting market for the NFL draft. With this market, you’ll simply pick who you think will be picked at that exact spot.
For example, at DraftKings Sportsbook, Caleb Williams is -10000 to go No. 1 overall to the Bears.
Pick number over/under
Found under the “Draft Position” market at many sites, you can wager whether a player will be drafted before or after a spot.
For example, if Michael Penix has an over/under of 32.5, you’ll wager over whether he’ll be drafted No. 33 overall or later or under, which indicates 32 or sooner.
Position totals
Often catered toward the first round, you can wager on the over/under of a specific number of players at a single position being drafted.
For example, DraftKings Sportsbook offers a prop on total cornerbacks drafted in the first round with a line of 5.5. You can wager the over at +220 or the under at -280.
First player drafted by a team
Another market focuses on individual players. Heading into the 2024 NFL draft, players like Blake Corum, Bo Nix, Brock Bowers, J.J. McCarthy, and more are listed.
These markets typically list every team in the NFL and provide odds for them.
For example, Bowers is +140 to go to the Jets and is +10000 to go to the Lions.
School props
Like the total positions, you can also wager on the over/under of the total number of players from a specific college conference.
For example, you can bet on the total number of players drafted from the ACC, Big 10, Big 12, Pac-12, and SEC.
Player head-to-head props
With head-to-head player prop markets, you’ll be picking who you think will be drafted first. These are typically available closer to the draft.
You’ll often see this with similar position players such as Bo Nix or Michael Penix Jr. or cornerbacks Terrion Arnold and Cooper DeJean.
Understanding NFL draft dds
The odds for NFL draft betting are the same as those for other betting markets, where you’ll be dealing with “-” and “+” odds.
Let’s examine betting odds by winning $100 or wagering $100 to best understand them.
- For odds with a “-,” you must wager that amount to win $100. For example, at -140, you must wager $140 to win $100.
- For odds with a “+,” you’ll win that amount with a successful $100 wager. For example, if something is +280 and you wager $100 and win, you’ll win $280.
2024 NFL draft betting strategies
While each draft is different as the team needs change, there are some strategies you can deploy for NFL draft betting that focus more on that year’s crop of talent and some historical data points.
Mock drafts
Examining mock drafts, especially from industry experts, can help you gauge the talent of the draft. For example, analysts like Daniel Jeremiah of NFL Network have a background in scouting and working for NFL teams and receive insider information that can help inform what teams are considering or contemplating.
This will also help with props like the total amount of specific positions being drafted. Mock drafts can help gauge how deep a class is at a position.
Follow the latest news
Keeping up to date with news and reports from industry insiders can either help or be purposefully leaked information to throw fans and other teams off of what they want to do. Teams are jockeying for positions for specific players, and being able to sort through the noise could help you become a successful NFL draft bettor.
Look for historical trends
One of the simplest historical trends to look at could be the No. 1 overall pick and how often a quarterback is drafted there.
For example, there have been seven non-quarterbacks drafted No. 1 overall since 2000.
However, as mentioned, every year is different, and the team may not need a quarterback.
Take teams needs into account
While teams will say they want to always go “best player available,” sometimes the draft is needed to fill day one holes.
For example, the Bears traded Justin Fields and need a quarterback, and they’re going to draft one at No. 1 overall.
A good thing to look for is to see what positions they signed in free agency, examine the rest of the roster, and see what positions they’re not deep at or lost production at.
Another example is the Buffalo Bills and wide receiver—Gabe Davis signed with Jacksonville, and Stefon Diggs was traded to Houston.
A popular need for almost every NFL team is the offensive line.
Take advantage of promotions
This is outside the realm of analysis, but utilizing bonuses and promotions from online sportsbooks can help you add additional funds to your virtual wallet, which can then be used to wager on the NFL draft.
These include welcome bonuses, where you can receive bonus bets after making a specific wager, and more.
Bottomline
The NFL draft is not only an incredibly entertaining event, but with the right amount of research and insight into the college game and NFL team needs and rosters, you can make money wagering on it.
Be sure to return to this guide before the start of the 2024 NFL draft on Thursday, April 25.
About the author
Richard Janvrin
Richard Janvrin brings nearly a decade of experience covering sports, and other betting-related content. Richard received his bachelor's degree in Journalism/English from the University of New Hampshire. Throughout his career, Richard has written for sites like Bleacher Report, Forbes, The Game Day, WSN, and many more.
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