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How To Bet on the NFL Draft

Mitchell South

by Mitchell South

Updated Nov 14, 2023 · 6:04 AM PST

The NFL Draft is a perfect opportunity to enjoy football betting in the spring when there’s no regular season or playoff action on the gridiron.

You might be wondering exactly how to bet on the NFL Draft. From NFL Draft odds to the best sportsbooks and promotions you can wager with, we’ve got you covered with important tips and key information.

Here’s everything you need to know about how to bet on the NFL Draft.

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NFL Draft Odds Explained

The first thing to keep in mind with NFL Draft odds is that line movement is all over the place. As one of the most unpredictable nights in the NFL calendar, bettors have plenty of opportunity to make wagers and win some money.

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There are a ton of betting options when it comes to the NFL Draft. Let’s look at one of the most popular bets, the first-overall wager, to get a better understanding of how NFL Draft odds work.

Player First-Overall Pick Odds
Bryce Young -1400
CJ Stroud +700
Anthony Richardson +1500
Will Levis +4000
Will Anderson +15000

Bryce Young is the favorite to be selected first overall, indicated by the (-) symbol. The -1400 odds indicate you would need to successfully wager $1400 in order to win $100 for a total payout of $1500 in the event Bryce Young is selected first.

With so much unpredictability in the draft, most lines you’ll see have a (+) symbol. The +700 line on CJ Stroud indicates you would win $700 from a $100 wager on CJ Stroud to go first. The total payout in this scenario would come to $800.

Multiple different players were listed as the favorite to go first overall leading up to the 2023 NFL Draft, so you can usually expect a lot of line movement year-over-year. While Quarterbacks often go first overall, and 2023 is no different with Bryce Young and CJ Stroud jockeying for first-overall odds through most of the year.

The Carolina Panthers are expected to select first overall this year after trading up for the top spot, which usually has an impact on the NFL Draft odds. Certain teams have positional needs compared to other teams, which could impact their draft strategy.

Other teams like the Houston Texans, Indianapolis Colts, Arizona Cardinals, Seattle Seahawks, Detroit Lions, New York Jets, and Las Vegas Raiders are also in the mix, and could trade up or down in the draft which would cause some line movement.

Not all sportsbooks are created equal, and the NFL Draft betting odds will differ depending on which sports betting site you’re looking at. Make sure you do some line shopping with sports betting apps like Caesars Sportsbook, FanDuel, DraftKings, and BetMGM to compare which sportsbook will get you the biggest payouts.

Betting on the 2023 NFL Draft

The 2023 NFL Draft begins at 8pm ET on Thursday, April 27, so you’ll want to have your best NFL Draft bets placed before then.

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The first-overall wager isn’t the only way to bet on the NFL Draft. Keep in mind that some sportsbooks limit the types of wagers they offer, and certain states have restrictions on NFL Draft bets, which is covered further down the page.

Consider some of the following options for how to bet on the 2023 NFL Draft:

  • First-overall pick
  • Second, third, fourth, and fifth-overall pick
  • Team’s first player drafted
  • Position of team’s first pick
  • Exact draft order (Usually the first two selections only)
  • First player drafted per position (Running back, defensive end, cornerback, offensive lineman, etc.)
  • Top draft picks (i.e. Specific player drafted in the top three, top five, or top ten)
  • Draft prop bets (i.e. Total Big 10 college football players drafted in first round)
  • Over/under bets

Most of the betting types on this list are self explanatory, except for NFL Draft prop bets and over/under wagers. Totals betting and prop wagers on the NFL Draft have a lot of variety, so let’s explore those options in further detail.

NFL Draft Over/Under Bets

Over/under wagers, also known as totals betting, is a system where sportsbooks set a value for a certain bet and you have to decide whether the final outcome will be above or below that value.

For example, the 2023 NFL Draft has an over/under bet of 4.5 Quarterbacks drafted with first-round picks. Caesars Sportsbook has the over at -105 odds and the under at -125.

Another example of NFL Draft totals is the over/under on where a specific player will be drafted. For instance, Caesars Sportsbook has Tyree Wilson at an over/under selection of number 6.5. The odds on this one are close to even money, and you would need to decide whether Wilson is selected over (seventh overall or later) or under (selections one through seven) this total to win your bet.

NFL Draft Betting Props

The best way to understand NFL Draft betting props is to know that these wagers usually involve deciding where a specific player is drafted or the first player selected from a specific position.

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Caesars Sportsbook has a “first wide receiver selected” prop bet, with players like Jaxon Smith-Njigba (-230) and Zay Flowers (+300) available for prop betting. Similar to the over/under markets, there are a ton of NFL Draft betting props to choose from at every sportsbook.

NFL Draft Betting Promotions

As a sports betting event that’s only offered in certain states, sportsbooks typically don’t offer many NFL Draft promos. Having said that, any new customers can register and claim the best sign-up bonuses sports betting sites have to offer, including the latest ESPN BET promo code.

For example, FanDuel has a welcome promo for a No Sweat First Bet that’s worth up to $1,000 in site credit. Just sign up with FanDuel, make your first deposit, and place a wager on the NFL Draft. If it happens to lose, you’ll have the value of your bet refunded up to $1,000 in bonus cash. You don’t want to miss out on one of the most valuable FanDuel promos for the NFL Draft.

How it Works:

  • Register with FanDuel Sportsbook
  • Make your first deposit
  • Place your initial wager on the NFL Draft
  • If it loses, FanDuel will refund you with up to $1,000 in site credit
  • Use the bonus funds to make more wagers on any sport

You’ll find sign-up offers at every major sportsbook, and most of them offer lines on the NFL Draft. You could also use the new customer bonus on the NFL Draft from another premier sportsbook like Caesars Sportsbook.

NFL Draft Betting with Caesars Sportsbook

Caesars Sportsbook has an even more lucrative sign-up offer you could use for the NFL Draft. It works just like the FanDuel offer described above, however it’s worth up to $1,250.

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Complete the registration process with Caesars Sportsbook, make your first deposit and wager, and if you lose, Caesars Sportsbook will refund you up to a maximum of $1,250. This is one of the best Caesars Sportsbook promos, and it’s worth using on the NFL Draft if you haven’t yet claimed it.

Caesars Sportsbook NFL Draft Odds

Line shopping for the best NFL Draft odds is an important part of wagering on this event, and Caesars Sportsbook has lines that are competitive with the other major sportsbooks.

They have Will Levis to go fourth overall at -110 odds, which is a favored opportunity to make some money as the Indianapolis Colts are set to draft fourth. The Colts are hungry for a quarterback, but other better quarterbacks will likely be on the board at this point. It’s a fairly safe wager with a low payout, but it could happen if the expected run of Quarterbacks in the top 5 goes through.

A successful prop bet of $100 for Will Levis to go fourth overall would win you $90 from Caesars Sportsbook. Whether it’s this wager or any other, Caesars Sportsbook is a fantastic choice for NFL Draft betting.

Where Can I Bet on the NFL Draft?

The states and sportsbooks where you can bet on the NFL Draft differ depending on where you’re located. Some states don’t allow NFL Draft betting at all, but we’ll get to that in just a second.

Here are the states where you can bet on the NFL Draft online and some of the best sportsbook apps offered in each:

State Best Available Sportsbook Apps
Colorado Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Illinois Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Indiana Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Kansas Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Louisiana Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Maryland Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Massachusetts Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Michigan Caesars Sportsbook, FanDuel, DraftKings, BetMGM
New Jersey Caesars Sportsbook, FanDuel, DraftKings, BetMGM
New Hampshire Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Ohio Caesars Sportsbook, FanDuel, DraftKings, BetMGM
Oregon DraftKings
Tennessee Caesars Sportsbook, FanDuel, DraftKings, BetMGM
West Virginia Caesars Sportsbook, FanDuel, DraftKings, BetMGM

As you can see, Caesars Sportsbook, FanDuel, DraftKings, and BetMGM offer NFL Draft betting lines in most of these eligible states. Make sure you register with these sportsbooks if you haven’t already and claim some sign-up promos before the NFL Draft gets underway.

Claiming the BetMGM promo code or FanDuel promo code will get you up to $1,000 in bonus funds while the Caesars promo code will land you up to $1,250. The DraftKings promo code may be the most interesting of the bunch with a Bet $5, Get $200 offer on the table or up to $1,050 in bonus funds. These excellent promos are a great way to pad your account for the NFL Draft and the season at large.

The two latest additions on this list, Ohio and Massachusetts, have confirmed that NFL Draft betting will be allowed in 2023. The Massachusetts Gaming Commission (MGC) added NFL Draft betting to their catalog just before online wagering went live. The Ohio Casino Control Commission has slowly been introducing a number of new NFL Draft betting markets after launching at the start of the year, which means residents in the Buckeye State can enjoy NFL Draft prop betting for the first time in 2023.

Can I Bet on the NFL Draft From My State?

Not every US state allows betting on the NFL Draft. It all depends on how each state classifies the NFL Draft, and states like Pennsylvania simply do not consider it as a sporting event.

These specific states do not allow betting on the draft:

  • Connecticut
  • Iowa
  • Mississippi
  • New York
  • North Carolina
  • Pennsylvania
  • Virginia
  • Washington

NFL Draft betting can also be limited in the states that do classify it as a sporting event. For example, Michigan and West Virginia stop accepting wagers the night before the NFL Draft. Nevada also stops accepting wagers a full 24 hours before the start of the draft.

Live betting also comes with some specific restrictions in certain states. For example, New Jersey only allows NFL Draft live betting during the first round exclusively. Arizona doesn’t allow live wagering on the NFL Draft in any capacity due to concerns over insider information leaking.

While there are many ways to bet on the NFL Draft, it can be limited depending on what state you’re wagering from. With a lack of NFL betting since the conclusion of Super Bowl 57, this is a perfect way to get right back in the action if you’re eligible.

NFL Draft Betting FAQs

As one of the most unique events in all of sports betting, you might have some more questions for how to bet on the NFL Draft. Here’s a quick rundown of NFL Draft betting FAQs:

Can I bet on the NFL Draft?

Yes, in most cases you can bet on the NFL Draft, unless you’re in a state that prohibits this kind of wagering.

When is the 2023 NFL Draft?

The 2023 NFL Draft takes place at 8pm ET on Thursday, April 27.

Where can I bet on the NFL Draft?

You can bet on the NFL Draft in eligible states like New Jersey, Michigan, Indiana, Colorado, and Tennessee. Sports betting sites like FanDuel, DraftKings, Caesars Sportsbook, and BetMGM accept wagers on the NFL Draft.

Can you bet on the NFL Draft in Virginia?

No, you cannot bet on the NFL Draft in Virginia.

Is it legal to bet on the NFL Draft?

Yes, it is legal to bet on the NFL Draft as long as you’re in an eligible state and wagering with a licensed sportsbook.

What NFL Draft markets can I bet on?

You can bet on NFL Draft markets like first-overall pick, over/under draft positions, NFL Draft prop bets, team’s first player drafted, position of team’s first pick, and first player drafted per position to name a few.

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