How to Bet on the NFL Draft

The biggest NFL event of the offseason is the NFL Draft, which is why sportsbooks offer bettors plenty of exciting bets for it. Here are some of the options you might come across when making an NFL Draft bet.

  • First-overall pick
  • Team’s first player drafted
  • Position of team’s first pick
  • First player drafted per position (running back, defensive end, etc.)
  • Draft prop bets (like total Canadian players drafted in the first round)

Check out all of our NFL Draft betting options here. 

First Overall Pick

When it comes to NFL Draft betting, there’s a plethora of options, but let’s focus on one of the hottest bets: the first-overall pick.

In 2024, it’s Caleb Williams who leads the pack as the massive favourite to be the first-overall pick, sporting odds of -10000, indicated by the (-) symbol. What does this mean? You’d need to wager $10000 to get a $100 payout, totalling $10100 if Caleb Williams indeed clinches that top spot.

Over/Under Draft Bets

Now, let’s talk about over/under bets, also known as totals betting. Sports Interaction will set a value for a certain bet, and you have to decide whether the final outcome will be above or below that value.

In our above example, the over/under for quarterbacks drafted in the first round of the 2024 NFL Draft is set at 4.5. This means you’d need to decide whether five or more quarterbacks will be drafted in the first round (that’s the over) or four or fewer (that’s the under) to win your bet.

Always of interest to Canadian bettors is how prospective players from the Great White North will do in the draft – like how many Canadians will be drafted, and if any of the will go in the first two rounds. You can bet on these odds, as well as many others, on our NFL Draft odds board.

How Does the NFL Draft Work?

The NFL Draft is the annual event where all 32 teams in the National Football League select their newest players. The draft order is determined by the previous season’s standings, with the teams that performed the worst having the highest draft picks.

Typically, the team with the worst record in the NFL gets the first overall pick, giving them the opportunity to choose any eligible player. To be eligible for the draft, a player must have been out of high school for at least three years.

There are seven rounds in total, and the entire draft process unfolds over a three-day period.

Given the importance of the draft, teams often make bold moves to secure the players they want, leading to an exciting frenzy of last minute trades and deals.

The 2024 NFL Draft kicks off at 8pm ET on Thursday, April 25.