The NFL Draft is a pivotal event for teams looking to bolster their rosters with top collegiate talent. For bettors, it’s a golden opportunity to capitalize on the uncertainties and insider knowledge surrounding which players will land where. With the 2024 NFL Draft set for April 25-27 in Detroit, let’s get into strategies and insights to help you make informed bets.
How To Make the Most out of Betting on the 2024 NFL Draft
Understanding the Odds
As of March 15, all eyes were on USC quarterback Caleb Williams, pegged as the favorite to go No. 1 overall with odds of -2000, translating to an implied probability of 95.2%. The trade of Justin Fields to the Steelers seriously impacted these odds, shifting Williams’ position to -4000. Such drastic changes underline the importance of staying attuned to NFL team moves and player performances.
Not far behind in the quarterback conversation are UNC’s Drake Maye and LSU’s Jayden Daniels, both sitting at +1600 odds or a 5.9% chance to go No. 1. This shows the value in looking beyond the favorite, exploring options that could yield higher returns.
Spotting Value in Wide Receivers & Offensive Linemen
The 2024 NFL Draft’s depth goes beyond quarterbacks. Ohio State WR Marvin Harrison Jr. leads with -250 odds (71.4% implied probability) to be the fourth-overall pick. For the fifth pick, the Chargers seem to be eyeing LSU WR Malik Nabers at +150, but Notre Dame OT Joe Alt at +440 and Washington WR Rome Odunze at +500 are also in the mix. These positions offer a chance to bet on non-QB players who can significantly impact their future teams.
Strategies for Maximizing Your Bets
To leverage your betting experience, it’s not just about knowing the odds. It’s about smart betting. Here’s how:
Shop for the Best Odds
Odds can vary between sportsbooks. Take the time to compare them to ensure you’re getting the most value for your bets.
Take Advantage of Promotions
Sportsbooks often offer promotions to attract bettors. Look for BetMGM promos that can provide enhanced odds, free bets or other benefits to maximize your returns.
Stay Updated
In the weeks leading up to the NFL Draft, keep an eye on news, rumors and any changes in the teams’ needs. Information is power in the betting world.
Get Into Prop Bets & Mock Drafts
Prop bets can offer great value, especially if you have insights into specific team needs or player evaluations. Also, mock drafts are a goldmine for predicting how the draft might unfold.
Historical Context & Future Predictions
In the past six NFL Drafts since 2018, quarterbacks have dominated the first pick five times, including Bryce Young in 2023. This trend underscores the high value placed on quarterbacks and can guide your betting strategy.
The Quarterback Dominance in NFL Drafts
Since 2018, five out of the last six first-overall picks have been quarterbacks. Why? Because a top-notch quarterback can transform a team’s offense and entire game plan. Take last year, for example. The Carolina Panthers drafted Alabama QB Bryce Young with the first overall pick, continuing the NFL’s quarterback craze.
This pattern is a strategy. Teams eyeing the top of the draft often bank on quarterbacks to be their franchise heroes. This offers a hint for anyone betting on the NFL Draft: Putting your money on a quarterback for the first pick is usually a smart bet, even if it might not fetch you huge odds due to its predictability.
But here’s where it gets interesting: Things can change fast. The Chicago Bears trading Fields and the odds for Williams skyrocketing from -2000 to -4000 overnight is a perfect case in point. This shows just how quickly team moves can shake up the betting scene. It’s a reminder for bettors to stay on their toes, keeping up with team strategies and player news.
Bottomline
Betting on the NFL Draft is not just about picking winners. It’s about making informed decisions based on a deep understanding of the odds, the market and the draft itself. With the right approach, you can turn the draft into an opportunity for substantial gains. Keep these strategies in mind, and you may find yourself ahead of the game when the NFL Draft rolls around in Detroit.
Check out all of our 2024 NFL Draft content:
- 2024 NFL Combine Winners & Losers | Fantasy Football
- How To Make the Most out of Betting on the 2024 NFL Draft
- Which NFL Teams Need To Pursue a Higher Draft Pick (2024)
- 2024 NFL Draft Betting Guide: Top-Five Picks Overview & Predictions
- Hoov’s 2024 NFL Mock Draft 3.0: First-Round Picks & Predictions
- Hoov’s 2024 NFL Mock Draft 2.0: First-Round Picks & Predictions
- Hoov’s 2024 NFL Mock Draft 1.0: First-Round Picks & Predictions
Thanks for reading our guide on “How To Make the Most out of Betting on the 2024 NFL Draft.” You can find more sports betting advice here on our website or on our YouTube channel.
*Photo Credit: Gary A. Vasquez – USA TODAY Sports*