So you want to bet on the 2024 NFL Draft? Well, there’s a lot to know before diving into the odds, and very little time to learn it all with the first round set to begin Thursday.

When it comes to betting on the draft, you’re generally picking from one of four types of props: Pick number props, player props, position props or team props. And things get a little more specific within each group. This here is a little guide to help understand some of those specific props, along with suggestions for a few of them.

First, before we dig into all this draft talk, it’s important to know the order of things, so make sure you check that out here. And if you haven’t already, tap into FTW’s two-round mock draft to familiarize yourself with some of the top prospects.

Now, let’s get to the bets, with odds courtesy of BetMGM.

Pick number props

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These bets all focus on questions of either a specific pick (e.g. Who will the 3rd overall pick be?) or a group of picks (e.g. Who will drafted in the top five?).

Picks 1 through 10

These are especially popular when it comes to the No. 1 overall pick because the first thing anyone wants to know going into a draft is who the best player is. Who’s going to be the first name off the board. Unlike last year when several quarterbacks were in the running for No. 1, this year’s top pick appears all but locked in, as the Chicago Bears appear ready to take Caleb Williams, who has -10000 odds.

That apparent lock has shifted most debate at the top of the draft to the No. 2 pick, where Jayden Daniels has increasingly become the favorite at -450. He’s gaining separation from Drake Maye, who is now favored to go No. 3 at -300 odds. However, nothing is a lock after the first pick, especially considering potential trades that could shake up the draft order.

Top 5 or Top 10 picks

Because one single deal can change the order of how players come off the board, bettors may want to limit their risk by instead picking top-five or top-10 draftees without the burden of predicting the exact pick they’ll go. However, while that’s an option, the odds for players already favored at a specific pick won’t be worth your time. For example, Joe Alt, the -165 favorite to be drafted seventh overall has -1200 odds to go in the top 10.

My favorite of these picks might be Brock Bowers at +135 odds, with many mocks projecting him to sneak into the back of the top 10.

Exact order

If you’re feeling extra confident in how those top picks will go, you can bet on the exact order of the top three and top five. Right now, the favored top-three order is Caleb Williams-Jayden Daniels-Drake Maye at -300. The favored top-five order adds Marvin Harrison Jr. and J.J. McCarthy for +300 odds.

Considering a team would likely have to trade up to No. 5 for McCarthy to go that high, there may be some value on an order that has the Los Angeles Chargers staying put and taking Malik Nabers with the fifth pick at +500.

Position props

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These props look at the draft through the lens of individual position groups and give bettors an opportunity to predict the number of players drafted at each position, and the player who might be drafted first at each position.

First RB, WR, OL and defender drafted

Between running backs, wide receivers, offensive linemen and defensive players, you can bet on who will be drafted first among each respective group. With Marvin Harrison Jr. (-800) a strong favorite to be the first receiver and Joe Alt (-650) favored among offensive linemen, bettors may want to focus on the running backs and defensive players to find value.

Good luck trying to guess who will actually come off the board first, though. Dallas Turner (-125) is slightly ahead of Laiatu Latu (+200) for defenders, and Jonathon Brooks is the top RB at -150, though I’d chase the value on +300 for Trey Benson, who I’ve seen ahead of Brooks in several rankings. Either way, we’ll likely be waiting until the second round before the first RB is picked.

O/U players at each position drafted in the 1st round

This position prop is a little more expansive than the last, as it includes quarterbacks, wide receivers, offensive linemen, cornerbacks, safeties and defensive linemen/edge players. Rather than pick a specific player, the goal with this one is to pick the correct over/under.

The biggest number of all these is the line for offensive linemen at 9.5, with odds favoring the over at -190. The smallest is the 0.5 line for safeties, where the over has +550 odds. The most interesting is probably wide receivers, which is favored to land under 6.5 at -300 odds despite three receivers projected in the top 10. The biggest lock feels like over 4.5 QBs in the first round at -300, with four expected off the board in the top 10 alone.

Bettors can also stick to one side of the ball and pick an over/under on total defensive players or total offensive players taken in the first round. The line for offense is 21.5, and the line for defense is 10.5.

Mr. Irrelevant

For a combination of pick and position props, you can guess the position of the player taken with the final pick in the draft — also known as Mr. Irrelevant. Of course, there’s no way to know the answer now, so it’s all a guess. Top odds rest on it being a defensive lineman/edge rusher at +375, and the worst odds have it being a kicker/punter/long snapper at +2000.

Player props

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These props take a look at some of the more intriguing prospects in the draft and try to predict how high they’ll go or which team they’ll land on.

O/U on player draft position

As of the time I’m writing this, BetMGM has an over/under for 24 different players, though the amount of players and which players you can bet on varies depending on the sportsbook you use.

One of the more intriguing lines is for Bo Nix, who has an over/under of 32.5, which is right at the turn of the first and second round. Odds favor the over at -225 despite recent reports suggesting he could go in the first. Michael Penix is also at 32.5, though his odds to go under are much better at -250.

Team to draft each player

To get a little more specific about a player’s landing spot, you can pick the exact team to draft certain prospects. BetMGM has this option for five different players, including quarterbacks Bo Nix, Michael Penix Jr., J.J. McCarthy, Jayden Daniels and tight end Brock Bowers. Because I’ve seen Bowers mocked to the New York Jets several times, that’s probably my favorite of these bets at +150 odds.

Team props

Last but not least, sportsbooks offer props for almost every single team and the position they’ll draft first. The odds vary depending on the team, draft position and areas of need. For example, the Denver Broncos are favored to draft either a quarterback or defensive lineman at +180 odds for each position, while their odds to take a linebacker are +20000.

The Dallas Cowboys, on the other hand, have +500 odds to take a linebacker, which is second only to their odds to take an offensive lineman at -225. Their odds to take a safety are last at +8000.