NFL odds: NFL Draft betting recap, professional bettors cashed in

The 2022 NFL Draft last week in Las Vegas was a hit with the teams, players, fans and especially the gamblers.

The festivities in Sin City were popular with everyone – except for the sportsbooks. Here's a recap on the draft from a gambling perspective.

For more, from gambling-friendly schedules featuring live, updating odds to expert analysis and the day's most-bet games, check out the NFL section on FOX Bet, the FOX Sports App and FOXSports.com!

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"Everybody scaled way back because the draft was here in Vegas," BetMGM director of trading Jeff Stoneback said. "It's been a losing proposition every year and it'll continue to be a losing proposition because most of the money is from the sharps."

Stoneback and FOX Bet sports trader Dylan Brossman said the Houston Texans selecting LSU cornerback Derek Stingley Jr. with the third overall pick hurt the sportsbooks. Stingley was projected to go in the teens in earlier mock drafts.

"In particular, Derek Stingley Jr. going third overall was a bad result for us. We laid quite a few bets for him to be the third pick at an average price of nearly +500," Brossman said.

FOX Bet commercial manager Jacob Blangsted-Barnor also pointed out that Stingley was as high as 70-1 just a few weeks ago, adding to the damages suffered by the books.

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To prepare for the draft being held in Vegas, Stoneback said the BetMGM properties limited the number of betting options and took down draft odds 48 hours before the event.

Stoneback said professional bettors sought out favorable odds with picks later in the draft.

"The general public doesn't pay much attention to Joe Smith being over or under the 35th pick but professional bettors are in tune to that," Stoneback said. "It was all sharp play instead of the casual bettors."

Next year's draft will be held at Arrowhead Stadium, home of the Kansas City Chiefs. Let's just say oddsmakers aren't looking forward to it.

"The reason we lose all the time is the majority of the action is professional bettors and sharp action," Stoneback concluded. "The percentage of sharp action is very high as opposed to a random basketball or baseball game, which draws more casual bettors."

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