A big part of the appeal of drafts lies in the speculation about who will be the first choice. Most years, especially in the NBA, the best bet is a slam dunk.
Most NBA draftniks had drafted Auburn’s Jabari Smith first to the Orlando Magic ahead of draft day, but as the draft drew nearer there were reports that Magic would make a surprise pick.
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Orlando surprised some by handing over Smith and taking over from Duke Paolo Banchero on Thursday night.
“Last week we had a value of +2500, but then the odds gradually decreased,” said Martin Pascual, specialist in trading operations at FOX Bet. “The biggest drop we saw was on Monday, when it dropped from +900 to +300 after CBS put out a mock draft with Banchero number 1 and news that (Chet) Holmgren didn’t want to share his medical records with The Thunder .”
When reports circulated that the Magic Smith would be passed on, many sportsbooks lowered the odds on the top pick to minimize potential significant losses.
Bettors backing Banchero with longer odds rejoiced when NBA Commissioner Adam Silver announced the pick. The Magic selected “the most NBA-ready player in this draft class,” wrote FOX Sports collegiate basketball analyst John Fanta.
Holmgren finished second to Oklahoma City and the Houston Rockets grabbed Smith in 3rd place.
“Overall, the NBA draft was a very bad result for us,” said Pascual.
Tieme Wesselink, senior basketball trader at FOX Bet, said that posting odds on drafts generally results in losses, but sportsbooks grin and put up with it because bettors stay involved during a sport’s downtime.
“Generally, books, including ours, see more reds than greens in NFL, NBA, NHL draft bets,” Wesselink said.
“We still love offering draft betting as it’s a great way to tell stories surrounding the draft and engage customers with the sport in the off-season.”
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