NBA Odds: How Paolo Banchero going No. 1 affected books, bettors

A large part of the appeal of drafts is the speculation on who will be the first pick. Most years, especially in the NBA, the top pick is a slam dunk.

Most NBA draftniks had Auburn’s Jabari Smith going first to the Orlando Magic prior to draft day but as the draft drew closer, there were reports the Magic would make a surprise pick.

Here’s everything you need to know about the NBA odds for the season via FOX Bet. For more NBA odds, check out the favored teams to win the 2022-23 NBA title.

Orlando surprised some by passing on Smith and taking Duke’s Paolo Banchero on Thursday night.

“We had him as high as +2500 last week but then the odds gradually decreased,” FOX Bet trading operations specialist Martin Pascual said. “The biggest decrease we saw was on Monday where he dropped from +900 to +300 after CBS came out with a mock draft having Banchero as their No. 1 pick and news that (Chet) Holmgren did not want to share his medical records with the Thunder.”

When reports started circulating that the Magic were going to pass on Smith, many sportsbooks took down odds on the top pick to minimize potential significant losses.

Bettors who backed Banchero at 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 college basketball analyst John Fanta.

Holmgren went second to Oklahoma City and the Houston Rockets nabbed Smith at No. 3.

“Overall, the NBA Draft was a very bad result for us,” Pascual said.

FOX Bet senior basketball trader Tieme Wesselink said posting odds on drafts generally result in losses but sportsbooks grin and bear it because bettors stay involved during a sport’s down time.

“Generally, books, including ours, see more red numbers than green numbers on draft wagering for NFL, NBA, NHL,” Wesselink said.

“We still love to continue to offer draft betting as it is a great way to build stories around the draft and to keep customers engaged in the sport during the offseason.”

With NBA rosters restocked with the draft picks, do you want to take a flyer on the upcoming season? If so, head over to FOX Bet now!

Download the FOX Super 6 app for your chance to win thousands of dollars on the biggest sporting events each and every week! Just make your picks and you could win the grand prize. Download and play today!