There is no event on the NFL calendar that affirms the league’s mega-status better than the draft. The NFL Draft is a traveling road show, where more than 100,000 fans, and millions more on TV, watch the next generation of players enter the league. Like most NFL-related events, the draft is a big betting event since it is a made-for-TV event loaded with potential betting markets. Millions are wagered on outcomes, especially the first round, which airs in primetime Thursday. If you are in a state that recently started allowing online sports betting, there’s a method to the madness. Here’s everything you need to know about betting the NFL Draft. How to bet on the NFL Draft and props Betting on the NFL Draft can be an inexact science, since research is effectively a chase for information. Plus, one reach or trade can completely upset all of the tea-leaf reading. But if you want to try and wager on the NFL Draft, these are some of the betting markets at your fingertips: First, second, and third player picked. Do you want to wager on a player to be chosen first overall? Or what about No. 2? Those markets are easy to find.First (position) chosen. Maybe you want to bet on who will be the first quarterback chosen. Or maybe bet on the first wide receiver picked. You can do both.Player chosen by a specific team. Most years,the there’s a high-profile player with an uncertain draft spot. That makes this market fun and potentially lucrative.Player draft slot Over/Under. Again, betting on a player to be chosen either before (under) or after (over) a specific pick. First position chosen by a team. Maybe you’re not a fan of players but want to bet on your team’s first selection -- since you know your team better than the odds makers. This is a market for you. There are more NFL Draft-related betting markets, including props like the number of players chosen in the first round from a specific college conference or which position will be chosen with the final selection. Plus, draft markets will constantly evolve beyond the first round. You will be able to wager on each pick throughout the draft -- both players and positions -- if that is something you’re interested in. States with NFL Draft betting restrictions If you can wager on sports online in your home state but don’t see draft-related markets, that may be by design. Some states don’t offer draft-related markets. States that don’t allow NFL Draft betting entirely include: ConnecticutKentuckyNew YorkPennsylvaniaVermontVirginia Other states have restrictions on draft-related wagers. They include: ArizonaIowa (betting locks 24 hours before the event)MassachusettsMichiganNevadaNorth CarolinaTennesseeWest Virginia NFL Draft betting restrictions in Michigan Many states create restrictions around draft betting markets to curb nefarious betting activity among non-professional athletes. If you’re in Michigan and are trying to bet on the draft, you can. You can even live bet -- or wager on the action while it is going on. You just need to plan a little bit more than you would in other states. Draft live betting is allowed, but you can only wager on picks that are two-plus ahead. Round-specific prop bets are allowed, too. But they are not available to be wagered while that round is happening. Should I bet on the NFL Draft in Michigan? It’s fun to bet the draft, especially if you plan to make the trip up to Green Bay -- where sports betting is not yet legal. But wagering on the NFL Draft can be a slippery slope, especially with the restrictions in place. Make sure to set a limit and not go too hard, and you can have a fun experience winning on an event like the NFL Draft.