Sportsbooks stumped, briefly remove No. 1 pick odds

Field Level Media

June 23, 2022 at 2:41 pm.

While you were sleeping, the odds for the No. 1 pick in the 2022 NBA Draft flipped in favor of Duke forward Paolo Banchero.

And before 9 a.m. ET, all major sportsbooks made another move — they pulled the No. 1 pick markets from the board following an ESPN report that Jabari Smith was still likely the top pick to the Orlando Magic.

Smith had been the favorite for the top pick across sportsbooks, with Chet Holmgren of Gonzaga running second before reports surfaced Wednesday that multiple teams were chasing Banchero at No. 1, including the Houston Rockets.

BetMGM is among the sportsbooks who swiftly removed the betting options around the No. 1 pick with no plan to reopen.

“The NBA Draft is a difficult event to handicap. Rumors and leaks can cause wild line movement. Jabari Smith Jr. closed as the favorite to be the 1st Pick but Paolo Banchero’s odds moved from +1600 to +200 earlier this week,” said BetMGM sports trader Christian Cipollini.

The Orlando Magic own the top overall pick and with the Oklahoma City Thunder at No. 2 reportedly locked in on Holmgren, Orlando could move down and still land Smith in a deal with the Rockets.

Banchero went from +550 to go No. 1 to -210 at FanDuel in the span of 12 hours and some books moved Smith from -200 to +145 (DraftKings).

Only hours later, the price for Smith at No. 1 would look like a serious value.

As of 9:30 a.m. ET, FanDuel reopened the No. 1 markets with Smith at -10000 and Banchero +1000. Only 15 minutes later, Smith dropped to -6000 at FanDuel, but DraftKings and PointsBet had not restored the No. 1 pick market.

PointsBet removed odds for picks 1, 2 and 3.

Purdue guard Jaden Ivey was the favorite for the No. 4 pick (-213).