NFL Offensive Player of the Year Odds 2023: Justin Jefferson, Ja'Marr Chase sit as co-favorites for OPOY

Week 1 of the 2023 NFL regular season is still a couple of months away, but it's never too early to check out the updated NFL Offensive Player of the Year odds. Last season, Minnesota Vikings WR Justin Jefferson took home AP Offensive Player of the Year honors after his dominant 1,809 receiving-yard campaign, winning the award ahead of '22 MVP Patrick Mahomes, Jalen Hurts, Josh Allen, and Tyreek Hill.

Jefferson became just the fourth wide receiver to the award, joining Cooper Kupp ('22), Michael Thomas ('19), and Jerry Rice (1987, 1993) as the only other wideouts to be named O-POY dating back to the award's inception in 1972. While 28 O-POY winners were also named MVP in the same season, we've seen some differentiation in the award voting of late, with only one MVP winner (Patrick Mahomes '18) winning both the MVP and O-POY over the past six seasons.

While the MVP has essentially turned into a QB-centric award, the O-POY attempts to award the player with the best offensive season. A glance at how the 2023 O-POY odds board looks relative to the 2023 MVP odds board tells bettors all they need to know about how the O-POY differs from the QB-heavy MVP award. In the MVP award market, the top 27 contenders are all QBs, while only eight QBs sit within the top 27 in the O-POY award market.

Ahead of the 2023 season, Jefferson (+1200) sits as the co-favorite to win the O-POY, per BetMGM, alongside Bengals WR Ja'Marr Chase (+1200). Are bettors expecting the Vikings' WR1 to be the first since Marshall Faulk in '00 and '01 to repeat as O-POY, or are they putting their money elsewhere?

Below, we'll look at the updated betting odds on the 2023 NFL Offensive Player of the Year along with BetMGM's insights on how the public is wagering on the action before training camp begins.

NFL Offensive Player of the Year Odds 2023

Odds courtesy of BetMGM. Click here for more odds and sign up for BetMGM today!

Relative to other NFL awards, the OPOY is as wide-open as it comes, with Jefferson and Chase owning 12-1 price tags despite sitting as the betting favorites. Their +1200 odds imply they both have a 7.69-percent chance to win O-POY, as there's a high probability we're in store for a good deal of odds swings from the field throughout the season.

While Mahomes is the lone QB to win the award in the past six seasons, it is tempting to see one of the game's most dynamic playmakers pegged with +2500 odds to win O-POY. Sure, it will be challenging to replicate his 5,250 passing-yard output from last season, but Mahomes always finds a way to make magic on the gridiron and shouldn't be overlooked at +2500.

Fellow QB and MVP-contender Joe Burrow's 30-1 price tag could make for another enticing bet, and although the O-POY has started to stray away from QBs over the past half-decade, it's tempting to sprinkle some cash on Cincinnati's superstar QB with implied odds of just 3.23 percent.

NFL Offensive Player of the Year Odds 2023: BetMGM Market Report

When it comes to the betting public, bettors at BetMGM are jumping on the Chase bandwagon, as the third-year WR is drawing the highest ticket percentage (9.5) and handle percentage (13.3). Although he missed five regular season games while dealing with a hip injury, Chase still found a way to put up 1,046 receiving yards and nine TDs. Should Chase stay healthy throughout 2023 and put up career-bests in receiving yards and TDs while helping the Bengals secure one of the top seeds in the AFC, it's reasonable to expect an O-POY award for Chase come NFL Honors night.

After Chase, CeeDee Lamb (+3000) has garnered the second-highest ticket percentage (8.7), as bettors who are high on the Cowboys in '23 have found an alternative way to bet on a successful season with the potential 30-1 payday come early February  It could also be that a large contingent of Cowboys fans are eager to bet on their team's WR1, but Lamb is coming off a career year and could seemingly take another step forward this season.

For the most part, bettors are buying into the notion that it's hard to repeat as O-POY, as just 3.8 percent of tickets have come in on Jefferson to win O-POY despite sitting as the odds-on favorite. Typically, we'll see a higher bet percentage for the chalk favorite, but that's not the case in this market. Minnesota's also expected to take a step back this season, so a less successful regular season coupled with the fact it's challenging to repeat has made bettors hesitant to buy into another big season from Jefferson.

While he's only seen 2.3 percent of tickets, it's interesting to see Jaguars WR Calvin Ridley (+8000) being one of the public's top-15 most-bet players in the O-POY award market. Ridley's O-POY odds have moved from +12500 at opening to +8000, so some bettors with market influence clearly thought he was mispriced at 125-1. Ridley will be competing for targets in an underrated Jaguars WR room one year after having to sit out all of '22-23 due to violating the league's gambling policy.