What is Futures Betting?

Futures betting is a type of wager in which a person bets on the outcome of a future event. Sports betting could be betting on which team will win a championship at the end of a season or which player will win a specific award. In financial markets, futures betting might involve speculating on the direction of a particular market or commodity price at a future date. In both cases, the bet is based on the probability of a particular outcome occurring in the future. The odds for a particular bet will reflect the perceived likelihood of that outcome occurring. The bettor can win or lose money depending on whether the outcome they bet on actually occurs.

How Futures Betting Works

Futures betting works by allowing people to place bets on the outcome of a future event. The event could be a sporting event, such as a championship game or tournament, or a financial event, such as the direction of a market or commodity price.

In sports betting, a person might place a futures bet on a team to win a championship at the start of a season. If the team goes on to win the championship, the bettor will win their wager. If the team does not win, the bettor will lose their wager. The odds of a particular bet will reflect the perceived likelihood of the outcome occurring, and these odds will often change as the event approaches, and new information becomes available.

To place a futures bet, a person will typically need to go through a bookmaker that offers this type of betting. The bettor will need to pay a certain amount of money up front to participate, and they will receive a payout if their prediction proves correct. The payout amount will depend on the odds of the particular bet and the amount of money that was wagered.

How to read futures odds

Futures odds are used to express the probability of a particular outcome occurring in a future event, such as the winner of a championship or the direction of a market or commodity price. These odds can take a few different forms, but some standard formats include fractional, decimal, and American odds.

Fractional odds are expressed as a ratio of the potential payout to the amount of money wagered. For example, if the odds are listed as 3/1, this means that for every $1 that is wagered, the potential payout is $3. The number on the right (in this case, 1) represents the wager amount, and the number on the left (in this case, 3) represents the potential payout.

Decimal odds are expressed as a multiple of the wager, including the return of the original wager. For example, if the odds are listed as 4.0, this means that for every $1 that is wagered, the potential payout is $4, including the return of the original $1 wager.

American odds are expressed as a positive or negative number. A positive number represents the potential payout for a $100 wager, while a negative number represents the amount that must be wagered to win $100.

Types of futures bets in sports betting

In sports betting, many different types of futures bets can be placed on various sports and events. Some common types of futures bets in sports betting include:

Championship winner: This type of bet involves placing a wager on which team or player will win a championship or tournament. This might include betting on the Super Bowl winner in football, the Stanley Cup winner in hockey, or the World Series winner in baseball.
Division winner: This type of bet involves placing a wager on which team will win a particular division within a league. For example, a person might bet on which team will win the AFC East in the NFL.
Regular season win total: This type of bet involves placing a wager on the number of wins a team will have during the regular season. The bettor can make either bet over or under a certain number of wins.
Player awards: This type of bet involves placing a wager on which player will win a particular award, such as the MVP or Rookie of the Year.
Prop bets: Prop bets, or proposition bets, are bets on specific outcomes or events within a game or season. These might include bets on individual player stats, a specific play's outcome, or a coin toss's result.

Advantages of futures bets

There are a few potential advantages to placing futures bets, depending on the event and the circumstances:

The ability to lock in odds: One advantage of futures betting is that it allows people to lock in odds on a particular outcome at an earlier stage in the event. This can be particularly useful if the odds are perceived to be favorable when the bet is placed and are expected to change as the event approaches.
The potential for higher payouts: Because futures bets involve making predictions about events that have yet to happen, they can offer the potential for higher payouts than bets on events happening in real time.
The opportunity to show off knowledge: For some people, placing a futures bet can be a way to demonstrate their knowledge and expertise on a particular subject.

Disadvantages of futures bets

There are a few potential disadvantages to placing futures bets, depending on the event and the circumstances:

The risk of losing money: One major disadvantage of futures betting is the risk of losing money. Because the outcome of a future event is uncertain, there is always the possibility that the prediction will not come true, and the bettor will lose their wager.
The need to wait for the outcome: Another disadvantage of futures betting is that the bettor must wait for the result of the event to be determined before they will know whether they have won or lost their wager. This can be frustrating for people who prefer the instant gratification of betting on events that are happening in real-time.
The impact of changing circumstances: The circumstances surrounding an event can change over time, affecting the event's outcome. For example, an injury to a key player could alter the result of a sporting event.
The potential for scams: There is always the risk of encountering scams or unethical practices when gambling.

Futures Betting FAQs

A futures bet is a wager on an event that will take place in the future. The outcome of a futures bet is for an event or season that occurs in the future, not the day the wager is placed. For example, you may put future bets on who you believe will win the Super Bowl before the regular season begins.

What exactly is futures Betting?

Can you cancel futures bets?

No. If a futures bet is placed erroneously, the gambler can instantly request that their sportsbook cancel and repay the money. However, this option is only available under the sportsbook's house rules. Some sportsbooks provide an early cash-out option on pending futures bets, allowing the bettor to stop their wager before it is evaluated.

How to place a futures bet

Futures bets can be available in a specific sports area of an online sportsbook. The mobile app will include separate pages for team and player futures. They are often simple to locate and navigate.

Can you bet on futures in a sportsbook?

Yes, futures bets are available in all sportsbooks. Futures odds and options will differ between sportsbooks.

Can you parlay futures bets?

Where you place your wagers will determine the outcome. Because doing so might expose them to potentially catastrophic losses from a financial perspective, some bookmakers don't accept futures parlays. Fortunately, many of the largest bookmakers offer futures parlays since they can cover any losses suffered by punters who correctly forecast several outcomes in advance.