If you plan on sports betting, it is important to know the different betting markets available to you. One in particular is the futures market, which has become very popular over the last couple of years.
If this has piqued your interest, you are in the right place, as we have created a complete guide to betting futures by explaining what they are, the different types, and how they work.
Future Bet Definition?
By definition, a future bet is a long-term bet that can yield high profits, but has a much smaller chance of winning.
How does a Futures Bet differ from a regular Straight Bet?
The biggest difference between a futures bet and a straight bet is the amount of time it takes for the bet to be settled. With a straight bet, these are on any one game or event and typically will be settled after the game concludes, so within a few hours.
As for futures, these can last several months as you must wait for whatever sport you are betting on to conclude its season in order for your future bet to be settled.
What is a Futures Bet in Sports Betting?
When it comes to sports betting, a future bet is a long-term investment that typically lasts for months before you either win or lose. These types of bets are known for offering lucrative odds, but have a lot of risk.
When should I place a Futures Bet?
Generally, the best time to place a futures bet is before the season begins for the sport you are targeting. This usually gives you the best odds, especially for the favorites, whose odds are only likely to get shorter as the season goes on.
Can I cash out a Futures Bet early?
Cashing out a future bet early is available for many but not all Sportsbooks. This feature can be used to guarantee a profit or limit any potential losses.
For example, if you placed a $10 future bet on Team A to win the Super Bowl at odds of +5000. Team A ends the season with one of the best records in the league, and at the start of the playoffs, their odds to win the Super Bowl are now +1500.
In this case, some Sportsbooks may offer a cash-out option at the +1500 odds. If you were to use this option, you would make $150 in profit instead of $500 in profit if you were to ride it out with your original bet and Team A wins the Super Bowl.
Cashing out early comes down to what you are willing to risk, and in some cases, can be the difference between winning some and losing it all.
How are Future Bet Odds calculated?
Since future bets are generally on a team, they are usually calculated by analyzing that team compared to the rest of the league they are playing in. Future bets can take into account factors such as their schedule, their roster, injuries heading into the season, how they performed in previous seasons, and many more.
For example, if Team B finished a season with 5 wins out of 17 games, they would likely not be a favorite the following year to win the championship. However, their odds may improve depending on what they do in the offseason and who they draft.
What are some popular Future Bet markets?
When it comes to futures, there are many different types, including team results and player performances. Below, we have listed and explained many of these different markets.
Win Outright
This market tends to be one of the most popular types of future bets, as you are simply betting on a team to win the championship. This can be for just about every sport, as they all have championships. Examples of this include the Super Bowl, World Series, Stanley Cup, and NBA Finals.
Conference or Division Winner
Much like the “Win Outright” market, this market requires the team you bet on to win their division or conference. This bet is usually for American sports, such as the MLB, NFL, NBA, or NHL.
To Make the Playoffs
Another market reserved mainly for American sports is the “To Make the Playoffs” bet. This simply asks the team you are betting on to make the playoffs for which sport. These bets are usually offered throughout the entire season, with the odds often fluctuating.
Win Totals
This market is solely for how many wins a team will have over the course of their season. With win totals, you will bet over or under the number posted, and depending on the record of the team at the end of the season, you will win or lose.
Player Awards
This market is for the awards handed out at the conclusion of each season. Player award bets often include MVP bets, Rookie of the Year bets, and Heisman bets, as well as many others.
Player Performances
This market is essentially long-term player props. These bets include any type of statistic accumulated by a player, such as passing yards, rushing yards, receiving yards, touchdowns, and many more.
Can I parlay Futures Bets?
Yes. Many Sportsbooks will allow you to parlay several different future bets together, which will result in some massive odds. That being said, the odds of winning these types of bets are slim, as there are far too many uncontrollable factors that will all have to go your way by the end of the season.
Are Future Bets good value?
They can be. Sometimes, you can get great odds on an underrated team, while other times, a team that is the favorite may be overvalued and therefore, not worth betting over an entire season because they offer little profit in return compared to the risk involved throughout an entire season.
Do Futures Bets tie up my money all season?
Yes. When you place a future bet, you are essentially agreeing to lock up your money for the foreseeable future. This means you cannot use this money to bet on other sports and thus would have to increase your bankroll to continue betting on sports regularly throughout the season.
Can I bet on Futures during the season?
Yes. Oftentimes, betting on a future during the season can provide some unique opportunities.
Let’s say Team B has odds of +3000 before the season begins to win the championship. Midway through the season, they are near the top of the standings, and therefore their odds have gone down to +1200. While the odds are lower than the original number, this could still be a bet worth making, considering the form the team is in.
Another example would be if Team C is +750 at the start of the season to win the championship and is considered one of the favorites. The best player for Team C then suffers an injury in the early part of the season, and they get off to a poor start.
By the midway point, Team C is in the middle of the pack and now has odds of +2000 to win the championship. Reports indicate that the best player, who was previously injured, will return very soon. With this information, you could then consider betting on Team C to win the championship, as despite their slow start, the player returning is likely going to make an immediate impact and turn the season around.
What happens if my Futures Bet is on a player or team that gets injured or disqualified?
This all depends on the policies set by the sportsbook you are betting with. Most sportsbooks will not void a future bet due to a player injury or team disqualification. In this case, you are likely to lose your bet as the player or team you bet on is unlikely to achieve the requirements for the bet you placed.
Final Word: Is Future Betting for You?
Future betting can produce some huge profits, but there is a great risk with all of the unforeseen factors for an entire season. Additionally, future bets are tedious and last a long time, which can affect your bankroll management.
Ultimately, placing a future bet comes down to how comfortable you are with a long-term bet. The best advice would be to try this type of betting market for yourself to see how it works and then determine if it is a market you want to continue using.
Quick Glossary
Total
The betting market that focuses on the number of points, runs, or goals scored in a game. This can be made on a full game, player performance, or any other market involving a
Point Spread
The margin of victory the favorite is expected to win by, or by which the underdog must not lose.
Covering
The term that refers to the outcome of your bet. If the team you bet on “covers the spread”, it means your bet won.
Push
The outcome when a point spread or total lands exactly on the number that was posted by the sportsbook. This results in your money being returned to your account.
Vig
The tax taken by the sportsbook to accept your bet.