Last updated offer: June 19, 2023
June 19, 2023
A futures bet is a bet on a long-term outcome, generally spread over several days, weeks or months, and paid out in the future.
What are sports betting futures?
Sports betting futures are bets placed on an outcome that will be decided in the future. Futures betting is very different from betting on a single game, which pays out on the same day. Futures are popular types, including championship markets and individual end-of-season awards. In most cases, bettors will bet their money on “yes” to a specific outcome, such as whether a player wins the MVP. However, markets sometimes have a “no” option for teams that make or miss the playoffs. In this case, bettors can play on either side. Rarely is there a “no” option for a team to win the championship unless a team is a clear favorite over the rest of the field. Futures betting is popular for its longevity, often high odds and potentially lucrative payouts, as well as the ability to hedge (betting on a different outcome when your original bet is about to succeed, so a win is guaranteed).
How does a future bet work? Examples of future bets
As the name suggests, a futures bet is paid out days, weeks, months or even years after it is placed when the event or competition ends. There are popular futures markets in almost every sport, including the Super Bowl, World Series, Stanley Cup, NBA Championship, World Championship, College National Championship, golf tournament, tennis tournament and many more. For example, you could bet on the San Diego Padres to win the World Series by +750 and that bet will either lose if the Padres bust or be paid out in October if they win. You could also bet on Tom Brady becoming NFL MVP with +1600 and that bet will either win or lose when the award is announced at the end of the season.
There are all types of futures markets for both teams and individuals. In the NFL, you can bet on a team winning the Super Bowl, their conference, their division and making or missing the playoffs. You can also bet on a player to be named MVP, Offensive Player of the Year and Defensive Player of the Year. Likewise, in the NBA you can bet on the overall title, a conference, a division, the MVP and the regular season leader in points, rebounds and assists. In a major football tournament, you can bet on the overall win or on a specific group to win. There are also many opportunities for individual sports in the future. Betting on the major championships in golf and tennis are very popular, as are motorsport futures and horse racing futures such as the Triple Crown races.
Some sportsbooks have a real futures section on the home page with a link to it. You can find futures markets for various sports at this link. Therefore, you would not see the futures options on a specific sport’s page. However, most books list the prospects for a particular sport on that sport’s page and do not have a dedicated prospects section on the front page. In this case, navigate to the sport first, then you will find the future options. Be sure to look at the different sportsbooks to find the best odds for the market you are interested in as the odds can vary slightly and you want to find the best value for your money. Some books may also offer a wider range of markets, so it’s always a good idea to shop around until you find the right bet at the right price.
Can you convert future bets?
Whether you can convert future bets or not depends on the respective sports betting provider. Some trades may not allow you to combine futures together, while others may allow you to combine certain markets. Irrespective of this, you can often not implement corresponding bets. For example, you can’t count on the Houston Astros winning the American League while Zack Greinke won the AL Cy Young Award. Likewise, there’s no betting on the Green Bay Packers winning the NFC North as Aaron Rodgers becomes NFL MVP.
When hedging a future bet, you make a new bet that is at odds with a future ticket still in play, so you are guaranteed to make a profit regardless of the outcome of an event. If you have a future bet on one team winning the title and that team going to the final, you can bet on the other team winning that final game or match to ensure you have a winner no matter what. For example, if you bet on the Tampa Bay Rays to win the World Series in the 2020 Major League Baseball regular season with a value of +1500, you can then bet on the Los Angeles Dodgers with a value of -175 to win the Rays beat set as soon as this World Series match takes place. You must determine the amount of your hedge bet on the Dodgers relative to the size of your Rays futures bet so that you are guaranteed a win regardless of which team wins the series.
Even if your future bet isn’t confirmed as an outright winner, if it stays in play long enough that there are only one or a few other outcomes, a hedging opportunity arises. Hedging gives you multiple ways to guarantee a win, and it all starts with the initial futures bet. This is arguably the main benefit of futures betting.
Benefits of futures betting
Futures betting can be both fun and lucrative. Such bets can stand well into the future, allowing you to watch them much longer than a money line, point spread, or game total bet. Oftentimes there are odds in the futures markets that are way in the black, and longshot bets will of course pay out a significant amount when they hit. Long shots are unlikely to arrive, but there are so many futures markets out there that you can often find something you like if you look closely. Hedging is another potential benefit of futures betting. Even if your future bet isn’t confirmed as an outright winner, if it stays in play long enough that there are only one or a few other outcomes, a hedging opportunity arises. Hedging gives you multiple ways to guarantee a win, and it all starts with the initial futures bet. This is arguably the main benefit of futures betting.
Disadvantages of futures betting
Although future betting has advantages, there are also some disadvantages. The first disadvantage is that the house might have a bigger edge than usual. Unlike betting on a single game, bookmakers do not need to set future lines to encourage betting on two different sides. There is only one outcome in a futures market. The books may set odds to encourage betting on a single outcome at a price they feel is beneficial to them. When bets on teams or players are included in a futures market, sportsbooks adjust their odds accordingly. Another downside is that bettors may not like having their money tied up in the same bet for a long period of time. You can place future bets on outcomes that are a year or more away, even if someone turns out to be the winner. You may not get a return on your investment for a while. Finally, the longer a future bet runs, the more variables are at play that could prevent the bet from winning. Injuries and substitutions, for example, can have a major impact on the status of a team or an individual player.
Best futures betting strategies
There aren’t necessarily right or wrong futures betting strategies, and each individual has their own personal preferences when dealing with the futures markets. However, we have some tips that might come in handy. Think about which sports are easiest for favorites to win the title and which sports are easiest for underdogs to win the title. In low-scoring sports like ice hockey and soccer, underdogs often have a better chance of winning a championship.
You should look around at different sportsbooks to find the best odds on the future bet(s) you wish to place. In principle, the same futures markets are offered for all sports bets, occasionally with different odds. Find the best possible payout before placing your bet and consider the benefits of hedging. This strategy is not for everyone as some bettors like to stay all-in on a futures bet that has the potential to make a significant profit. But hedging would be the game if you want to guarantee at least some profit. To each his own, of course, but hedging should always be considered.
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