Futures Betting 101: How Sports Futures Bets Work
Futures are one of the most common types of bets you'll find at US sports betting sites. You can potentially take home some big paydays in the futures betting markets.
Most wagers are placed on games that are going to be resolved shortly after you make the bet. In sports futures betting, long-term prognostication is required, making this type of wagering unique.
We are going to share everything you need to know about the futures, and we also have information about moneyline betting , point spread betting and totals betting on this site.
What is a Futures Bet?
As the name would indicate, when you place a futures bet, you are wagering on something that is going to happen in the future. The most common types of future bets revolve around team accomplishments.
Future bet odds will be posted on the team expected to win the World Series, the Super Bowl, the Stanley Cup playoffs, the NBA title, and college championships. You will also see futures odds for league, division, and conference winners.
If you place a futures bet on a team to win the World Series, you have action as long as your team still has a chance to win it all. You get great value when you place a futures bet because you have a vested interest in the outcome of every game that involves the team you bet on.
There is another level to this dynamic. Yes, you can pull for the team you supported, and you can also root against all the other teams, so you have multilayered interests.
In addition to futures on a team winning a title, there are also player futures. You can bet on the player who will win the NFL MVP award, the Heisman Trophy, the MLB Cy Young Award, the Rookie of the Year, and other individual awards.
How do Futures Odds Work?
The moneyline is used in futures markets and can yield positive or negative returns. For example, let's say FanDuel Sportsbook is taking wagers on the Buffalo Bills to win the Super Bowl at +550. You would win $550 for a $100 bet if the Bills pull it off.
Because there are so many different teams competing for an overall championship, in most cases, all of them will yield positive returns. However, you may see negative odds for division winners and other smaller groupings.
You have to consider the potential payout when evaluating futures odds. Let’s say that the Bills are -600 to win the AFC East. Is it wise to put up $600 and wait four or five months to collect a C-note if all goes well? Most seasoned sports bettors would say that the money can be put to better use.
Picking the most likely winner is not the objective when handicapping futures. It’s a risk/reward equation: the idea is to identify teams undervalued in futures betting markets.
When are Futures Bets Paid Out?
The fact that you have long-term action when you place futures bets is positive on the one hand because you get a lot of excitement for your money. On the other side of the coin, a portion of your bankroll is going to be tied up for an extended period of time.
You have to balance these two factors when considering the sports betting futures markets. If the potential payouts will be significant, the investment can be justified. But as we have stated, you probably do not want to leave your money in limbo, as you hope to receive a modest return.
Can I Cancel my Futures Bet?
Generally speaking, a sports bettor cannot cancel a futures bet, as doing so would defeat the purpose. You are taking a risk based on a future outcome, with full knowledge that the circumstances can change.
So the answer is no, you cannot cancel your sports betting futures wager on the Kansas City Chiefs to win the Super Bowl if Patrick Mahomes suffers a season-ending injury.
However, futures bets can be refunded when it is necessary and fair, and this happened recently. The 2020 NCAA tournament was canceled due to COVID-19 concerns, and sports betting sites refunded March Madness futures wagers.
There is no standard rule that applies to every sports betting site, but they basically adhere to the same policies. Before you make a futures bet, you can read the fine print to gain an understanding of the terms of the wager and the reasons why a bet may be refunded.
Where Should I Place my Futures Bet?
You can place your futures bets at any of the online sportsbooks that are legal in your state. However, there are many options, and you would not know where to begin if you are new to sports betting.
This is fully understandable, and this is where we can step in to provide guidance. Our researchers have put all of the sportsbooks under the microscope, and you can check out our sportsbook reviews before you make any decisions.
Futures Bets by Sport
It is important to understand the fact that you can play more than one team in the futures markets for a particular sport. As long as the odds are long enough, you can still make a profit if you bet multiple teams to win the championship.
If you are a really good prognosticator (or really lucky), you can find yourself tuning into the final game with a positive money wager on both sides.
NFL Futures Betting
You can make a bet on Super Bowl futures, and there are futures odds for NFL division winners and NFL conference winners.
Sportsbooks will update betting odds throughout the season, and the probabilities can change dramatically. If a team goes on a sustained roll, the odds will reflect their dominance, and the odds will get longer and longer when a team is consistently struggling.
There are also player futures. Examples for the individual NFL player awards include the MVP, Offensive Player of the Year, and Rookie of the Year awards.
You can enjoy a great deal of diverse action if you get involved in this futures market. However, injuries are extremely common in the game of football, so you are taking a calculated risk when you wager on the player futures market.
NBA Futures Betting
Sportsbooks post odds to win each NBA division, the Eastern and Western Conference NBA odds, and the NBA finals odds. As the season goes on, the odds will continually be adjusted as more and more current information becomes available.
Individual NBA player futures odds are also available, including MVP, Sixth Man of the Year, Comeback Player, and more.
Regarding NBA MVP futures, there is an important consideration that some people overlook. This award is almost always going to go to a player who is on a winning team, so if you are considering two players with equal potential, you should evaluate the strength of their respective teams. Voters will usually side with a player on a successful team if his main competition for the award is on a lesser team.
MLB Futures Betting
The World Series is the culmination of the long MLB season, and it is a lot of fun to watch the Fall Classic when you have a live World Series futures bet. Odds will be posted for MLB division and league futures.
You can bet on player award futures like the eventual Cy Young Award winner, American League and National League Gold Glove winners, and all the other individual awards.
NHL Futures Betting
You can place a wager on Stanley Cup futures, and there are NHL division futures and NHL conference futures odds.
Soccer Futures Betting
The futures betting odds for soccer are more limited due to the sport's popularity in the US. You can bet on the winner of the English Premier League, odds to win the MLS Cup, and World Cup futures.
Golf Futures Betting
Online sportsbooks set future odds for the player who will win each PGA Tour tournament, with an emphasis on the four majors: the US PGA Championship, the US Open, the Open Championship, and the Masters.
NCAAF Futures Betting
The NCAAF futures menu includes conference futures, college bowl game futures, and odds on the eventual champion.
Sites will post odds to win the Heisman Trophy as well, and you can sometimes find significant overlays in this futures betting market. There are 65 teams in the Power Five conferences alone, so before the season starts, dozens of players have a legit shot at the Heisman hardware.
NCAAB Futures Betting
You can bet on single college basketball games and futures. You will be on the edge of your seat during March Madness if you have a futures wager on your favorite team.
UFC & Boxing Futures Betting
UFC mixed martial arts fighting and betting action complement one another. You will always see the current futures odds for all the important events on the schedule each year.
In spite of the surging popularity of the UFC, traditional boxing is alive and well in the United States, and Las Vegas is the epicenter.
Political Futures Betting
While some sportsbooks list certain markets, you can more readily find futures on elections, politics, and other related current events at prediction markets in the US. While these platforms differ from traditional sportsbooks in their licensing, odds, and fees, the principle is the same: choose a side of a future outcome and earn money if you're correct.
Entertainment Futures Betting
Entertainment futures markets are offered on Academy Award winners, such as Best Picture, Best Director, Best Actor, Best Actress, Best Supporting Actor, and Best Supporting Actress, as well as on reality TV outcomes.
Each state that has legalized sports betting can establish its own guidelines, and some do not allow entertainment wagering, though there are some exceptions.
