Future bets are the most common bet that could be placed even before the beginning of the season. Markets are usually released months or even years in advance when it comes to futures betting. It offers you an opportunity to predict the champion of the tournament or the league. Through this article, you get information about what a future bet is, an understanding of its odds and working, so continue reading:
What is future betting?
Futures betting is a type of bet that involves predicting the final champion of the tournament, series, or league. Similar to a moneyline bet, but on a larger scale. Futures betting wants you to select a team or player to win the entire competition. It is mostly placed well in advance of the first game and a single market asking you to predict the overall winner also referred to as an outright bet by the bookmakers.
How does the futures bet work?
The step-by-step detailed working of the futures bet is given below.
- Odds release: future betting odds are posted online by the bookmakers before the season begins, often months or even a year in advance.
- Betting period: the people who are willing to bet can place the bet throughout the year, with the bookmakers continuously adjusting odds in response to the season results, injuries, trades, and betting activity.
- Locked-in odds: these are the odds at which you place your future bet and are locked in and remain fixed, regardless of subsequent changes to the odds by sportsbook and season developments such as team performance and injuries, etc.
- Payout: if your predicted team or player wins the championship, you will receive a payout based on the locked-in odds.
How to read the odds of future bets
Future odds are presented in a list format, ranking options from the highest to the lowest probability of winning. Each entry includes the team or players’s name and their corresponding odds.
For example, the 2024 NBA championship odds,
Los Angeles Lakers: +300 (favorite)
Golden State Warriors: +800
Boston Celtics: +1200
Chicago Bulls: +5,000 (long shot)
In this example, the Los Angeles Lakers have the best chances of winning, listed at the top with odds of +300. A $100 bet would get you a $300 payout. The Chicago Bulls have much lower chances, listed at the bottom with odds of +5000. A $100 bet would get you a $5000 payout.
Step-by-step instructions on how to place a futures bet
If you are interested in placing a futures bet, then I will give you step-by-step instructions on how to place a future bet.
Step 1: Go to a sportsbook website and log into your existing account if you have one. If you don’t have an existing Sportsbook account, then sign up by clicking the Join Now button on the bottom right corner of the homepage.
Step 2: After clicking on the join now button, you will get a form that requires you to fill in your details like name, email ID, and date of birth. Create the account by setting a new user ID and password.
Step 3: After successfully logging in, now is time to make the deposit, go to the cashier section, and apply the bonus and promos available as a first-time user.
Step 4: After applying the bonus and promotions, now it’s time to make the actual payments. Select the payment method that is suitable for you and enter the promo code. Complete the transaction by adding the amount you wish to deposit to your account.
Step 5: Look for the futures market options and select the futures bet that you want to place the bet on.
Pros and cons of future betting
Now that you know what a futures bet is and how it works before jumping into actually placing the bet, let us take a look at both its pros and cons.
Pros:
- Flexibility: many futures bets can be placed throughout the season, giving you the freedom to bet at your convenience.
- Plus money returns: futures odds often offer a plus money return, allowing you to win more than your initial bet.
- Odds shopping: Future bets vary from book to book, so you can shop around for the best odds and maximize the payout.
- Better experience: betting on the future can heighten your excitement and participation throughout the season. As every game goes by, you will be participating in each and every one of these games throughout the season.
- Strategic planning: Future betting requires long-term thinking and strategic planning, making it an engaging way to bet.
- Big payout: future bets offer the possibility of a bigger payout than other bets. So if you win a futures bet, you will win big.
Cons:
- House advantage: Sportsbooks have an edge with the future odds; as only one outcome is going to be the winner, this could be a very challenging bet to win.
- Uncertainty: predicting outcomes far in advance is a difficult thing to do due to various unknown factors.
- Tied-up fund: when placing a future bet, your money is locked in for a long period of time until the bet is over or the season is over, potentially tying up your bankroll for months.
- Market saturation: popular futures markets can become overcrowded, leading to less favorable odds and reduced returns.
Conclusion
In conclusion, a futures bet has a huge payout if you have predicted the winning team or the player correctly. Through this article, we have covered all about the futures, what a future bet is, how it works, and how to calculate its odds, along with step-by-step instructions on how to place the bet and its pros and cons.
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