What is futures betting?

Futures bets are wagers placed on events that will not be decided until later in the future. These bets usually refer to season-long outcomes, such as championships, award winners, or stats leaders at the end of a season or tournament. As such, their shelf life is much longer than regular game-by-game sports bets. However, while it may take longer for a futures bet to be settled as a winner or loser, the long timespan covered by the wager often presents greater value for sports bettors who have expert knowledge in a specific team, league, or player.

Futures bets are popular with bettors who like to keep a bet open throughout the full duration of a season, and are often placed to kick-start a sports bettor’s betting “season” with a particular sport. Some also like to combine futures bets into season-long parlays that can offer potentially lucrative returns.

Futures betting markets are opened up before seasons get underway and offer bettors the chance to make their pre-season predictions for who will win a tournament, league, or championship. Similar opportunities are also offered for bettors to predict the winners of major player awards, such as the NFL MVP, or Premier League Golden Boot winner (top goalscorer).

Before the season gets underway, sportsbooks release their futures market for a competition, listing their preseason odds as they install their early favorite to win each competition. Bettors can then opt to back their chosen team at the odds available.

Those odds will be tweaked and changed throughout the season to reflect the performances of the teams (or players), with the market remaining open for betting action throughout the season. However, once you have placed your bet, the odds you backed will remain locked in, regardless of subsequent price changes during the season.

There are two main types of futures bets: team futures and player futures.

Team futures allow you to bet on a team to win a particular competition, league, or tournament, such as the Super Bowl, Stanley Cup, World Series, or NBA Championship. Player futures focus on individual player-performance markets, such as the NFL MVP, or Premier League Golden Boot winner.

An example of a team futures bet would be a bet on a team to win the Stanley Cup either before or during the NHL season. An example of a player futures bet would be a pre-season or midseason bet on a player to win the NFL MVP award that year.

In both cases, the futures markets would feature long lists of potential selections. Stanley Cup futures would initially feature every team in the NHL, as every team starts the season with a chance of Stanley Cup success.

For player futures, sportsbooks will compile a long list of contenders, then offer additional odds for “the field,” which allows you to bet on any player not featured in the list. Some sportsbooks offer “others on request,” where they will give you a price on a specific player not listed, and you can opt whether to take those odds and place a bet.

The nature of futures bets means the markets often offer good value from the moment they are opened. No sportsbook is fully sure of the outcome of an entire season BEFORE the season starts, and as such has to play it safe when setting odds. That means favorites can’t be favored too strongly and too early in the season, while other contenders can’t have their odds shortened until later on. At the same time, particular favored teams can be backed at better odds early in the season compared to later on in the campaign.

However, sportsbooks can change their odds as the season progresses, and this also offers the opportunity for value seeking bettors. A team that starts the season slowly, or in patchy form, may end up having its odds lengthened by sportsbooks. If you still think that team will improve their results and come on strong as the season progresses, the opportunity is there to back that team at an inflated price.

The key thing to remember with futures bets is that even though the odds can fluctuate, they won’t change on your betting ticket once you have placed your bet. The odds you back when you bet are the odds you’ll carry throughout the season, so it’s important to make sure you bet when you think you’re getting the best possible value on your team. Finding that optimal time to back your team is the key to maximizing your winnings at the end of the season.

Don’t forget, it always pays to shop around for the best odds – after all, some sportsbooks may move odds in your favor, while others may not. BET.CA has a comprehensive set of sportsbook reviews to ensure you always bet with a sportsbook you can trust.