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Futures Bet
Bet Type: Exotic
In Brief: A futures bet is a wager placed on some specific event on a specific date in the future. Futures bets on the eventual Super Bowl contenders, Final Four teams, and World Series Champions are common.
At first glance, a Futures Bet seems very similar to a Prop bet. While it's true that they both focus on distant events, Futures bets reference a specific event on a specific date, whereas Prop Bets are open ended in terms of their timing. In other words, you don't know if or when your prop bet will transact, but YOU DO know when the Super Bowl is; and that means your wager becomes a future bet with a definite execution date. Accordingly, the odds for Futures bets are adjusted and figured differently than Prop bets.
Example: Futures Bet on the next Super Bowl Champion
Odds:
New England Patriots 2:1
New York Jets: 20:1
Chicago Bears: 60:1
Green Bay Packers: 15:1
Oakland Raiders: 12:1
... etc for all NFL teams
Given the odds above, you could choose to take the Green Bay Packers as the next Super Bowl Champion, at 15:1 odds. That means for every $1 wagered, you'll get $15 in winnings if your Futures Bet is successful. Remember, the bet terminates the instant the Super Bowl is over; or at some sportsbooks the instant the Packers fall out of contention. The further in advance you bet, the better the payoff. With futures bets, your clairvoyance can be valuable.
Remember, like Prop bets, Futures bets generally have long odds, making them difficult to win. As a result, we suggest placing small Futures bets, no more than $100 per bet. Otherwise, you're literally throwing your money away, unless your Magic Eight Ball can pick winners every time you shake it.
On the other hand, Futures can be thrilling to win, because your payout will be substantially more than a spread bet or total bet. If you make a successful $100 futures bet on the Baltimore Ravens to be Super Bowl champs at 20:1, you'll get $2,000 USD in winnings. Not bad, eh?
Don't forget, odds for futures bets will change as the particular sporting event draws near. Futures odds at the start of the NFL season will be different than futures odds with half the season complete. You'll win more money if you bet further in advance, but your risk is also substantially higher.
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