A futures bet is a wager on an event that resolves at the end of a season or tournament — e.g., Stanley Cup winner, Super Bowl champion, MVP, division winner. Futures lock your stake until the bet settles, which can be months.
Also known as: outright, long-term wager
Futures odds are set in advance and shift as the season progresses. Locking in the Edmonton Oilers at +900 before the playoffs is meaningfully different from +400 once they are in the second round.
Cash-out features (where available) let you settle a futures bet early for a fraction of the projected payout. The offered amount is always below mathematical expected value — that is the sportsbook’s convenience margin.
Multi-leg futures parlays (e.g., division winner + conference winner + Super Bowl winner of the same team) are sometimes offered and carry massive multipliers; they are also among the lowest-EV bets a sportsbook offers.