Sports bettors share a love-hate relationship with futures bets as they come with lots of positives and negatives. Before you decide whether or not you should opt for futures bet, you have to understand what they are, how they work and how they’re paid.
Instead of being impatient, scroll down to educate yourself on all vital details of futures bets.
What is a Futures Bet?
A futures bet is that kind of bet where the result won’t be decided until the near future. If you place a wager on a game that is weeks away, this doesn’t make it a futures bet. After the action of this bet closes, the fate of the bet will take an expanded time to be decided. This could be betting on the winner of MLB World Series much before the season starts. The key is to bet not just on a single series or a game but on the total season.
Converting future bets to implied probabilities
Implied probability is how easily something can happen in the percentage form. Unless you’re a math wizard, you’ll never find it easy to see things in the format of a percentage. You should break down all potential payouts into implied probabilities before you place a bit futures bet.
You can always use an implied probability converter to compute these or else perform the calculation by hand. Using a calculator is more preferred than doing it in your mind.
In case you’re an overachiever and you add these probabilities to 111.80%, you’ll be confused as they should come down to 100%. The difference here is called the casino juice.
How are futures bets paid?
Futures bets are actually paid out in a rather simple method. When you place a bet, whatever are the odds, that exactly will be the amount that you’ll get paid for the wager. However, you have to note that futures bets can never be paid out unless the final winner is declared. So, you’ll have to wait till the end of the entire season to cash in your earnings.