While some people are happy placing bets from week to week on the sports they follow, some bettors prefer more long-term bets like futures betting. To learn more about how they work and which strategies may work best, we put together a helpful futures betting guide.
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Pros and Cons with Future Bets Betting in New York
Because futures betting is a longer-term bet, it’s not for everyone. They do, however, have some good advantages, so here are the pros and cons you should know about.
|Offer higher odds than moneyline bets
|Higher risk as you’re betting on an outright winner
|Provides long-term entertainment
|You have to wait longer to see a return
|Requires less focus
Future Bets Betting in New York Explained
To help you understand how futures bets work, we’ve covered some of the key information to help you get a handle on them before placing one of your own.
What are Futures Bets?
Whereas moneyline bets focus on a single game or event that could be part of a larger competition, futures betting focuses on the outright winner of that competition. This can be applied to a number of competitions such as the MLS Cup, NBA Finals, or the Super Bowl.
How Do Futures Bets Work?
Futures bets are a popular bet type because they come with higher odds, which can mean a higher payout. Rather than betting on individual games in rounds of competition, you bet on the outright winner, meaning it requires less of your focus across the whole season. It also means you don’t have to win every game throughout the season, as long as who you back comes out on top as the league champion. To put it into context, instead of betting on the New York Rangers to win every game during the NHL season, in which some bets may win and others will lose, you can place a futures hockey bet on them to win the Stanley Cup. You won’t lose bets then throughout the season if they lose a game, while still having a chance of them going on to the playoffs and to the championship round.
How do I place a Futures Bet?
Placing a futures bet is just like placing a moneyline bet. All you need to do is place a bet on who you think the outright winner will be rather than picking the winner of a game. Your selection will be added to your bet slip, and you can then assign your stake and place your bet. All that is left to do is wait out the season to see if your bet comes in and returns you a profit.
What Should I Know Before Placing a Futures Bet?
As futures bets take place over the course of a whole season or tournament, it ties up your betting funds over a longer period of time. The money for the wager is taken from your account when you place the bet, so it almost feels like a loss while you wait to see if you end up winning it weeks or months down the road. The good news, however, is that a futures bet requires less focus overall since you don’t have to pay attention to every single game each week. You can just check in now and again to see how the team or individual you have bet on through the course of the season. then if they make the playoffs, you have a team to root for.
Are Futures Bets Higher Risk?
Yes, futures bets are a higher risk, which means more chance of losing bets. This is because they take place over a set period of time that will often stretch out over months. During this time, many things can happen that you can’t predict, such as key players in a team picking up injuries, or in some sports, there could be changes to rosters.