Futures

A futures bet is on a season-long outcome — a championship, a division, a win total — rather than a single game. Because dozens of outcomes are priced against each other in one market, and because the bet can stay open for months, futures behave differently from anything on a daily slate.

The most important difference is hold. Add up the implied probabilities of every team to win a championship and the total lands well above 100% — often 120% or more, against roughly 105% on a two-sided game line. That excess is the sportsbook's margin, and it is spread across the whole field, which makes shopping for the best price on a single side unusually valuable here. Differences between books on the same team are frequently far wider than on a game line.

The second difference is that your money is committed. A futures ticket cannot be cashed at will unless the book offers a buyout, so a bet placed in September is capital tied up until the outcome resolves — worth weighing against the same money cycling through the season. Prices also drift substantially on injuries and trades, so the number you take early is often nothing like the closing one.

For game-level markets see the best lines board, and the FAQ covers how implied probability and vig are calculated.