It’s time to get your crystal ball out because that’s essentially what futures betting is, especially when it comes to the NFL. If you had to guess right now as you’re reading who would win the Super Bowl this year and placed a bet on it, you’d be placing a futures bet. However, it doesn’t always have to be as dramatic as a Super Bowl bet.
Before you get too confused or rush out immediately to start placing futures bets, you should get a grasp on how they work and how you can use them. As always, be very responsible when making these bets, as they can be volatile and unpredictable. Don’t get scared too easily though, plenty of people have won by placing the right bet at the beginning of the season.
What is an NFL Futures bet?
At the beginning of the season, there is a long list of bets you can make should you feel inclined to place a wager so far in advance. These bets range from different categories such as “Odds to win the AFC South” to “Odds to win Super Bowl 56”. You can place a bet on a particular team, and that would be known as a futures bet.
The great thing about these bets is that they aren’t always on a team. You could place your bets on who will win the MVP award or who will win the Rookie of the Year award. With just a little bit of research, you could definitely make an accurate pick in at least one of the categories offered.
Of course, just like any bets, there are risks that come along with futures betting, and some would argue that it’s much riskier. You could place a bet on QB Patrick Mahomes to win the MVP, but he has a rough patch in the middle of the season, taking him out of contention.
Can you win big with the right bet at the right time?
Think of it like the stock market, if you bet on a team to win their division when their odds of winning are low, you’ll collect a big payday if they win. If the odds are more in their favor, then you’ll collect less money but still a reasonable amount. Futures betting is about making the right bet at the right time.
The Tampa Bay Buccaneers were +5000 to win Super Bowl 55 before signing Tom Brady, which means if you were to place $100.00 on them to win at that time, you’d win $5000.00 plus your original $100.00. However, once they signed Brady, their odds skyrocketed and finally settled at +1600, still a sizable amount of winnings but much less than if you would’ve bet them at +5000.
Is betting futures worth it? Or a waste of money?
This is dependant on how much research you’re willing to do into the category you’re placing a bet on. If you know nothing about the rookie class, you shouldn’t be betting on Rookie of the Year. However, if you’ve watched a particular rookie since his college days and you believe his ability will translate well to the NFL, it could be a smart bet.
There are risks on both sides of futures betting, you could lose your investment, but you could also lose out on big winnings. It’s up to you to decide what’s best for you.