What is a futures bet? Quite simply: A futures bet is exactly what it sounds like - a bet on an outcome in the future.
These bets are usually placed on a series, an award or major championship. They can be made on March Madness, the Super Bowl, the NBA MVP or the AL Pennant winner.
Why place a futures bet? Because the potential payouts are tremendous. Generally, the further in the future the event occurs, the better odds you will get for your wager.
Mandatory Credit: Kyle Terada-USA TODAY Sports
For example: If you bet the Rams to win Super Bowl LVI in July of 2021, you earned 15 times your money (+1500 odds).