Futures bets aren’t tied to the result of one game. Instead, they revolve around the results of a tournament or season of contests. These bets reward gamblers who can predict the teams that have the best chance to do certain things like win a championship, particularly if there’s a potential for a Cinderella team to make a miracle run to a title. If you’re a fan of a certain team, a futures bet lets you put your money where your heart is, while you might gain a rooting interest in a team’s fortunes after making a preseason bet on them to win it all.

The most common futures bet is the preseason odds to win a sports championship. This gives bettors a chance to evaluate a team’s off-season moves, schedule and other factors before making a decision on who will win it all. Futures bets are also typically available on a title winner through the end of the season, with the odds changing to reflect a team’s record, key injuries and other factors that make them a stronger or weaker contender for a title.

Futures betting can work for conservative gamblers who want to back a favorite and players who want to take a chance on a long shot winning a title. Future bets are not just for picking champions, however. Futures bets can vary from sport to sport. Soccer fans might wager on which Premier League teams will be relegated, while NFL fans can wager on which team will have the first pick in the next year’s draft. You can wager on which driver wins the NASCAR Spring Cup championship or Formula 1 championship to which horse wins the Eclipse award as Horse of the Year. There is virtually no limit to the number of different futures bets that are available.