What is a Future Bet?
A future bet is any bet made for sometime in the future. Most future bets are related to winning some sort a Championship but a future bet can be made on almost anything that will occur at a future date. Odds are set by an oddsmaker based on the potential outcomes. The more likely the chance of an event happening the worse the payout is for the bettor. The less likely chance of an event happening the bigger the payout is for the bettor.
Odds to win the World Series:
In the above example, the Yankees are considered the most likely to win the World Series at 2/1 odds. On the other hand, the Braves are considered the least likely to win the World Series and therefore their odds are much higher at 100/1.
Lawrence wants to bet on the Yankees to win the World Series. For every $1 he bets, he’ll win $2. So if he bets $100 on the Yankees at 2/1 odds and they win the World Series, he’ll win $200. If he bets $100 on the Braves at 100/1 odds and they win the World Series, he’ll win $10,000.