A futures bet

A type of wager that is placed on the outcome of an event or series of events that will occur in the future. It is commonly used in sports betting, but it can also be applied to other areas such as politics, entertainment, or financial markets.

In sports betting

A futures bet typically involves predicting the winner of a league, championship, tournament, or other long-term events. For example, before the start of a new season, you might place a futures bet on a specific team to win the Super Bowl or the World Series. The outcome of the bet is determined at the conclusion of the specified event, which could be several weeks, months, or even years in the future.

Potential Payouts

Futures bets often offer higher potential payouts compared to regular game-to-game bets because they involve a longer time horizon and greater uncertainty. However, they also carry a higher level of risk since you have to wait for an extended period for the outcome and your money is tied up until then.
It's important to note that futures bets are typically made before the event begins and the odds can change over time as new information becomes available or the perception of a team or participant changes.