A Futures Bet is a wager placed on an event or outcome that will occur in the future, often far in advance of the event. 

Definition of a Futures Bet:

A Futures Bet is a type of bet on a result that will occur in the long-term, such as the winner of a tournament, league championship, or an award.

Examples:

Examples of Futures Bets include betting on which team will win the Super Bowl, the NBA Championship, the World Series, or a player winning the MVP award.

Reading Futures Odds:

Futures odds are typically listed in one of three formats: American, Decimal, or Fractional. They represent the amount you could win from a particular bet.

Pros and Cons:

• Pros: Futures bets can offer high odds and thus high potential payouts, especially if you place a bet on an underdog that performs well.
• Cons: They tie up your money for an extended period, and they often have a high degree of difficulty due to the unpredictability of long-term outcomes.

Strategy:

Strategic futures betting requires extensive knowledge of the teams or players involved, as well as other variables that might affect the outcome over the long-term.

Availability:

Futures bets are commonly available for most major sports and events well in advance of the season or tournament start.

Adjusting Odds:

The odds for Futures Bets can change over time based on various factors such as team/player performance, injuries, trades, and other news.

Futures Bets provide a long-term interest in a season or tournament and can offer the potential for high payouts, making them an exciting betting option for many sports bettors.