Futures

Futures wager on distant outcomes at long odds: league winners priced before a ball is kicked, settled after the final.

Structural notes

Futures books carry heavy overround (20%+ across a title market is routine — many outcomes, each margined), and stakes are locked capital for months, an opportunity cost casual bettors ignore. Books hedge title liabilities as seasons narrow. For tracking and commissions, futures are the extreme settlement-lag case: revenue recognized at settlement, not placement — worth a line in any affiliate agreement covering sports.