Futures bet
A bet on an outcome decided weeks or months later, such as the Stanley Cup winner or a regular-season points total.
A futures bet is placed now and settled at the end of a season, tournament or award race. Common NHL futures include the Stanley Cup winner, conference and division winners, regular-season point totals and individual awards. Prices move all season as injuries, trades and results change the picture.
Worked example
A team at +1200 to win the Stanley Cup (illustrative). A $20 bet returns $240 profit, $260 in total, if they lift the Cup in June. The implied probability is 100 / 1300 = 7.7%.
Why futures are expensive
A futures market lists every team, and the book builds its margin into each price. Add up the implied probabilities of all 32 NHL teams and the total is usually well above 100%, a far bigger excess than the few percent on a single game. That overround is the price of locking in a long shot early.
Money tied up
Your stake sits with the sportsbook until the market settles, which can be eight or nine months. If you bet in crypto, the coin's value can change a lot over that time, in either direction, and the payout usually comes in the coin you staked. Some books offer an early cash out on futures, normally at a discount to fair value.
What to check
Whether the book is still operating and paying is a real risk on long-dated bets, so stick to sportsbooks with a solid withdrawal record.