How to read this board

Every futures price is a probability in disguise, and the books price the whole field so those probabilities add up to far more than 100% — that overage is the hold, and on championship futures it runs several times fatter than a game line. The fair column strips it out: each team’s honest share of the field according to the market itself.

When a futures bet is actually worth it

Two conditions, both required: the best available price beats the fair number (the Edge column), and you’re comfortable parking the money until the confetti falls. A futures ticket that merely matches fair value is a worse bet than the same opinion expressed on game lines week by week — the hold and the dead months have to be paid for by a genuinely mispriced number.