At the start of a season, the sportsbook will give odds for each team winning the championship (World Series, Stanley Cup, etc.). For example, you might bet at the start of the season that the Detroit Red Wings will win the Stanley Cup.

Although futures bets have considerable juice, occasionally a savvy (or lucky) sports bettor manages to win big with a longshot.

The odds on a team will change as the season goes on, but you get the odds that were in effect at the time you placed your bet.