Some things are bigger than sports. And much bigger than sports betting.
The NBA’s decision to suspend the 2019-20 season due to coronavirus concerns Wednesday night following a positive test from Utah Jazz forward Rudy Gobert is the smart one, making the health of players, fans, as well as anyone connected to the league or the venues the top priority. And the subsequent decisions made by other sports leagues around the globe to suspend play emphasizes the importance of protecting everyone during the COVID-19 pandemic.
While thinking about sports betting at this point seems very trivial, there are questions among those fans holding futures tickets on markets such as NBA season win totals, NHL points totals, divisional odds, and odds to win the league championship. And as the top resource for sports betting information, Covers.com has a responsibility to help answer those questions.
Every sportsbook has its own house rules when it comes to futures odds, but the most common perimeter – at least as it pertains to season win totals and divisional futures – is that a full 82-game schedule must be completed by the team or teams involved in order to be graded.
If the NBA or NHL returns from this hiatus and continues the full 82-game schedule, then these types of wagers will go ahead as originally ruled. But if the season is cut short in any way or fully canceled, then these types of futures bets will be deemed “no action” and refunds will be issued to those bettors holding tickets on these markets.
Even if a team has already locked in a division title or gone Over its season win total, those results are null and void without a full season in action. As mentioned, rules may vary book to book and bettors are somewhat at the mercy of the sportsbooks’ existing rules.
When it comes to NBA and NHL futures bets on conference winners and the NBA title and Stanley Cup, those will remain in play until the leagues decide on the future of the postseason. If the playoffs are called off, those wagers will also be deemed no action and refunded. If the postseason is at all modified, in terms of rounds or series length, then it will be at the discretion of the operator to set their rules for grading.
For those betting with online sportsbooks or mobile accounts in those states with online wagering, refunds on “no action” bets are pretty simple: you’ll likely get an email notice and see the original wager deposited back in your account. If you currently have promising futures bets in action that could pay through early cash-out options - offered by many sportsbooks these days - perhaps now is the best time to pull the trigger and get what winnings you can before those bets are deemed "no action" and refunded, pending further suspensions.
For those holding actual paper bet tickets on futures odds, you will need to either go directly into the sportsbook retail outlet or casino and claim your refunded bet amount or use of the option of mailing your ticket to the operator.
This mail method might be the only option for those bettors outside of those states with legal sports betting, who made the wager at a brick-and-mortar sportsbook and took the ticket home with them, planning to return at a later date to cash out if the futures bet won. With coronavirus concerns mounting, those bettors may not want to travel back to those books to collect their refunded stake.
The process is straight forward for mailing these tickets and the information on the back of the ticket itself should have details pertaining to this. However, any further details or questions can be addressed by the sportsbook itself.
Ticket holders need to fill out the required details and are suggested to use a more protective form of mail – registered mail or courier - when sending in these tickets, in order to protect against loss or theft. Sportsbooks will have an expected time frame for return of those wagers, which will be issued in the form of a check.
We'll continue to update you on how the cornavirus impacts the sports schedule and the sports betting industry. Good luck and good health.
