A sports betting term that refers to bets placed on specific outcomes based on official data provided by a sport’s governing body. Official betting is a form of legalized wagering available in many US states. In recent years, professional sports leagues have increased their visibility into bets made on their games and have forged partnerships with sportsbooks to better monitor betting patterns.
The term “official” derives from the fact that sportsbooks must grade bets based on official information that is updated continuously throughout a game. This information is compared with the total amount of money that is bet on each outcome and the odds are adjusted accordingly. The more money that is bet on a particular result, the lower the odds become. Odds for a particular game are determined before the game begins and change constantly throughout the day.
Bettors can place a bet on the winner of a game by placing a bet on a team or individual player. This type of bet is referred to as a moneyline bet. Betting lines are set by the bookmaker before a game begins and are adjusted in real-time based on the total number of bets being placed on each team or individual player. This is similar to parimutuel wagering in horse racing and dog racing.
In addition to moneyline bets, there are also spread bets and totalizators in the world of sports betting. These types of bets are a bit more complex than standard moneyline bets and require the use of mathematical formulas to determine winnings. In a totalizators bet, the odds for an outcome are adjusted in real time based on the share of the total exchange each outcome has received taking into account the return rate of the bookmaker offering the bet. This is similar to flexible-rate wagering in horse racing and dog races.
While the majority of US states have legalized sports betting, there are some that have yet to do so. California has a ballot initiative to legalize in-person sports betting, but it is not expected to pass. New Jersey has legalized both online and retail sports betting and has topped all other states in terms of overall betting handle since it went live in 2021.
Pennsylvania was one of the first states to legalize sports betting after the Supreme Court struck down PASPA. Retail sportsbooks began opening in November 2018, and online and mobile betting launched in May 2019. SugarHouse, DraftKings, BetRivers, and FanDuel are among the sportsbooks that offer services in the state. Indiana passed legislation to allow sports betting in 2019, and the market launched quickly with retail and online options in September of that year. Previously, sports betting in the state was limited to racetracks and tribal casinos.