In the world of sports betting, NY bettors often don’t give much thought to how their wagers are settled. All they want to do is open an account, use a verified promo code, and find the game they’d like to bet on. They then want to place their bet and have access to the winnings as quickly as possible. However, there are rules in place to ensure that the betting process works smoothly for everyone involved.
One of those rules involves official betting, which allows players to place bets on a specific outcome of an event. This type of bet is similar to parimutuel wagering in horse racing and dog racing, but with some key differences.
With an official bet, the odds on a particular event are adjusted to balance out the win probability differences between the teams or individual players. This is accomplished by adjusting the bet odds on the underdog and boosting those on the favorite. The result is that the total number of bets placed on each team or player will be roughly equal.
Other factors can affect the official bets, including whether a game is cancelled or if a team’s starting pitcher is changed. In such cases, the bets are settled based on information released by the league or betting site.