Official betting is a term that refers to bets placed on a specific outcome of a game or event. It is a form of parimutuel wagering, which is based on the amount of money bet on each possible outcome and then divided among the sportsbook and bettors. In general, the more money bet on a particular outcome, the lower the odds will become.
The rise of legal sports betting in America has brought with it lucrative partnerships between professional leagues and sportsbooks. These agreements usually include licensed use of the league’s logos and branding in advertising, as well as revenue generated by a share of bets placed on games featuring their teams or players.
Some of these arrangements are controversial. For example, a few NFL players have been suspended for placing bets on their own team or its opponents. In one case, the NFL levied an indefinite ban against former Detroit Lions receiver Quintez Cephus for allegedly placing bets while at the club’s facilities.
Another controversy involves alleged match-fixing. Betting on a match that has been fixed is against the rules. In addition, offering or accepting a bribe to fix a game is also against the rules.
Many states have legalized sports betting, including Colorado, which launched a state-run sportsbook in 2021. Connecticut and Delaware began offering online sports betting in 2018 less than a month after the Supreme Court’s decision. Iowa legalized sports betting in 2019, with multiple sites starting to take bets that summer. The state allows in-state collegiate sports betting but prohibits player prop bets.