In official betting the odds are set in real-time based on the share of total exchange each possible outcome has received taking into account the bookmaker’s return rate. This means that as more money is bet on a particular result the odds on that outcome will decrease and vice versa. This is very similar to the parimutuel wagering that takes place in horse racing and dog racing.
The FA regulations also ban individuals who are associated with clubs at lower levels of the men’s or women’s league systems and match officials at FA Level 4 and below from betting on football matches and competitions that they participate in. This does not apply to club sponsorship deals that include betting activities and individuals who are paid by betting companies as long as they do not advertise or promote betting activity on the football events in which they are involved or could influence the outcome.
In baseball, a player, umpire or team official who is caught placing a bet on a game in which they are participating will be permanently banned from the sport. This rule is referred to as “Rule 21” and is publicly posted on dugout walls. The most famous example of this happened in 1919 when professional gambler Joseph Sullivan paid eight members of the Chicago White Sox to lose the World Series and was permanently barred from MLB.
Colorado legalized sports betting in 2021 and a year later multiple operators began accepting bets in-person and online. However, betting on in-state college games and player prop bets are prohibited.