Official betting is where a bookmaker offers odds on events happening in real time. These odds are determined by the amount of money that is placed on each outcome. The more people place a bet on one result, the lower the odds. The bookmaker’s return rate is also taken into consideration when offering these odds. This type of betting is very similar to parimutuel wagering in horse racing.
The state of Indiana has quickly become a top-five handler in 2023, thanks to its quick adoption of sports betting. The Hoosier State launched retail and online wagering in October 2019, and has since seen massive growth. The Keystone State now has more than 30 sportsbooks (20 retail and 14 online).
Pennsylvania is another high-grossing state, with over $10 billion in bets made so far. It is the fourth largest market for football betting in the United States, and has also been a major player in MLB and NBA betting. The NFL remains the biggest sport in the country, and even a state like Kansas, which doesn’t have an official team, sees hordes of fans flock to their neighbors across Missouri to support the Chiefs.
Colorado legalized sports betting in 2021, and was the 19th state to do so. It has several different operators and allows wagers on both professional and college games. However, there are some restrictions on player prop bets in collegiate games.