Official betting refers to wagering on events that are sanctioned by the world’s major sports leagues. This form of gambling is legal in several states, including Nevada, and it is growing in popularity as more states decide to legalize it.
There are many different types of official bets, each with their own rules and limitations. Some examples include:
Exactas, Quinellas, Trifectas and Superfectas
An exacta consists of picking the first two or three finishers in a race in the correct order. A quinella entails picking the first two finishers in either order, while a trifecta and superfecta call for picking the first three or four finishers in exact order.
A total is an estimate of how many runs a team will score in a game, typically expressed as an amount over or under the team’s average. The amount of a bet on a total must be specified when the wager is placed.
Live in-play wagers are becoming more popular, and this type of betting is legal in several states. In-play bets can be made through online or mobile sportsbooks.
Some sportsbooks offer the option to place wagers on the match outcome or a player prop bet. The betting odds will change in real time as each possible result is received by the bookmaker.
Other types of wagers are totalizators and if bets. In totalizators, the odds change according to the amount of money that has been placed on each possible result. This is similar to parimutuel betting in horse racing and dog racing.