Official betting is a form of wagering on sporting events that are officially sanctioned by a sport’s governing body. It allows bettors to place wagers based on information from the governing body and can result in large payouts if placed correctly. The practice is legal in some states, with Nevada being the oldest regulated market in the US.
The rules of official betting vary by state, but most require that a bet on a specific outcome must be unequivocally determined before it is accepted or paid out. This is meant to protect the integrity of a game and ensure that bettors receive accurate information before placing a bet. Sportsbooks must also offer odds that are influenced by the amount of money that has been bet on each horse and player.
Baseball is a popular sport for fans to place bets on, with a number of different types of bets available, including moneylines and totals. These bets usually become official at certain points in the game, such as full-game moneylines that are considered to have been made if the game has gone five innings or more. In addition, there are a number of other types of bets, such as inning-specific totals that are void if the game is called in that inning and the official results will revert to the previous inning.
While the practice of sports gambling is legal in most states, the NFL prohibits players from placing bets while at team or league facilities and on games played by their teams. The NFL has increased its in-house technology, dedicated security personnel and partnered with integrity firms to give itself greater visibility of where bets are being placed and who is making them.