Official betting is a form of sports gambling that has been legalized in several states and countries. It involves placing a bet on the outcome of a sporting event using money provided by an operator. There are a number of different types of wagers that can be placed on an event, each with its own rules and regulations. These rules are designed to protect the integrity of the sport and prevent people from being manipulated by sportsbooks.
In order to place a bet on a game, the player must have a valid account and be of legal age to do so in their jurisdiction. In addition, there are specific laws and regulations in place that prohibit players, coaches, and other officials from placing bets on games that they are involved with or could have an impact on.
In MLB games, Over/Under bets (also known as totals) are wagers on the number of combined runs scored in a game. The odds are set by the sportsbook before the game begins and can change throughout the course of the game. If a team goes over the total, the bet wins. If the total is lowered, the bet loses. Runs scored in extra innings count toward the total.
For pre-game and live bets on player markets, the player must throw at least one pitch (if pitcher) or record at least one plate appearance (if position player). If a market is settled based on statistics that are changed after the fact, any bets on that market will be void. For bets on 7 inning games, the “6.5 innings rule” applies: The game must go at least 6.5 innings (8.5 innings if home team is ahead) for the wager to pay.