Official betting refers to the type of wager you can place on events that are regulated by governing bodies or have specific betting rules. This includes matches that are officially sanctioned by a sports league, a PGA Tour event or a major horse race. These bets have the same rules and payouts as other bets, and they can include props and moneylines.
When the odds are adjusted in real time, the odds on a particular outcome are moved down or up in proportion to the amount of money wagered. This is similar to parimutuel wagering in horse racing and dog racing, where the odds on each runner are based on the amount of money wagered on them.
After the Supreme Court ruled that states can legalize sports betting, several states quickly acted to open their sportsbooks. New Jersey, for example, rolled out retail and online sportsbooks in September 2022. The state partnered with DraftKings and FanDuel to offer its online offerings.
Kentucky was another state that made sports betting legal in September 2023. It launched its online sportsbook a month later, with DraftKings and PointsBet among the sportsbooks available.
Iowa passed sports betting legislation in 2019, and the state began accepting bets in August 2021. The state’s sportsbooks were able to start taking bets in person and on their mobile apps, though it is not yet possible to bet on collegiate games.
The NFL, MLB and NHL have all established partnerships with sportsbooks that allow them to use their data. Some players, such as Connor McDavid of the Edmonton Oilers, have also entered ambassador roles with gambling companies, making themselves more visible in ads.