The term official betting refers to sports wagering that is backed by the leagues or their authorized data providers. This type of betting is typically offered by the largest sportsbooks, and it enables them to offer more accurate odds on events that have already taken place. The odds on these types of bets change in real time based on the amount of money that is placed on each outcome and the bookmaker’s return rate. The higher the bet volume on a specific outcome, the lower the odds will become.
The NFL has been a leader in the sports gambling industry, forming partnerships with DraftKings, FanDuel and Caesars Entertainment. The league has also been proactive about preventing student-athletes from engaging in irresponsible gambling habits, and it has lobbied for state laws to update existing NCAA rules on the subject.
In addition to the aforementioned partners, the NFL has established a dedicated team that works with the industry to monitor and address potential issues related to betting. The team includes a compliance analyst, a senior regulatory lawyer and a risk management consultant.
The NFL’s main concern is that legalized sports betting would lead to more attempts to fix – or rig – games for gambling purposes. It also worries about the potential for bettors to use inside information to make ill-advised decisions, something that has happened in horse racing and golf.
