Official betting is a way to bet on an event or competition with odds that change in real time depending on the amount of money placed on each possible outcome. This is similar to parimutuel wagering in horse racing and dog racing. For example, if the total amount of money placed on a team or individual makes that outcome the least popular choice, the odds for the team or player will decrease. The reverse is also true, the more money that is bet on a certain team or player, the higher the odds.
The NHL has never taken a public position for or against sports betting but, like the NBA and NFL, does have sponsorships with bookmakers. The league was the first to bring a professional sports team into Nevada, when the Vegas Golden Knights debuted in 2017. The NHL also has a partnership with William Hill for in-game data, and many teams have similar sponsorships with bookmakers in states where legal betting is available.
New Jersey was the first state to introduce sports betting after the Supreme Court ruling, with retail and online sportsbooks going live in June 2019. The state’s sportsbooks are owned by DraftKings, FanDuel, BetRivers, and Caesars.
Iowa also made legal sports betting in 2019, with online and retail sportsbooks launching in August of that year. Unlike many other states, Iowa allows bettors to place bets on both pro and college sports. However, bettors cannot place player prop bets on collegiate games.