Official Betting in Sports

Official betting is a type of wager where the odds on an outcome are adjusted in real time according to a fixed formula, similar to parimutuel gambling at horse and dog races. In this case, the odds are based on the share of total exchange each possible outcome has received taking into account the bookmaker’s return rate. Bettors can place wagers on various outcomes, including spreads, over/unders and money lines.

Almost all states have legal sports betting, and the number of options is increasing quickly. As betting continues to grow, professional leagues have gained greater visibility into the bets placed on their games, and it’s not always what they expect.

MLB and its teams collaborate with regulators, sportsbooks and independent integrity monitors to enforce its rules regarding gambling and to catch any potential violations of those rules. It also conducts in-house investigations into any alleged rule violations that cannot be resolved through other means.

New York was one of the first states to introduce legal sports betting following the Supreme Court’s PASPA ruling, with retail wagering starting in 2019. Online sportsbooks launched in January 2022, with Caesars, DraftKings, FanDuel, and BetRivers joining SugarHouse, PointsBet, and BetMGM.

Ohio lawmakers passed legislation to permit sports betting, and the first bets were placed in December 2021. The state’s first online sportsbooks launched in March 2023, with up to 25 slated at launch. Unlike many other states, Kansas did not tether its online sportsbooks to casinos, with only the SugarHouse and DraftKings apps currently available in the state.