Official betting is the type of wager made on a sports event with bookmakers licensed by the state where the game takes place. It involves using real odds that reflect the total amount of money bet on a given outcome with each individual bet getting a certain proportion of the market’s return rate. This method of betting is also used in daily fantasy sports contests and can be very profitable if you know what you are doing.

In the US, legal sports betting was launched in states following the Supreme Court’s ruling that wiped out PASPA (Professional and Amateur Sports Protection Act). New Jersey moved quickly after the decision, opening its first retail and online sportsbooks in November of 2021. The major leagues challenged the move, arguing that the state did not have the authority to legalize sports gambling. The courts sided with the leagues in lower and appellate courts, but New Jersey appealed to the Supreme Court.

Colorado voters passed legalized sports betting in 2019, and the state began offering retail and online betting options in May of that year. The state is home to numerous operators including DraftKings, FanDuel, and SugarHouse. In-state college games are available for betting, but player prop bets on collegiate athletes are prohibited.

A key to successful sports betting is being able to separate your own bias from the results you expect, especially when it comes to supporting your favorite team. Having a deep understanding of the history and traditions of a particular sport can help you spot trends and develop your strategy for a bet. You can also look at betting lines and odds for each team to determine their potential.