What Is Official Betting?

Official betting is the practice of wagering on sports games with an approved, licensed bookmaker. There are numerous jurisdictions that allow legal sports betting, each with its own set of regulations.

In many states, you can place wagers online or via mobile, and most of these options are available from major sportsbooks such as DraftKings, BetMGM, PointsBet, and BetRivers. However, in some areas, you’ll need to register with a brick-and-mortar sportsbook in order to bet in person.

Horse racing is parimutuel, meaning the odds are determined by a pool of money that gets placed on each winning horse. This pool is then divided up and returned to winning bettors.

Depending on the track, there are various wagering types on horse racing. Some of these include win bets, exacta bets, and trifecta bets.

The odds for a race are based on the amount of money in the pool, and they’re typically released prior to the event. The odds are fluid throughout the day, and as more money comes in on certain horses, their odds will change.

In sports betting, you can also bet on a team or player’s performance in the form of props, which are bets that involve statistical totals for one game. The game must be officially on the moneyline for a bet to have action, and unless specified extra innings count towards wagers, you can’t bet on a player prop until they’ve reached their total bases.

In addition to sports betting, some sports leagues have also entered into sponsorship agreements with gambling operators. For example, the NHL has partnered with William Hill and MGM Resorts International for a series of betting promotions that provide players with access to in-play data.