What Is Official Betting?

Official betting is bets on events that are sanctioned by a sport’s governing body. This includes events such as the Olympics and major league sports games. There are several different types of official bets including game and team totals, individual player props, and over/under bets. The odds for these bets are based on the amount of money wagered on each outcome. These bets are often more volatile than traditional bets.

The professional sports leagues have signed partnerships with gambling companies that allow them to offer sports betting in states where it is legal. These agreements also allow players to become ambassadors for the brands and appear in advertisements for them. NHL star Connor McDavid, for example, has an ambassador role with the online sportsbook BetMGM.

In 2021, California voters rejected two propositions on the November ballot that would have made it easier to legalize sports betting. However, a state law was passed in 2022 that allows sports betting at retail and online sites. The law does have some restrictions involving in-state collegiate teams and prohibits bets on collegiate games with a national presence.

New Jersey moved quickly after the Supreme Court’s PASPA ruling, launching its retail and online sportsbooks in 2018. It is now one of the most popular sports betting markets in the US with more than two dozen licensed operators, including DraftKings, FanDuel, PointsBet, and Caesars.