Official Betting in Sports
Official betting is wagering on a game that has been designated as an officially sanctioned and regulated event by a state or league governing body. These wagers typically take place at licensed sportsbooks in states where legalized sports betting is available. In the United States, these include retail and online sportsbooks, as well as mobile apps. Professional sports leagues are increasingly partnering with sportsbooks and integrating their names into marketing campaigns to promote the practice of sports betting. As a result, the number of bets on their games has been growing rapidly.
While sports betting is now more prevalent than ever in the United States, rules vary across the country. Some states have opted to regulate the industry while others have chosen to leave it up to operators and consumers. The Supreme Court’s decision to allow individual states to legalize sports betting has led to a rapid expansion of the industry and created new opportunities for revenue streams.
In some cases, sportsbook brands partner with professional leagues to increase visibility of bets and prevent illegal activity. The NFL, for example, has beefed up its security by investing in technology, dedicating personnel to the area and partnering with integrity firms to monitor the market. As a result, the league has more visibility of bets on the NFL, including where they’re placed and who makes them.
The NBA and MLB have also worked to strengthen their integrity operations. The NBA, for example, has partnered with FanDuel to become its exclusive official betting partner, and the MLB has signed deals with multiple sportsbooks to promote its brand in the growing space. In 2021, the league also expanded its in-house compliance and security staff to better handle the increased volume of bets.
When it comes to sports betting, the rules for each sport vary. For example, baseball bets are settled based on the final results outlined by the governing bodies for each game. This includes any amendments that are made after the original result has been announced. In addition, bets on fights will be paid out based on the final result that is posted by the governing body for each event. Fights that are postponed or otherwise canceled will see bets void unless they are rescheduled within 24 hours.
In addition to these rules, specific betting markets may have additional requirements. For example, prop bets on player markets will be live unless a player is deemed inactive by the NFL prior to kickoff. Likewise, totals markets must reach the ninth inning to stand unless otherwise noted. This applies to both regular and Overtime markets.