The Emergence of Official Betting
The emergence of official betting is a major development in the sports betting industry. It allows operators to offer wagers on events in which the outcome is predetermined by a formal process established and approved by a sport’s governing body. The process includes the use of data and information from official sources that are reviewed by a centralized entity to ensure accuracy. It is a key component of establishing legitimacy and transparency in the sports betting market.
The best Kentucky online sportsbooks will accept a wide variety of safe and secure deposit and withdrawal methods including Visa, MasterCard, Skrill, Play+ cards, PayPal, online banking, PayNearMe and wire transfers. The sportsbooks should also feature dedicated customer support through live chat, email and phone. They will also have generous deposit and payout limits to suit all Kentucky sports bettors.
In the early 1900s, the 1906 betting scandal between the Massillon Tigers and Canton Bulldogs led to the decline of professional American football for years. However, the mass public’s appetite for sports betting is causing a comeback, and regulators have stepped in to regulate and control the new industry.
Regulatory bodies are pushing for a comprehensive sports betting menu that goes beyond traditional football and basketball. For example, Massachusetts’ gaming commission’s catalog of approved games and bet types is more expansive than just NFL and college football. It also includes Australian Rules football, volleyball, handball, bowling, pool, rodeo, sailing and beach soccer. It even includes special events like the Oscars and the Nathan’s Famous Hot Dog Eating Contest.
A number of states have legalized sports betting, and some have embraced the concept of official betting more than others. The leagues dictate the initial terms and conditions for their official betting partners, but they have not yet proven the value of their data to bettors, so it’s difficult to justify a mandate for their use in state laws.
The NBA, for instance, prohibits players and other team or league personnel from placing bets on the NBA and its properties. This means that players cannot place bets on the NBA, summer league, WNBA or G-League games while at their team’s facilities or when they are traveling with their teams. Athletes are required to sign a statement acknowledging the league’s gambling rules as part of their contract. In addition, the NFL has suspended a number of players, including Isaiah Rogers, Rashod Berry and Demetrius Taylor, for betting on NFL games. In some cases, players have been given indefinite suspensions for violating the NFL’s gambling policy.