The term official betting is defined as any wager that is placed on an event that has been sanctioned by a national sports governing body (federation). The most common events in which this type of betting takes place are sports, horse racing, dog races and political contests. Official betting is conducted in a number of different ways, including through retail outlets and mobile apps.

The most popular form of betting in Nevada is on football games, but if you’re new to the sport it can be difficult to understand the terminology and odds involved. That’s why we’ve compiled this beginner-level guide to help you get started.

There are several types of horse race betting options, and the most common is picking the first two finishers in a race in exact order (an “exacta”). Other bets include a “quinella”—picking the first three finishers in any order—and a “trifecta box”—a straight bet on the first four finishers in a race. Hitting a “daily double” requires picking the winners of two consecutive races, and a “pick six” is a bet on the winner of all six races in a day, a highly-demanding feat that can lead to enormous payouts.

In addition to rules outlined above, the Code also prohibits any person from seeking, offering or accepting a bribe to fix a match or event within a match, as well as misusing inside information that could reasonably be used for betting purposes. Individuals found guilty of these violations are banned from WBSC competitions.