The goal of betting is to place a wager on an outcome you believe will occur and then get paid if that outcome does. There are many different types of bets you can make, including moneyline bets on a team to win a game or a specific player to score a certain number of points. You can also place bets on multiple outcomes in one wager, called a parlay.

Bets are settled when the relevant information is available, unless otherwise stated in a particular market. For example, players markets (including over/under, first to score and high scoring interval) are only settled when the relevant statistics are available from either the league’s official statistical provider or the team’s official website. Any changes in those statistics after the market has been settled will not result in a re-settlement.

Sportsbooks have rigorous governing regimes in place to ensure game integrity and consumer safety. However, mistakes happen. In these situations, the odds on a specific event may be miscalculated. For example, a team might have an error on a play that was initially recorded as a hit. When this happens, the sportsbook must decide whether to honor the initial result or offer a refund.

State law determines how legal sports betting is in each jurisdiction. For example, Colorado offers a full menu of regulated sports betting, with online and retail operations. Connecticut was among the first states to approve and launch sports betting following the Supreme Court decision, but it does not permit wagers on collegiate teams.