Official betting is a form of gambling that involves putting money on an outcome in a game or event. This type of wagering is available at regulated sportsbooks in the United States and is growing rapidly after the Supreme Court struck down a federal ban in May 2018. Betting on professional and college sports is legal in many states now, with some offering online and mobile sportsbook options.

In addition to standard point spreads, sportsbooks offer a variety of other types of bets. These include money line bets, which are based on whether a team will win or lose by a certain amount. They can also be combined with other outcomes to create a parlay, which increases the payout but comes with more risk. Other types of bets include over/under totals, which are wagers on the number of runs scored in a game. Odds for these bets change throughout the course of a game and are adjusted in real-time to reflect the current market.

Some professional sports leagues have their own rules about betting, with the National Hockey League being one example. The NHL first allowed sports betting in Nevada when the Vegas Golden Knights took the ice, and now has partnerships with William Hill and MGM Resort International for its clubs in states where it’s legal. The NFL and NBA have similar arrangements with bookmakers.

It’s important to remember that bettors should always act responsibly and avoid any form of insider trading, which the ICC defines as “seeking, offering or accepting any advantage for betting.” The same code prohibits players from providing information that could reasonably be used to bet on events within the competition.