Official betting is the practice of placing wagers on sports games that are sanctioned by sports leagues. This type of betting can be done in sportsbooks or on a variety of other gambling platforms, like casinos, racetracks, and online. The goal of official betting is to ensure the integrity of sports events and provide fair odds for bettors. In addition, official betting helps prevent sportsbooks from colluding and skewing their lines in certain markets.
When legalized, a sportbookâs odds reflect the most likely outcome of a game and offer bettors an opportunity to win money by correctly predicting the result of a specific event. The odds are calculated by a number of factors, including past results, player and team performance, and current market conditions.
Since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018, several states have legalized sports betting. New Jersey was one of the first to offer it, with retail and mobile sports betting launching in June 2019. New Hampshire followed suit in December 2019 by allowing both retail and online sports betting. The New Hampshire Lottery partnered with DraftKings to provide online sports betting in the state.
Colorado also made sports betting legal in 2021, with multiple operators taking bets in-person and on a range of mobile apps. However, betting on in-state collegiate games and player prop bets are prohibited. Kentucky launched sports betting in October 2021, with retail and online options available. New Mexico also rolled out sports betting, with the first online sites going live in January 2022.