Official betting, also known as live in game betting, is when you place bets on a sporting event that is currently in progress. This can be particularly useful when the favorite seems set to win or the underdog looks like it may pull off an upset.

Bets must be placed before the game begins and are subject to a few rules. These include:

The odds may change during the game, and sportsbooks may allow you to cash out on a bet before the outcome is official. Some bets, such as spreads and totals, can be very risky to place.

You can find out if a bet is official by asking the sportsbook clerk or reading online sources. The rules vary between jurisdictions, so it’s best to check with your local bookie to see what the specifics are in your area.

In the United States, official betting is regulated and not illegal. However, sportsbooks still have to follow strict rules.

Some state laws prohibit wagering on college teams. In Illinois, for example, betting on in-state college teams is prohibited.

NCAA football, baseball, and basketball props are prohibited in several states. In addition, some state laws prohibit gambling on collegiate soccer matches.

Horse racing is another popular sport that offers a number of bets. Some of these include “exacta” bets, which are wagers on the first two finishers in a race, and “quinella” bets, which are wagers that call for picking the first two finishers in either order.