Official betting involves placing wagers on the outcome of a specific sports event. This can range from something as simple as who will win a game to a much more complicated market based on how many points a team will score. Regardless of the type of market, there are some general rules that will apply to all bets.

In order for a bet to settle, it must be accepted and placed before the start of a match or tournament. This means that any bets placed after the start of a competition will not count towards winnings. In addition, all bets are settled based on the official results from the relevant governing body and will not take into account any subsequent amendments or appeals. Unless otherwise stated, goals scored in penalty shootouts will not count in top goal scorers markets.

For football betting, all bets are settled on the final result determined by the league or official governing body and will include any overtime scores. In addition, the number of tries or conversions in a game will be included in the settlement of this market. In the case of a draw, all bets are lost.

In the US, a number of different sports have adopted some form of official betting. For example, the National Hockey League (NHL) allows bets on its games in Nevada, with the Vegas Golden Knights becoming the first major professional sports team to do so in 2017. There were also two propositions that went before voters in California in 2022 that would have legalized betting on professional and collegiate teams. Both of these were defeated, however.