Official betting is a form of sports gambling that allows bettors to place a wager on the outcome of an event. It is governed by laws and regulations set forth by the relevant sporting body or government agency, as well as by the rules of the specific sport in question. Sportsbooks can choose to offer official betting in addition to other forms of gambling, and are expected to follow the same rules as other legal gambling establishments.

The term “official betting” is most commonly used in baseball, where bets are based on the results of games played by teams and players. Official betting is overseen by Major League Baseball (MLB), which works with regulators, sportsbooks and independent integrity monitors to ensure compliance with its policies. MLB also conducts in-house investigations of any alleged rule violations.

MLB rules stipulate that anyone who is affiliated with a club or tournament at the lower levels of the men’s or women’s league systems, or who is a match official at FA Level 4 or below, is prohibited from placing bets on any event in which they are participating. This includes all players, coaches and managers.

Bets on a team or player will be settled based on the official result as determined by the applicable governing body, including any overtime scores. Bets on outright league or tournament winners will be paid based on the final table, regardless of any amendments (such as points dedications). All other markets will pay out based on the official outcome of the game.