Official betting is where bets are placed on an event based on the outcome of a formalised event such as a race, tournament or game. For example, a podium position in a motor race or medal ceremony in athletics are considered to be an official result and will settle bets accordingly. This includes a team winning a football match if the result is declared at full time.

Sportsbooks will settle bets on the official result as provided by the governing body of the competition in question. This is usually a 90-minute result, which will include injury time. However, in some cases this may be changed to a shorter period, such as the three 20-minute periods used for NHL games.

Certain players are banned from betting on their own teams, and this is because of a 1919 gambling scandal that saw professional gambler Joseph Sullivan pay eight members of the Chicago White Sox to throw a World Series. Pete Rose was banned from baseball for life because of his involvement in the scandal and this is now an integral part of league regulations. However, this ban doesn’t apply to players in their personal capacities, and individuals associated with clubs at lower levels of the league system are not prohibited from placing bets on their own teams. If a player opens two accounts, the sportsbook will investigate and, depending on their findings, they may revoke any winnings, suspend both accounts or even ban the user.