In sports betting, official betting refers to wagering on games that have been sanctioned by a sports league or an event organizer. In the United States, several major leagues have established a position on sports betting, with the NHL being the first to do so when the Las Vegas Golden Knights debuted in 2017. Other teams with ties to the area have signed sponsorship deals with bookmakers that include betting partnerships.

Generally speaking, all bets stand regardless of whether or not the game/event is a non-runner. However, there are a few exceptions to this rule. For example, if a team/player is removed from the tournament, the bet will be refunded. Similarly, if an event is rescheduled and will run more than 72 hours after its initial start time, bets will still stand but will be settled at the correct odds or pointspread when they are confirmed.

In addition to the rules outlined above, there are also rules concerning specific bets such as if bets. An if bet is a combination of two straight bets joined together by an if clause, which determines the wager process.

During live betting, all bets are subject to a delay before being confirmed. In some markets, this may be up to 30 seconds. This is to protect the integrity of the market and ensure that bets are placed responsibly. In addition, the sportsbooks reserve the right to remove bets on any markets that are deemed to be too heavily influenced by outside factors, such as weather or other events that could impact player/team performance.