Sports Betting – What Is Official Betting?

Uncategorized Mar 16, 2024

Official betting is wagering on a sport or event that is sanctioned by an official body. Unlike parimutuel bets in horse racing and dog racing, where odds are determined by the amount of money placed on each outcome, official sports betting offers fixed-odds bets that do not change throughout the duration of the event.

A number of states have legalized sports betting since the Supreme Court struck down PASPA in 2018. Some have begun offering retail sportsbooks while others have launched online. New Jersey and Nevada lead the country in overall betting handle while Ohio and Pennsylvania rank second and third.

New York launched sports betting in 2019 with both retail and online options available to customers. Governor Cuomo has since expanded the state’s sports betting offerings. New Jersey followed suit, launching in 2021 with retail and online betting options. New York has multiple sportsbook partners including MGM, Caesars, DraftKings, FanDuel, and BetRivers.

The NFL has long been a Teflon league, but that could change with the rise of sports betting. A recent Morning Consult survey found that 25% of Americans over 21 have placed a bet on sports, and 18% of those place bets monthly.

The NCAA is especially concerned about the prevalence of sports betting on college campuses. A September 2023 survey of campus compliance directors revealed that 27% of autonomy schools had dealt with a sports betting problem among student-athletes within the past year. The NCAA has warned that the proliferation of sports betting threatens the health and well-being of student-athletes, the integrity of competition, and its mission to educate students.