In sports betting, official betting consists of bets placed on games that have been sanctioned by the sports league in question. Typically, the odds on these bets are set by a sports book or exchange. These odds are based on the share of total exchange each outcome receives, as well as the sports book’s return rate. The higher the volume of a particular outcome, the lower its odds become. This system is similar to parimutuel wagering in horse racing and dog racing.

The National Hockey League (NHL) was the first major pro sport to sanction a team in Nevada, launching its Vegas Golden Knights in 2017. Since then, other teams have followed suit and are now operating in states where legalized gambling is available.

Whether you’re an avid fan or just getting started, you can find a huge variety of betting options online. Most betting sites offer standard odds formats, which are easy to read and understand. You can make bets on individual races, including a “favorite to win” or “underdog to win.” Other types of betting include a daily double, a trifecta box, and a ”Pick Six,” which requires picking the winners of six consecutive races.

Many baseball games are shortened or suspended due to inclement weather, and these occurrences often have a significant impact on bets that were made before the game began. However, a bet on a moneyline will still pay if it is placed before the game is declared official, meaning that it has reached at least nine innings or eight and one-half innings if the home team is winning.