Official betting refers to sports wagering that takes place at legal online and land-based sportsbooks. It is regulated in many US states and is now widely available.
Rules of the game
There are a few basic rules that all sports bettors should know before placing their money on the game. These include a player’s eligibility and whether or not they can bet against themselves.
Generally, betting on an underdog is the most profitable way to bet on sports. However, it can also be risky. For example, the odds for the favorite may change rapidly in real time, which could cause you to lose your money if you are wrong.
In totalizators, the odds change in real time based on the amount of money that has been bet on each outcome. For example, if there are 100 bettors, and each bet has an average return of 90%, the odds on each bet will change by 10%.
Most moneyline bets have action if the game lasts at least 5.0 innings or 4.5 innings if the home team is winning. The moneyline may even pay out if the game is shortened or suspended due to inclement weather.
Requirement of official data
Several states, including Illinois and Tennessee, have passed laws that mandate that to-be licensed sportsbooks purchase only “official” league data. These laws are viewed by the industry as bad policy. They impose artificial constraints on the marketplace by requiring operators to purchase only one source of official data and restricting operators to commercially reasonable terms for that data.