Official betting is a form of gambling that takes place in regulated markets where the odds for a particular outcome are set and bettors can place their bets. Bookmakers (also known as bookies or sportsbooks) accept bets on professional sports, casinos, political events and celebrities, and allocate winnings to bettors as the event concludes. The odds for each wager are calculated using a “book entry” which is updated in real time to reflect the amount of money being placed on each result. The bookmaker also charges transaction fees as their profit.

The National Hockey League has not officially stated a position on sports betting but many teams do have sponsorships with sportsbooks. The Washington Wizards, for example, have a partnership with Caesars and the team is a sportsbook partner in the state of Maryland where online betting is legal.

Similarly, the Chicago Cubs have a sportsbook partnership with William Hill and the Washington Nationals have a partnership with FanDuel. Both of these partnerships give the teams a financial incentive to promote sports betting. However, the NFL and MLB have rules against players betting on their games or giving them inside information that could be used for gambling purposes. Anyone found violating these rules can be banned from the league.

The NBA is one of the most popular leagues for betting and you can find bets on individual players, teams, point spreads, over/under totals and more. The Washington Wizards are the local NBA team and there is a lot of action to be had on them this season.