Official betting takes place on regulated sportsbooks in states and countries where it’s legal to do so. It allows bettors to make bets on the outcome of a game or event, with winnings determined by the share of total exchange each possible outcome receives taking into account the bookmaker’s return rate. Odds on each result are changed in real time and are adjusted to reflect the amount of money that’s been bet on them. It’s a similar system to parimutuel betting in horse racing and dog racing, but with much lower house edges than those bets.
The NFL has invested in in-house technology and security, partnering with sportsbook operators and integrity firms that monitor sports betting markets to identify offenders. Those efforts are paying off: In 2022, NFL betting ads jumped threefold and the league is now getting a lot more visibility into what bets are being placed on its games and where they’re being made.
MLB is also working to promote responsible gambling. The league is a partner in the American Gaming Association’s Have A Game Plan. Bet Responsibly. campaign and has a broader partnership with the National Council on Problem Gambling, including an expanded role in its Leadership Circle.
Kentucky sports betting launched on Sept. 7, 2023, at retail locations and online. You can bet on football, basketball and baseball, as well as horse races such as the Kentucky Derby through TwinSpires or FanDuel Racing. The latter offers a BetShare feature that lets you bet on the same horse and win together.