Official betting refers to wagers based on statistics, results and other information from a sport’s governing body. This form of wagering is popular among bettors and can result in some large payouts if placed correctly. The practice is legal in some states, with Nevada being the oldest regulated market in the US.
In the US, there are currently 24 states where sports betting is legal. In 2023, more states will likely launch sports betting.
A new era of gambling has emerged since the Supreme Court struck down federal prohibitions on the practice in 2018. While state laws vary, most offer some form of legal sports betting. The most important thing for bettors is to understand the state’s regulations and laws before placing a wager.
Partnerships between sportsbooks and college institutions are growing in number as teams, schools and fans become more comfortable with the idea of legal, regulated sports betting. The NFL, for example, has invested in specialized technology and integrity personnel to monitor sportsbooks and the activity taking place on their sites.
Online sports betting launched in Iowa in December of 2021, with DraftKings and BetRivers operating the first retail and online sportsbooks. The state’s law tethers online sportsbooks to casinos, and there are four licenses available, with each casino allowed three online skins. Colorado legalized sports betting in April of 2022, with the state’s lottery and casinos partnering with DraftKings to operate the online sportsbooks. In Kentucky, the state’s Lottery has partnered with William Hill to operate its sportsbooks.