Official betting is placing money on an outcome of a sports event. The more money that is placed on a particular outcome, the lower the odds will be. If a bet is successful, the winnings are paid out according to a percentage of total exchange. This is similar to parimutuel wagering in horse racing and dog races. Sports betting offers a wide variety of different bets, such as moneyline and spread bets. Some bets also allow players to combine multiple outcomes into a single bet, known as an if bet.

It is illegal to offer or accept a bribe in any sport for the purpose of fixing a match or any event within a match. It is also illegal to seek or offer inside information that could reasonably be used for betting purposes. In 1919, Joseph Sullivan paid eight Chicago White Sox players to fix a World Series game. This incident, now known as the Black Sox Scandal, led to a lifetime ban from baseball for all involved.

Legal sportsbooks in Tennessee can be found at a variety of online platforms, including desktop websites and mobile apps. Users must create an account and share personal information, such as their name and address, to verify identity. This information will be used to confirm that the player is of legal age and to protect minors. Once the account has been established, a deposit can be made. In addition to accepting deposits, legal sportsbooks in Tennessee will offer a variety of promotions to attract new customers.