Official betting is a wager placed on the outcome of a game by a participant at an officially sanctioned sportsbook. This type of bet is backed by the sportsbook and guarantees payouts if the bet wins. This differs from unofficial betting, which is done through illegal and offshore sportsbooks and can be risky and costly.

Bets placed on a team to win a game are known as moneyline bets. When multiple bets are combined into one, it’s called a parlay. Whether you’re placing a bet on an individual player or a team, knowing as much about the teams and players as possible is key to making a smart bet.

Depending on the sport, there are many different types of prop bets. Some focus on individual player performance while others offer odds and/or pointspreads on how scoring will occur in a game, such as the first scorer or whether a team will reach the end zone before halftime. Prop bets can also include over/under totals for a game, such as the number of touchdowns scored in the first half or how many yards a player will gain on a run.

New York legalized sports betting in 2019 and began its rollout with retail offerings at commercial and tribal casinos. Online sportsbooks launched in January 2022, with Caesars, DraftKings, FanDuel, PointsBet, and BetRivers all offering options for bettors. The NFL playoffs also offer a unique once-a-year opportunity for bettors, with the NFL brackets offering a chance to select winners of each divisional and wildcard round games. Those selected will then be matched up against each other in the Divisional Round, with the winner of those games becoming the Super Bowl champions.