As the name suggests, official betting is betting on a particular game or event that has been sanctioned by a sports governing body. This can include betting markets that cover everything from the number of points scored to the winner of a match or tournament. The odds are set by the governing body and any changes to these odds after they are initially announced will be ignored for settlement purposes.
For example, the NBA prohibits gambling on any of its properties (pro, college and youth) unless it is conducted legally in the jurisdiction where that activity takes place. In addition, any person associated with the league — from players to coaches and administrative staff — is subject to an extensive background check to ensure that they do not have any criminal convictions or charges involving gambling or sports wagering.
The NFL beefed up its in-house technology and security personnel in 2021 to better monitor betting activity, collaborate with regulators, sportsbooks and integrity firms to enforce its policies and track down anyone violating the rules. This also includes any employee or player who deliberately tanked a game or asked another team to lose on purpose, which will lead to a lifetime ban from the league.
The legalization of sports betting is continuing to spread across the country. Colorado voters approved the measure in 2019 and retail sportsbooks opened in May 2020, while online betting went live in October of that year. The state’s new sports betting laws allow for both pro and collegiate betting, with the exception of player prop bets on collegiate games.