Sports Betting Laws – What Is Official Betting?

official betting

Aside from the obvious – betting on sports events – official betting is another form of betting that involves wagers placed on events that are sanctioned by a sport’s governing body. Examples of sanctioned events include the Olympics and major league games. It is important for bettors to understand the rules governing official betting, so that they can make informed wagers and avoid violating any rules or regulations.

Official betting is not allowed on any event that violates the rules of any governing body. This includes any bet on a match that would involve bribery or other corrupt behavior. This is not only illegal but can also lead to lengthy bans from professional sports. In 1919, professional gambler Joseph Sullivan paid eight members of the Chicago White Sox to fix the World Series. This became one of the most notorious baseball scandals of all time, and resulted in long bans for the players involved.

Colorado legalized sports betting in 2019 and launched online and mobile sportsbooks the following summer. Various sites are live, including DraftKings, FanDuel, BetMGM and Caesars Sportsbook.

Connecticut passed legislation to allow sports betting and began accepting wagers in 2021. Sportsbooks are available at casinos, racetracks and other licensed venues. The state is regulated by the Gaming Division.

In Kentucky, legal sports betting was launched in 2022 and is based on a gambling compact with the state’s Native American tribes. A few retail sportsbooks are currently open, with more expected to come. Kentucky sports betting is capped at $50 million per year.