Official betting is wagering on games and events sanctioned by the sport’s official bodies. This includes pro, college and amateur sports. It is legal in most jurisdictions. In the United States, it is regulated by state and federal law. It is a big business that is growing rapidly.
The first major state to legalize sports betting was Ohio in 2023. Its legislation allows up to 40 retail and online sportsbooks, and its tax rate is 10%.
Licensed sportsbooks can contract with up to three brands to offer mobile/online sports wagering. Brands that have launched in the state include BetMGM, FanDuel, DraftKings, Caesars Sportsbook, PointsBet, SBK, WynnBet and Barstool Sportsbook. More are expected to launch in the coming months, including the NBA-owned Elite Sportsbook at Capital One Arena, home of the Wizards and Capitals.
In addition to the brands, sportsbooks can offer a wide variety of bet types. These include moneyline bets, totals, prop bets and team/individual player bets. In some states, sportsbooks also offer futures bets. These can be wagers on tournament outrights (e.g. Denver Broncos to win the Super Bowl, Novak Djokovic to win Wimbledon) or regular season point spreads (e.g. Brooklyn Nets over 57.5 points).
Other states are allowing more types of bets. For example, Delaware has introduced “parlay” wagers (3 legs or more) on NFL games. This is not available everywhere, as most states have restrictions on the number of total bets that can be placed on a game.