What Is Official Betting?

official betting

The term official betting is used to describe wagers that are settled by the sports league or governing body. The rules governing these wagers are designed to protect players and prevent match-fixing and betting-related corruption. Official betting is a key component of any legalized sports betting market.

The NBA has announced expanded partnerships with DraftKings and FanDuel Group, making them co-official partners for sports betting and daily fantasy sports. Both companies will have expansive rights to integrate NBA assets into their respective platforms and will also collaborate with the league on best-in-class practices for responsible gambling.

A regulated betting market needs robust data in order to be successful. The NBA has created a new standard for sportsbook data in the United States that aims to provide a consistent and standardized experience across multiple operators and jurisdictions. Known as the NBA Official Betting Data Standard, it will be used in all legal regulated sports betting markets.

When placing a bet, it is important to consider how much you know about the teams and the sport you are betting on. Having knowledge of the game will help you to be more accurate with your bets. If you are a die-hard fan of a certain team, it is generally advised to avoid betting on that team, unless you are able to remove bias from the bet and choose the most likely outcome.

If the odds to win a certain competition are equal, the smaller number is considered the favorite. The odds are calculated based on betting action and may change throughout the course of a competition.