Official betting is wagering on a professional sports event based on official data. This information is compiled and regulated by the leagues that oversee a particular sport. The information includes stats, results, and outcomes of the game. The data is available to sportsbooks that have signed a commercial agreement with the leagues.
The use of official data has become an important part of sports betting. It provides bettors with a more accurate understanding of the odds and helps them determine which team or player is favored.
In some states, it is even required for certain types of bets. For instance, in Illinois, sportsbooks must use official data for tier 2 wagers.
A tier 2 wager is a bet on a single outcome, usually the winner of a game or contest. This bet can include “exactas” (picking the first two finishers in a race), quinellas (picking the first two finishers in either order), and trifectas (picking the first three finishers).
The odds on these bets are based on the percentage return rate that the bookmaker will receive from the bet. These odds are sometimes called totalizators.
It is not legal to fix a sports event in the United States. In 1919, professional gambler Joseph Sullivan paid eight members of the Chicago White Sox to fix the World Series, a scandal that led to a ban on gambling. Since that time, several other professional sports teams have been implicated in gambling-related scandals, including the NBA and NFL.