Ever since the Supreme Court ruled that states can legalize sports betting, some have held fast to their anti-wagering positions while others have jumped head first into this lucrative market. The latter have rolled out a slew of different sports wagering options, including those that are based on official results. But what exactly are official bets and how do they differ from other types of wagers?
The term “official” is used for bets that depend on the outcome of a particular event, such as the winner of a horse race or the total number of points scored in a basketball game. An official bet must result in a win or a loss, with the odds being adjusted accordingly. Hitting an exacta entails picking the first two finishers in the correct order; a quinella consists of the first three in any order; a trifecta box combines the first four; and a superfecta combines all six, which is an extremely difficult feat to achieve.
While some official bets are made before a particular game, many of these wagers can be placed during the action itself. This is particularly true for live in-game betting, which often sees the odds shifting as a result of new information or public opinion. However, bettors should note that these odds are not considered official until the game has been completed and the winning team has been declared.
Most bets that involve a specific player require the corresponding player to meet a minimum appearance requirement, which is usually one pitch thrown for pitchers and one plate appearance for position players. In addition, MLB game props typically require a full nine innings to count unless otherwise specified.
Some state-specific rules apply to official bets as well. For instance, Michigan’s sports betting rules require a bet to have a minimum amount to be eligible for payout and prohibit single-game parlays. Connecticut’s rules on official bets are more liberal and allow parlays with a minimum amount of money to be awarded.
Other state regulations include those on correlated bets, which are bets that are based on multiple events or statistics. These bets are often awarded when the correlated event occurs earlier than expected and can lead to big payouts if correctly guessed.