Official betting, also known as parimutuel wagering, is a type of gambling in which the odds and markets for an event are set by a regulated operator. These operators can be located in various states across the United States, and many also offer online and mobile options.
Generally speaking, there are several types of official bets:
Moneylines
The most common form of sports bet is a moneyline. It is a bet on the winner of a game and is usually offered at a fixed price.
Spreads
The spread is a line that determines the point total of a game, and it is used in conjunction with the moneyline to determine the odds for an event. It can play a major role in the betting outcome of an event, but it is not a requirement for betting on any event.
Parlays
A parlay is a combination of multiple sports bets that are placed on the same outcome. These bets are typically more expensive than single bets, but they are usually easier to win and come with bigger payouts.
If bets
An if bet is an in-race betting option available at most sportsbooks, and it can be made on any sporting event. These bets are based on the performance of a player, or a group of players, in specific conditions.
Totalizators
Totalizators (or flexible-rate bets) are a type of in-race betting option that change in real-time depending on the return rate of the bookmaker. This type of bet allows fans to place in-race bets on the results of races and gives sportsbooks a highly-engaging live experience as the events are happening.