Official betting refers to sports wagering that is settled based on the final result of a game as outlined by official governing bodies. Any bets that are not settled based on this information will be voided and stakes returned. The term “official” also applies to betting that is done through a third party, and any action that violates the rules set by the governing body will be considered illegal and will lead to a loss of bets or potential winnings.
The infamous 1919 World Series scandal where eight members of the Chicago White Sox were paid by gambler Joseph Sullivan to lose a series against the Cincinnati Reds is one of the most well-known examples of official betting. Despite modern research suggesting the original story was false, this is still the only time a team was ever sanctioned for such activity and it led to a ban on all professional American football players from betting on games in which they played.
In NHL hockey markets, all bets are settled based on the official team of the conference winners. This is regardless of whether the team qualifies for the Stanley Cup playoffs. All players must start in the game for match bets to stand, and any player who does not play will be classed as a losing bet.
The odds for all bets are calculated in real-time, based on the amount of money bet on each outcome and the bookmaker’s return rate. This means that the higher the bet volume, the lower the odds on a specific outcome. The odds on a specific team/player are displayed with the smaller number being the favorite.