If you’re a fan of sports betting, odds are you’ve placed some bets during your lifetime. In fact, according to Morning Consult, 25% of American adults over 21 have bet on a sporting event at least once in the past year. That’s an increase from 10% who had bet on a game in 2021.
The Supreme Court decision last year opened the door for states to legalize sports betting. The NFL has taken a big step toward embracing the phenomenon by partnering with multiple betting sites, including DraftKings, Caesars, and FanDuel. It’s also set to open the first sportsbook inside a football stadium this year.
In addition to legal sportsbooks, some teams have their own in-house betting operations. This is particularly true in major leagues such as baseball, where fans can place bets on everything from how many home runs a batter will hit to what color Gatorade will be dumped on their winning coach. Several states have legalized sports betting, and the list is growing.
One of the most popular forms of betting on sporting events is parimutuel wagering, where bettors bet against the house and the odds are calculated based on the number of bets and the amount of money that has been wagered on each possible outcome of a given event. The more people bet on a certain result, the lower the odds will become. This is similar to the way horse racing and dog racing bets are calculated.
Another form of betting is called totalizators. These bets are calculated in real time based on the share of the total exchange that each outcome has received taking into account the bookmaker’s return rate. The odds on each outcome will change in real time as bets are made and withdrawn.
In the early 1900s, a major betting scandal between the Massillon Tigers and Canton Bulldogs was credited with bringing an end to professional American football for several years. Today, the major leagues are working to make sure their games remain fair and free from tampering with the results.
As the industry grows, so too have betting markets. For example, a player prop bet on how many yards a quarterback will throw in a game has become popular in recent years. Some of these bets are even offered online, where fans can bet on a wide range of things that have nothing to do with what happens on the field, like how long the national anthem will last at a game.
The state of Kentucky offers legal sports betting at its four licensed casinos and at the racetracks Churchill Downs, Derby City Gaming, Ellis Park, and Oak Grove. The only limitation is that bets on in-state collegiate events are prohibited. There is also a Kentucky online sportsbook that launched in February 2022. Those looking to bet in-person can visit Churchill Downs, Louisville International Airport, Mint Gaming Hall at Cumberland Run (Corbin and Williamsburg), Derby City Casino in downtown Louisville, The Red Mile, or Turfway Park.