The Scottish Football League Third Division was established in 1923 and constitutes the lowest league in professional Scottish football from which there is no relegation. The Scottish Third Division, as it is more commonly known, comprises just ten teams, who play each other a total of four times (twice both home and away) over the course of a season. Although there is no relegation from the Scottish Third Division, which removes a significant element of sports betting, there is plenty to play for in respect of promotion to the Scottish Second Division. Indeed, the Champions are automatically promoted at the end of the season, whilst the 2nd, 3rd and 4th placed teams will enter into a play-off tournament with the 9th placed team of the Scottish Second Division in order to decide the final promotion spot (or survival in the case of the 9th placed Second Division team winning).

The 2008-09 Scottish Third Division champions are Dumbarton and the teams currently entered into the 2009-10 season consist of Albion Rovers, Annan Athletic, Berwick Rangers, East Stirlingshire, Elgin City, Forfar Athletic, Livingston, Montrose, Queen's Park and Stranraer. Livingston are bookmakers' favourites to win the 2009-10 season at odds of 8/5, which is partly due to the fact that the club was relegated to the Scottish Third Division from the Scottish First Division due to the club's insolvency. In fact, as of the 28th October 2009, Livingston was placed below East Stirling and Albion Rovers in the league, who attract odds of 10/3 and 15/2 respectively. Other sports betting activities relating to the Scottish Third Division include those affecting overall top goal scorers and individual games, which also include bets on half-time and full-time results.