Those of us involved in sports betting frequently probably understand that in truth, there was never really any “start” point when individuals began betting on sports. It seems pretty natural to place some kind of wager whenever there is a contest between two different sides, whether it is a competition between individuals or between two different teams.
In fact, you can find records to show that as long as there are already matches between people, on any side, you will discover individuals that want to add some excitement to the competition through wagering. From the gladiatorial contests in ancient Rome to foot races on North America’s Great Plains, all cultures have put bets involving money or goods when they are watching a competition.
Today, keep in mind, sports betting is significantly more sophisticated than those ancient wagers. All around the world, bookmakers both big and best gambling small follow a number of different systems which allow them to make money off of people’s penchant for punting. Whether we are talking about professional or amateur leagues, you may bet that you will be able to find someone ready to take your wager.
It’s important to recognize that the story of sports betting is just as much about these “middle men” than it is about the sport one is betting on. Bookies setup their odds according to very complex mathematical formulas, which enable them to to find out how also they can generate a profit off of people’s bets. They don’t want too much “action” (money wagered) on one side or another, to avoid losing their profit. Consequently, they have thought up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts if your team receiving less bets win. Individuals that take the “underdogs” stand to win a whole lot additional money per dollar bet than individuals that take the favorites.
Similarly, the point spread is used to encourage betting on both sides of the given match. Both methods permit the sports books to come out of each match with some money.
The story of sports betting involves not simply book makers, but additionally the law. You are likely familiar with the popular image of the bookie; a thug who takes money and will behave violently when not paid. However, there are plenty of legal, above board sports books today who are legally sanctioned to take sports bets. In North America, all of these books run out of Las Vegas.
In other areas of the world, sports betting is legal but is also highly regulated. Governments, and sports bodies also, desire to protect the honest competitive nature of sports. With the sheer sum of money being bet on the outcome of games, it may be tempting for players to forget about competition in favor of a bribe or other type of payout. The history of most sports contains stories of players throwing games so that you can receive money from a bookmaker. Laws such as the Professional and Amateur Sports Protection Act look to prevent this from occurring by prohibiting sports betting in certain cases and places.
Simply, the next chapter within the story of sports betting may make such efforts moot. Today, sports books are among those businesses that have capitalized on the opportunities available online. Bettors in North America no longer need to make the trip to Vegas so that you can put some money down on their own favorite team; instead, the ability to wager will be a click of the mouse away.
Not simply are more people able to wager on sports over the Internet, the amount of information available increases the chances of making good bets in a way that has never been seen before. Of course, the information also means that books are able to compensate, however the opportunities for making some serious money (at some risk) remain around.
It’s safe to state that betting on sports is something that has happened throughout human history, and an issue that shall happen as long as you will discover competitions between people. Today, the net has taken the story of sports betting to the next level; the end of that chapter has yet to be written!