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Those of us involved with sports betting regularly probably recognize that in truth, there was never really any “start” point when people began betting on sports. It appears pretty natural to place some sort of wager whenever there’s a contest between two different sides, whether it is a competition between individuals or between two different teams.
The truth is, you can find records to show that as long as there are already matches between people, on any side, you’ll find 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, remember, sports betting is a lot more sophisticated than those ancient wagers. All over the world, bookmakers both big or small follow many different systems which allow them to earn money off of people’s penchant for punting. Whether we are discussing professional or amateur leagues, you can bet that you’ll be able to find someone prepared to take your wager.
It is critical to recognize that the story of sports betting will be as much about these “middle men” than it really is about the sport one is betting on. Bookies set up their odds based on very complex mathematical formulas, which help them 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 prevent losing their profit. For this reason, they have thought up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts should the team receiving less bets win. Folks 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 associated with any given match. Both methods allow the sports books to come out of each match with some money.
The story of sports betting involves not just book makers, but also the law. You’re probably knowledgeable about the popular image of the bookie; a thug who takes money and may behave violently when not paid. Alternatively, there are several 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 can also be highly regulated. Governments, and sports bodies as well, desire to protect the honest competitive nature of sports. With the sheer amount of cash being bet on the outcome of games, it can be tempting for players to forget about competition in favor of a bribe or any other sort of payout. The history of most sports contains stories of players throwing games so that you can receive money from a bookmaker. Laws for example the Professional and Amateur Sports Protection Act look to prevent this from occurring by prohibiting sports betting in certain cases and places.
Bear in mind, 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 as a way to put some money down on their own favorite team; instead, the capability to wager is simply a click the next internet page of the mouse away.
Not just 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. Keep in mind, the information also implies that books will be able to compensate, but the opportunities for making some serious money (at some risk) are nevertheless out there.
It’s safe to claim that betting on sports is something which has happened throughout human history, and a thing that shall happen as long as you can find competitions between people. Today, the web has taken the story of sports betting to the next level; the end of that chapter has yet to be written!
