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Those of us associated with sports betting on a regular basis probably recognize that in truth, there was never really any “start” point when individuals began betting on sports. It appears pretty natural to place some sort of wager whenever there is a contest between two different sides, whether or not it is a competition between individuals or between two different teams.
The truth is, you will find records to show that as long as there have been matches between people, on any side, you can 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 once they are watching a competition.
Today, as always, sports betting is significantly more sophisticated than those ancient wagers. All over the world, bookmakers both small or large follow a number of different systems which permit them to earn money off of people’s penchant for punting. Whether we are speaking about professional or amateur leagues, you may bet that you’re going to be able to find someone willing to take your wager.
It is important to understand that the story of sports betting is simply as much about these “middle men” than it’s about the sport one is betting on. Bookies setup their odds determined by very complex mathematical formulas, which help them to to determine how they may generate a profit off of people’s bets. They do not want too much “action” (money wagered) on one side or another, in order 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 the team receiving less bets win. Folks who take the “underdogs” stand to win a whole lot additional money per dollar bet than those who take the favorites.
Similarly, the point spread is used to encourage betting on both sides of the given match. Both methods allow the sports books to come out of each match with some money.
The story of sports betting involves not only book makers, but in addition the law. You are probably acquainted with the popular image of the bookie; a thug who takes money and may behave violently when not paid. Conversely, there are many 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 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 in order to receive money from a bookmaker. Laws such as the Professional and Amateur Sports Protection Act seek to prevent this from happening 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 which have capitalized on the opportunities available online. Bettors in North America no longer need to make the trip to Vegas in order to put some money down on their own favorite team; instead, the ability to wager is simply a please click the next website page of the mouse away.
Not just will be more people able to wager on sports through the Internet, the total amount of information available increases the probability of making good bets in a way which has never been seen before. As always, the information also means that books are able to compensate, although the opportunities for making some serious money (at some risk) are nevertheless around.
It’s safe to say that betting on sports is something which has happened throughout human history, and an element that shall happen as long as there are actually 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!
