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Those of us involved with sports betting regularly probably understand that in truth, there was never really any “start” point when folks began betting on sports. It seems pretty natural to place some kind of wager whenever there’s a contest between two different sides, whether or not it is a competition between individuals or between two different teams.
Actually, there are actually records to show that as long as there have been matches between people, on any side, you can find those 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, of course, sports betting will be much more sophisticated than those ancient wagers. All over the world, bookmakers both big and small follow a number of different systems which permit them to make money off of people’s penchant for punting. Whether we have been speaking about professional or amateur leagues, you may bet that you’ll be able to find someone prepared to take your wager.
It’s vital to realize that the story of sports betting is simply as much about these “middle men” than it really is about the sport one is betting on. Bookies setup their odds according to very complex mathematical formulas, which help them to to ascertain how they can make money off of people’s bets. They do not want too much “action” (money wagered) on one side or another, to avoid losing their profit. Therefore, they have thought up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts in the event the team receiving less bets win. Individuals who take the “underdogs” stand to win a great deal more money per dollar bet than folks that take the favorites.
Similarly, the point spread is used to encourage betting on both sides of the given match. Both methods enable the sports books to come out of each match with some cash.
The story of sports betting involves not just book makers, but additionally the law. You’re probably knowledgeable about the popular image of the bookie; a thug who takes money and also will behave violently when not paid. On the contrary, there are lots 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 can also be highly regulated. Governments, and sports bodies also, desire to protect the honest competitive nature of sports. With the sheer amount 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 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 attempt to prevent this from occurring by prohibiting sports betting in certain cases and places.
Remember, the next chapter in the story of sports betting may make such efforts moot. Today, sports books are among those businesses which have capitalized on the opportunities available best online gambling. Bettors in North America no longer need to make the trip to Vegas as a way to put some cash down on their own favorite team; instead, the capability to wager is simply a click of the mouse away.
Not simply tend to be more people able to wager on sports throughout the Internet, the amount of information available increases the prospects of making good bets in a way which has never been seen before. Of course, the information also implies that books will be able to compensate, though the opportunities for making some serious money (at some risk) remain out there.
It’s safe to say that betting on sports is something which has happened throughout human history, and something that shall happen as long as you will 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!
