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Those of us involved with sports betting frequently probably realize 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 is a contest between two different sides, whether or not it is a competition between individuals or between two different teams.
In reality, there are actually records to show that as long as there have been matches between people, on any side, you will find individuals who 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, bear in mind, sports betting is significantly more sophisticated than those ancient wagers. All around the world, bookmakers both big and small follow several different systems which permit them to earn money off of people’s penchant for punting. Whether we have been discussing 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 recognize 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 based upon very complex mathematical formulas, which help them 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. So, 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. People who take the “underdogs” stand to win a lot additional money per dollar bet than folks who take the favorites.
Similarly, the point spread is used to encourage betting on both sides associated with any given match. Both methods permit the sports books to come out of each match with some cash.
The story of sports betting involves not only book makers, but in addition the law. You might be familiar with the popular image of the bookie; a thug who takes money and will behave violently when not paid. On the other hand, 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 can also be highly regulated. Governments, and sports bodies as well, desire to protect the honest competitive nature of sports. With the sheer amount 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 aim to prevent this from happening by prohibiting sports betting in certain cases and places.
Simply, 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 online. Bettors in North America no longer need to make the trip to Vegas so that you can put some cash down on their own favorite team; instead, the capability to wager is simply a click of the mouse away.
Not only will be more people able to wager on sports throughout the Internet, the amount of information available increases the probability of making good bets in a way which has never been seen before. Simply, the information also implies that books are able to compensate, although the opportunities for he said making some serious money (at some risk) are still around.
It’s safe to state that betting on sports is one thing that has happened throughout human history, and something that will happen as long as there are actually 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!
