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Those of us involved in sports betting frequently 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 is a contest between two different sides, whether it is a competition between individuals or between two different teams.
The truth is, you’ll find records to show that as long as there happen to be matches between people, on any side, you will discover people 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 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 small or large follow a number of different systems which permit them to earn money off of people’s penchant for punting. Whether we have been speaking about professional or amateur leagues, you can bet that you’re going to be able to find someone willing to take your wager.
You need 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 set up their odds according to very complex mathematical formulas, which help them to to determine how they can make 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. Therefore, 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 great deal extra money per dollar bet than men and women who take the favorites.
Similarly, the point spread is used to encourage betting on both sides of any 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 in addition the law. You are likely acquainted with the popular image of the bookie; a thug who takes money and will behave violently when not paid. However, there are various 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 additionally 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 may 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 such as the Professional and Amateur Sports Protection Act look to prevent this from happening by prohibiting sports betting in certain cases and places.
Bear in mind, 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 as a way to put some money down on their favorite team; instead, the ability to wager is simply a click of the mouse away.
Not only tend to be more people able to wager on sports over the Internet, the amount of information available increases the probability of making good bets in a way that has never been seen before. Bear in mind, the information also means that books are able to compensate, but the opportunities for making some serious money (at some risk) are still around.
It’s safe soccer to claim that betting on sports is one thing which has happened throughout human history, and an element that shall happen as long as you will find 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!
