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Those of us linked to sports betting frequently probably recognize 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 it is a competition between individuals or between two different teams.
In reality, see there are records to show that as long as there have been matches between people, on any side, you will discover people 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, as always, sports betting is a lot more sophisticated than those ancient wagers. All around 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 have been discussing professional or amateur leagues, you may bet that you will be able to find someone prepared to take your wager.
It’s important to realize 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 upon very complex mathematical formulas, which help them to to ascertain how they may make a profit off of people’s bets. They do not want too much “action” (money wagered) on one side or another, 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 that take the “underdogs” stand to win a lot more money per dollar bet than individuals who 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 money.
The story of sports betting involves not simply book makers, but additionally the law. You may be acquainted with the popular image of the bookie; a thug who takes money and will behave violently when not paid. Alternatively, there are plenty 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 is additionally 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 can be tempting for players to forget about competition in favor of a bribe or any other type of payout. The history of most sports contains stories of players throwing games to be able to receive money from a bookmaker. Laws for example the Professional and Amateur Sports Protection Act aim to prevent this from occurring 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 money down on their favorite team; instead, the ability to wager is simply a click of the mouse away.
Not simply tend to be more people able to wager on sports over the Internet, the total amount of information available increases the chances of making good bets in a way which has never been seen before. Simply, the information also means that books are able to compensate, but the opportunities for making some serious money (at some risk) continue to be available.
It’s safe to say that betting on sports is one area that has happened throughout human history, and a thing that will happen as long as there are 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!
