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In order to understand how online sports betting works, it is necessary to first acquaint ourselves with the basic ‘sports betting’ concept. Turns out that the sports betting concept is actually not hard to understand, as it involves trying to predict which teams, or players (or animals, in case of animal sports like horse racing) is prone to win any given event, and after that putting some cash against that prediction alongside another person (or a number of other people) with the opposite prediction, so that within the event of your prediction coming true, you get to pocket what your opponents had put down – with regard to money – against their bets; with the opposite happening within the event of your prediction turning out to be wrong, where it is you who could have to pay the person (or people) you were betting against the amounts you had bet for in the event that their prediction turns out to be the true one.
Sports betting is not a new undertaking. Indeed you can find recorded instances in history going very far back of individuals betting away huge fortunes in certain sports events. In more recent times, however, sports betting came to be so widespread and prolific that a business was born of it, the business in question here being the bookmaking business, which tries to ‘spread the risk’ in sports betting which without the intervention of the bookmaker, would be a really risky undertaking indeed as people here bet against events over which they have absolutely no control (unless they engage in ‘game fixing’ which is recognized as immoral).
As with any facets of human life, sports betting has been greatly influenced through the ‘Internet revolution’ that has taken place over the final two decades or so – which is out of this, precisely, that online sports betting was borne.
At its core, online sports-betting is a result of ingenious leveraging of traditional sports-betting, bookmaking and the tools of technology which make it possible for people partaking in it to bet on events taking part all over the world.
As a result of the bookmaking element on it, online sports-betting is usually one of ‘spread out risks’ rather than the traditional ‘winner takes it all’ sort – to ensure that odds of the various teams, players or animals one is betting on winning a particular sporting event are worked-out, then priced (as in, a lot of dollars per odd) in order that ultimately, you find yourself betting for or against ‘so many ‘odds-points’ of a certain team, player or animal winning. This way, it’s still possible for the team, player or animal you bet on to lose the event, and you still get to earn something out of your ‘wrong prediction.’ Put one other way, this really is about betting for or against each (calculated) odd of the team, player or animal winning, rather than betting for or against the entire possibility of the team player or animal winning – which would be a rather risky ‘winner takes all’ scenario.
Online sports-betting has received a big push from the very fact that sports betting itself is illegal in several parts of the world (for instance, in most states of America), to ensure that it really is only by going online that sports-betting enthusiasts in those parts of the world can usually get to engage in this activity. It really is, on the flip side, fantastic football also worthy noting that some of the online sports betting web sites may not allow participants from the parts of the world where sports betting is illegal to be their members; out of a fear for legal reprisals, hence the restrictions they often put on members, however cunning people usually find ways of circumventing these.
