Those of us associated with sports betting frequently probably understand fantastic soccer 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.
In fact, there are records to show that as long as there are already matches between people, on any side, you’ll find folks 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, as always, sports betting is a lot more sophisticated than those ancient wagers. All over the world, bookmakers both big or small follow a number of different systems which permit them to earn money off of people’s penchant for punting. Whether we are speaking about professional or amateur leagues, you may bet that you’ll be able to find someone prepared to take your wager.
It’s important to understand that the story of sports betting is just as much about these “middle men” than it’s about the sport one is betting on. Bookies setup their odds according to very complex mathematical formulas, which enable them to to find out how also they can make money 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. For this reason, 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 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 cash.
The story of sports betting involves not just book makers, but in addition the law. You are likely knowledgeable about the popular image of the bookie; a thug who takes money and will behave violently when not paid. Alternatively, there are several 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 can be tempting for players to forget about competition in favor of a bribe or 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 look to prevent this from happening by prohibiting sports betting in certain cases and places.
Of course, 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 to be able to put some money down on their own favorite team; instead, the ability to wager is just a click of the mouse away.
Not simply tend to be more people able to wager on sports over the Internet, the amount of information available increases the chances of making good bets in a way that has never been seen before. Keep in mind, the information also means that books will be able to compensate, though the opportunities for making some serious money (at some risk) will still be out there.
It’s safe to say that betting on sports is one thing which has happened throughout human history, and something that will happen as long as you’ll 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!