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Those of us linked to sports betting regularly probably realize that in truth, there was never really any “start” point when folks began betting on sports. It appears pretty natural to place some sort of wager whenever there’s a contest between two different sides, whether it is a competition between individuals or between two different teams.
The truth is, you will find records to show that as long as there have been matches between people, on any side, you’ll find folks 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, keep in mind, sports betting is much more sophisticated than those ancient wagers. All over 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 are discussing professional or amateur leagues, you may bet that you will be able to find someone willing to take your wager.
It’s vital to realize 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 based upon very complex mathematical formulas, which help them to find out how also they can generate 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. So, they have thought up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts when the team receiving less bets win. Men and women who take the “underdogs” stand to win a great deal additional money per dollar bet than individuals 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 money.
The story of sports betting involves not just book makers, but in addition the law. You might be experienced with the popular image of the bookie; a thug who takes money and may behave violently when not paid. However, 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 is additionally highly regulated. Governments, and sports bodies also, 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 type 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 read this post from Ucsd from taking place by prohibiting sports betting in certain cases and places.
As always, the next chapter in the story of sports betting may make such efforts moot. Today, sports books are among those businesses that have capitalized on the opportunities available online. Bettors in North America no longer need to make the trip to Vegas in order to put some cash down on their own favorite team; instead, the ability to wager is just a click of the mouse away.
Not simply will be more people able to wager on sports over the Internet, the amount of information available increases the prospects of making good bets in a way which has never been seen before. Bear in mind, the information also implies that books will be able to compensate, however the opportunities for making some serious money (at some risk) will still be out there.
It’s safe to claim that betting on sports is a thing which has happened throughout human history, and an issue that shall happen as long as you will find competitions between people. Today, the internet has taken the story of sports betting to the next level; the end of that chapter has yet to be written!
