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Those of us associated with sports betting regularly probably realize that in truth, there was never really any "start" point when individuals began betting on sports. It seems 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.
In reality, you can find records to show that as long as there happen to be matches between people, on any side, there are men and women 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 once they are watching a competition.
Today, keep in mind, sports betting is a lot more sophisticated than those ancient wagers. All over the world, bookmakers both small and big follow many different systems which permit them to make money off of people's penchant for his explanation punting. Whether we are talking about professional or amateur leagues, you may bet that you'll be able to find someone ready to take your wager.
It is important to recognize that the story of sports betting is simply as much about these "middle men" than it really is about the sport one is betting on. Bookies setup their odds based on very complex mathematical formulas, which enable them to to find out how they can make money off of people's bets. They do not want too much "action" (money wagered) on one side or another, to prevent 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 if the team receiving less bets win. People that take the "underdogs" stand to win a whole lot 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 allow the sports books to come out of each match with some cash.
The story of sports betting involves not just book makers, but additionally the law. You might be acquainted with the popular image of the bookie; a thug who takes money and will behave violently when not paid. On the other hand, 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 can also be highly regulated. Governments, and sports bodies as well, 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 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 aim to prevent this from taking place by prohibiting sports betting in certain cases and places.
Keep in mind, the next chapter within 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 capability to wager will be a click of the mouse away.
Not just tend to be more people able to wager on sports through the Internet, the total amount of information available increases the prospects of making good bets in a way that has never been seen before. Of course, the information also implies that books are able to compensate, though the opportunities for making some serious money (at some risk) are nevertheless available.
It's safe to claim that betting on sports is one area that has happened throughout human history, and an element that shall happen as long as you will find 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!
