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Those of us involved in sports betting on a regular basis probably realize that in truth, there was never really any "start" point when people began betting on sports. It appears pretty natural to place some kind of wager whenever there is a contest between two different sides, whether or not it is a competition between individuals or between two different teams.
Actually, there are records to show that as long as there have been matches between people, on any side, there are 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 once they are watching a competition.
Today, as always, sports betting is much more sophisticated than those ancient wagers. All over the world, bookmakers both big and small follow several different systems which allow them to make money off of people's penchant for punting. Whether we are discussing professional or amateur leagues, you may bet that you'll be able to find someone willing to take your wager.
You need to understand that the story of sports betting is simply as much about these "middle men" than it is about the sport one is betting on. Bookies set up their odds according to very complex mathematical formulas, which help them to find out 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 i thought about this up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts in the event the team receiving less bets win. Folks that take the "underdogs" stand to win a great deal more 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 enable the sports books to come out of each match with some cash.
The story of sports betting involves not only book makers, but in addition the law. You are likely experienced with the popular image of the bookie; a thug who takes money and can behave violently when not paid. Conversely, 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 is also highly regulated. Governments, and sports bodies as well, desire to protect the honest competitive nature of sports. With the sheer total 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 sort of payout. The history of most sports contains stories of players throwing games as a way to receive money from a bookmaker. Laws for example 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 that 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 own favorite team; instead, the ability to wager is just a click of the mouse away.
Not simply are 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. Bear in mind, the information also means that books are able to compensate, however the opportunities for making some serious money (at some risk) are nevertheless out there.
It's safe to state that betting on sports is one thing that has happened throughout human history, and something that shall happen as long as there are 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!