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Those of us involved in sports betting on a regular basis probably understand that in truth, there was never really any "start" point when people began betting on sports. It seems pretty natural to place some kind of wager whenever there is a contest between two different sides, whether it is a competition between individuals or between two different teams.
In reality, you will find records to show that as long as there are already matches between people, on any side, you'll find those 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, simply, sports betting is much more sophisticated than those ancient wagers. All over the world, bookmakers both big and small follow several unique systems which allow them to make money off of people's penchant for punting. Whether we have been talking about professional or amateur leagues, you may bet that you will be able to find someone prepared to take your wager.
It is important to understand that the story of sports betting is just as much about these "middle men" than it really is about the sport one is betting on. Bookies setup their odds based upon very complex mathematical formulas, which help them to ascertain 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 avoid losing their profit. Consequently, they have thought up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts should the team receiving less bets win. Folks who take the "underdogs" stand to win a great deal more money per dollar bet than those who take the favorites.
Similarly, the point spread is used to encourage betting on both sides of any given match. Both methods permit the sports books to come out of each match with some money.
The story of sports betting involves not just book makers, but additionally the law. You may be knowledgeable about the popular image of the bookie; a thug who takes money and also will behave violently when not paid. On the flip side, 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 additionally highly regulated. Governments, and sports bodies as well, desire to protect the honest competitive nature of sports. With the sheer sum 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 in order to receive money from a bookmaker. Laws for example the Professional and Amateur Sports Protection Act aim to prevent this from occurring 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 favorite team; instead, the ability to wager is simply a click of the mouse away.
Not only tend to be more people able to wager on sports through the Internet, the total amount of information available increases the chances of making good bets in a way which 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) continue to be around.
It's safe football online to state that betting on sports is one area which has happened throughout human history, and a thing that will happen as long as you can 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!
