Sports Betting History
Since time immemorial man has always been interested in placing wagers on the outcomes of games. Sometimes these wagers were for outcomes other than cash, such as prizes. A definition of sports betting is perhaps best explained as: ‘Anticipating the outcome of sports results by placing bets on such sporting events.’ This is the broadest definition of sports betting, and the concept itself is as old as the hills.
Going back in time
In recent history, it was horse racing which enjoyed tremendous popularity amongst punters. During the course of the 19th and 20th century this particular sport was wagered on by people of noble stature – the upper-crust of society. It has been noted, in the United States in particular, that following the Civil War, horse racing became a gambling pastime that was no longer the privilege of the wealthy. In fact all along the eastern shore of the USA, horse racing tracks began to appear and the game became an immensely popular attraction for many people.
And it was the bookies/bookmakers that made a pretty penny during these times, as they do today. Initially in the olden days, they would set up what were essentially auction pools whereby wagers for each horse were auctioned off. The problem with this type of betting was that there was only a limited supply of bets – owing to the limited number of horses on the track. Thus this concept soon lost all support as punters and bookies began to seek better ways of placing and taking wagers. So the crafty bookies decided to gain leverage on proceedings by implementing betting odds.
Betting odds uncovered
Because the bookies were setting the potential payouts, they were better able to increase their own yield. So when a horse was heavily wagered on, bookies would decrease its potential yield and up the yield on other horses. This process continued down the line. It still remains a very popular way of ‘selling’ bets on horses to punters. Horse racing per se has in fact remained a very popular sports betting option, although other sports are now far more popular to wager on.
From horses and courses to rings, fields, tracks and more
The literal explosion in variety and scope of sports available today means punters can place wagers on any number of sports they desire. Options include football, baseball, boxing, cricket, luge, archery, darts and an absolute glut of others. Sports betting has become so detailed that it’s no longer about wins and losses, it’s about spread betting, outside bets, teasers, progressive parlays, goal line bets, long shots, odd bets, point spread, future wagers and totalizators. This is truly the dawning of a new age in sports betting.