Nowadays, many people place bets on sports. It is an exciting and varied hobby for anyone interested in sports. But what exactly is sports betting and who invented it? Here is our introduction to sports betting for aspiring tipsters.
Definition of sports betting
Let’s first look at the term “bet” in Duden. It’s about the agreement between two people (or parties). A sports bet works a little differently: two parties make an agreement that a sporting event will have one outcome or another. A sports bet is therefore a special form of bet. And two parties are usually the player and the bookmaker (betting office, betting office, online bookmaker, etc.). Basically, sports betting is a game of chance, but it is the so-called game of chance with a competency component.
History of sports betting from ancient times to the present
According to records, sports betting existed as early as ancient Greece and the Roman Empire. The ancient Greeks bet gold on the outcome of the Olympic Games, and in the Roman Empire it was common to bet on the outcome of gladiator fights. The Romans even had sports betting laws.
After the Greeks and Romans, sports betting fell into obscurity. In the Middle Ages it was even considered something morally reprehensible. Sports betting only experienced a new wave of popularity in England in the 18th century. It was the bets placed on horse racing. In the late 18th century, William Ogden began taking bets on horse racing.
The first betting office opened in England in the middle of the 19th century. What is interesting is that some betting providers that were created at this time still exist today. And following the English example, people in other European countries have also started betting on horse racing.
In the 20th century, betting on football overtook horse betting, and at the end of the 21st century, the golden era of sports betting began with the development of the Internet. Thanks to the Internet, you can look forward to betting around the clock and place bets on multiple sports.
Tips for getting started with online sports betting
The range of betting providers and bets makes betting on sports very varied today. Now you have to take a few important things into account, especially betting odds and reliability of the betting provider. Betting odds are the probability of the possible outcome of a sporting event calculated by the bookmaker. For every bet on the betting provider’s website you will find the betting odds in the form of a decimal odds or a fractional odds.
These are two world-famous formats for betting odds in sports betting. And you can use this number to calculate the payout percentage, i.e. the bettor’s profit if the bet is won. So betting odds are actually the heart of betting on sports. Since the betting odds for the same sporting event differ between different betting providers, it is advisable to select the highest (best) odds for the sporting event. The higher the odds, the higher the payout. And it is very important to choose a good bookmaker with a license.
License is the document issued by a gambling authority. The licensed betting provider is safe and meets several security criteria (secure payment methods, SSL encryption, etc.). And before you make your first sports bet, you of course have to find out about the upcoming sporting event, teams, statistics and various betting options.