The Evolution of Sports Betting- from the First Bookmaker to the Online Platforms
Before the Victorian age, bets were made between men, under the gentleman’s agreement. Two people had to bet against each other with a mutual trust that they would pay up. There were no legal agreements to formalize the bets, and odds and the market setting didn't exist. Most of the betting was done in a binary way. Horse racing grew fast from the mid-18th century, which took betting to a new level.
The Emergence of the First Bookmaker
A bright Lancashire's entrepreneur, Harry Ogden set up a pitch on Newmarket Heath in the 1790s. Since he was close to the famous racecourse, he and his punters could see the race take place. Upon realizing that some horses were better than others, he priced them differently across the field, which offered punters choices. They could wager tactically, going for more security by either betting on an outsider or backing their favorite. The strategy made it possible for them to expect healthy payouts if they won the bet. Ogden had to strike a balance in his business, which allowed him to build a profit without ripping off the punters.
Sports Betting Becomes Legal
In 1190, Richard I made the earliest betting laws in Britain. These laws would determine maximum liabilities for a wager between two people while defining which person was legally entitled to have a wager. However, by 1745, betting was only restricted to pub sports such as darts and roulette. These laws were difficult to enforce and by the following centuries, betting had turned rife.
The Development of Football Betting
After horse and greyhound racing as betting products, the first football pools came in 1923. John Moore established these pools in Liverpool. They offered working-class men an opportunity to bet on football. Bettors had to wager very little for a chance to win huge rewards. This type of betting created a national obsession.
Football pools remained a popular weekly betting coupon until 1994 when the National Lottery superseded them in the hearts of the country. People can still bet on football pools today.
Betting Shops Become Legal
In 1960, the Betting and Gaming Act came into effect, which permitted wagering on greyhounds and racing to happen in shops countrywide. These shops acted as the first retail bookmakers, and the laws allowed betting companies to expand exponentially. They also gave them chances for more customers to help them increase their revenues.
The Rise of the Internet and Online Sports Betting
In 1995, the first online sports betting sites were launched. One such site was Intertops, which followed the laws passed by the Antigua and Barbuda island nation. Its creation followed the 1994 move to grant licenses to companies wishing to offer betting services online. Such companies received licenses from Malta Quebec or the Kahnawake.
Online sports betting became popular instantly as it offered bettors reliability, privacy, and accessibility. They could now bet on their favorite sports from the comfort of their homes or wherever they could access a computer and a stable internet connection.
In 2000, Betfair came along revolutionizing the betting industry. Instead of taking players’ bets, Betfair offered them an opportunity to bet between them. The move made peer-to-peer betting an instant hit worldwide.in 2002, players could finally make live bets on their favorite sports as they took place.
Today, players can place bets on a wide range of sports, including football, tennis, basketball, or even boxing. These sports are either between two players or teams. Players can choose an objective, which could be a final score in a match or the number of goals scored by the end of the game. Then, they finalize their bets by selecting the amount they wish to bet and pray that all odds are in their favor.
Involvement of Online Casinos in the Progress of Online Sports Betting Industry
Sports are loved by people worldwide, which has contributed to the high popularity of sports betting. Whether you are a football fanatic who is always following the happenings in the English Premier League, or you love the adrenaline rush from motorsports, there is a game for everyone to wager on at online casinos.
Online casinos have made it possible for more people to bet on sports by offering them various betting options. Now, you can bet on your favorite sport from your mobile device, stream the game live and make live bets. Online casinos offer players reliability and flexibility when betting on sports, which sits well with them. Betting has never been this fun and easy as players can place wagers from anywhere in the world effortlessly, also thanks to mobile devices and the internet.