Sports betting history:-
Sport betting first started when people started to place bets on horse racing. It started in 19 century when the rich made bets on the horses. The bets first made were called auctioning off bets. This betting type did not last very long as the bettor could not bet if the horse they want to wager was taken. Later another betting system came into the picture known as bookies. Bookies are a group of people who helped bettor make bets on the odds and had bigger return value for the bookie. It worked as – when a lot of bets were made on one horse, the bookmaker would lower the odds on the other horses so that other bettors would make wager on them. As a result the bookies gained a lot of profit. This sports betting technique has been used since then.
According to the research almost 80% of the gamblers lose out on their betting money, leaving with only 20% of the total bettors who actually make a profit. Sports betting has gained so much of popularity and is considered to be one of the highly profitable industry with turnover of $200 million.
With the advent of internet, this industry has seen more boom as everyone who first hesitated in revealing their identity can now play from their homes keeping their anonymity. Many bookmakers have their online betting systems that help the new bettors make more informed decisions.