Sports betting in today’s world is a common hobby for several people interested in the online gambling universe. However, it only became so after online sports betting was introduced to audiences. Legal online sports betting is becoming increasingly popular in some countries as several players become full-time professional bettors. The accessibility to this particular gambling avenue is more than ever before. But where did it all start? How did sports betting evolve? Is it worth betting on sports? Today we’re going to answer all these questions for you!
Types of Sports Betting
Sports betting, similar to casino gambling, also has its preset types. The significance of types is best understood because they influence player choices to indulge in the online sports betting industry. We can broadly categorize the types of sports bets through the following elements:
- Game Type. You can make sports bets on numerous types of games. The broad choice lies between betting on team games and games with individual players.
- Bet Type. Several bet types have emerged over time in the industry. The most common are money line, spread, parlays and total bets.
- Odds Style. The style of available odds also affects player choices when betting online. The different kinds of odds are fractional, decimal, and American.
- Betting Market. The betting market is the different leagues like the NHL, NBA, FIFA, LA Liga, and more. Online sports betting sites have several markets for which their online bookmakers make the odds. You can choose from any of them.
- Popularity. The popularity of sports is a factor you don’t generally discuss under sports betting types. However, it’s an important one. The more popular a market is, the more online sports betting news, tips, tricks, hacks, and competition you get for placing bets. In our vast experience, we have noticed that niche sports segments, which are less popular, often hold the capacity to garner better results.
Evolution of Legal Sports Gambling
The evolution of legal sports gambling has been quite an exciting one. We associate the first roots of sports betting with ancient empires, but its origins are still being determined. When we take a deep dive into history, it reveals that sports betting began with a common sport, still popular today, horse racing. People have always loved the concept of gambling in sports.
Ancient Origins
It also has close ties to violence when considering gladiator fights from the Roman Empire. Over time as culture evolved and the world’s social landscape changed, several forms of sports betting became redundant. People discarded violence and imposed strict rules much before modern civilization emerged.
1900s
In the 1900s, sports betting was first legalized in Nevada in 1931. However, due to the lack of oversight, soon, a taboo emerged. During the same time, though, casinos also earned a bad reputation for fraudulent practices, and gambling had become a social evil. Close association with alcohol was also a significant reason for the same. Such a situation suppressed the advent of sports betting for a long time.
Around 1960, the UK legalized sports betting, which became quite popular. Finally, in the 1990s, online sports betting emerged as an alternative to traditional betting.
The 21st Century
Even though sports betting was not on the news headlines then, it was still very much in practice through under-the-table bets from the 1990s to the 2000s. Soon, in 2001, Australia became one of the first countries to legalize online sports betting activities.
The UK Gambling Act came into being in 2005, and online betting immediately exploded due to the added layer of credibility. Then, 14 years later, the US passed a law legalizing online sportsbooks and betting in 2019 (still legal in some states). Following suit, Canada was late to join the club and legalized it in 2021, but only select provinces decided to allow it.
Current Sports Betting Landscape
Since legalization in major markets, sports betting has taken off rapidly. Today it is a huge market consisting of small secondary markets like:
- Sports. Players can choose from numerous sports leagues and types to bet on.
- Odds. Odds are everywhere in the market, with several odds made available by many sites.
- Bookmaker. You can find plenty of bookmakers in every single sportsbook online trying to give you the best odds.
- News. Online sportsbook news and sports betting news are the two most popular categories of news you can tune into for the latest update in the market.
- Expert sites. Handpicking sites that use expert opinions, and statistics, offer top odds, display results, find you the best odds to score top winnings, and more.
- Dedicated sports betting site. Sites where you can open an account, check fixtures, place bets, get the latest stats, earn bonus and promo money, learn team lineups and indulge in live betting.
Market Analysis of the Sports Betting Industry
The sports betting global industry is worth $83.65 billion as of 2022. It indicates that several players are absolute game fans, and it is forever expanding. Currently, sports betting has become so popular that players have easy access to the same from their mobile devices and can download a dedicated sports betting app from the cache of several apps available to game freely.
Several of the best sites also provide attractive incentives to gamblers, such as reward points, loyalty programs, and more. With new types of markets and increasing measures for safe and responsible gambling appearing, our analysis indicates that the industry will soon contribute a significant portion to the global entertainment and e-gaming market.
Types of Sports Betting
Sports betting comprises various types, including:
- Moneyline betting involves selecting the winning team and representing odds by a positive or negative number.
- Point spread betting sets a margin of victory for the favoured team. It allows the bettor to predict that the favoured squad will win by more than the margin or that the underdog will lose by less than the margin.
- Over/under betting predicts whether the game score will be over or under a specific number.
- Proposition betting focuses on specific outcomes of events, like the first goal scorer or the total yards a quarterback will throw for.
- Parlay betting combines multiple bets into one.
- Futures betting predicts the outcome of a future event, like the Super Bowl or the NBA finals.
Conclusion
In conclusion, our review shows that the evolution of sports betting has been quite a journey. From ancient times to the modern technology fuelled betting markets, it still serves as one of the major forms of entertainment and will continue to do so in the coming years.
Further, tax exemptions in sports betting also make it quite attractive for professional bettors. Live betting rounds the market up and offers players a chance to engage in a global community fuelled by the passion of sports like none other!
FAQ
Is Online Sports Betting Legal in My Country?
To ensure that you comply with the law, verifying the legality of online sports betting in your country is important as it differs from jurisdiction to jurisdiction. Some countries have authorized online sports betting, while others have prohibited it or made it available only through state-controlled websites. Therefore, researching and becoming familiar with the regulations and laws that apply to your location before placing bets is essential.
How Do I Choose a Reputable Online Sportsbook?
To select a suitable online sportsbook, opting for a reliable and trustworthy provider is crucial. Conducting thorough research of the company’s track record, customer reviews, and licensing information is necessary. We recommend choosing a sportsbook that provides competitive odds, an extensive range of sports and events to bet on, and dependable customer service.
How Can I Stay Safe While Betting Online?
To ensure safety when betting online, we advise selecting a trustworthy sportsbook and verifying that the website is secure and utilizes encryption to safeguard personal data. Establishing a budget and gambling only with funds you can afford to lose is also crucial. Finally, it is essential to recognize the indications of problem gambling and seek support if necessary to prevent gambling-related harm.
