Historical Facts About Sports Gambling That Are Sure To Enthral You!

Millennials today will be unable to comprehend the hardships faced by sports gamblers over the years. With many network TV programs, major podcasts, and advertisements along the road, it has become commonplace in sports culture today, but it wasn’t always accessible.

As most people have come to believe, if there is an illegal market enterprise, the government needs it shut down. As they did with alcohol in the 1920s, legislators also found that making it legal is more beneficial. This post will go over several historical gambling facts and clarify why they are important in bringing us to where we are now.

The history of sports betting

Sports betting was first recorded more than 2,000 years ago. Because of their passion for athletics, the Greeks were the first to bring the Olympics to the international community and the first accounts of betting on competitive sports.

Sports betting expanded to ancient Rome through the Greeks, where it was finally tolerated and even legalised. Romans placed bets on gladiator fights. In fact, and long after this archaic sport ceased to exist, gambling persisted and extended to many other kingdoms.

Some religious figures attempted to pass legislation against it during the Middle Ages. When new sporting events were introduced to the public, this pushed sports betting undercover, where it continued to exist and even flourish.

Gambling became very common in England later in history, manifested through horse race betting. The English brought the practice to the rest of the world, especially the United States, where it immediately became a popular pastime.

All in all, gambling has grown in popularity worldwide and is now very widespread, especially in Europe, which has become the largest sports betting market.

The number of sports events on which people can bet has also increased, boosting the wide acceptance of sports betting. Some of the sports that are popular today did not exist even a few decades earlier. Today, wagers on a wide range of sporting events are available, ranging from Cricket World Cup to Rugby league and anything in between.

Sports betting is now not just a harmless pastime but also a multibillion-dollar industry that generates massive revenues for sportsbooks and online casinos all over the world.

The proportion of people involved in sports gambling

Calculating what proportion of the population wagers on sports is a difficult task. People gamble in a variety of ways, and it is not always easy to track. However, most figures say that approximately 80% of the demographic has bet on sports in some form or another.

While the figure of 80% seems big, bear in mind that fantasy games are counted in the figure, which may account for a large portion of those who aren’t traditional sports bettors. On the other hand, gambling is described as the risking of capital in the hopes of winning more cash.

It is impossible to ignore the Black Sox scandal

The black sox scandal, which shook the sports and gambling community in 1919, must be included in any discussion regarding the history of sports gambling. Several Chicago White Sox players—eight in total—took cash from gamblers in return for “throwing” the tournament or intentionally losing.

Whereas most people have moved on from the events of more than a century ago, the repercussions can still be felt in many respects in the world of sports betting. The scandal served as a stark example of the dangers of sports betting, prompting increased scrutiny and oversight of pro sports.

Legality and the industry are both constantly increasing

In the not-too-distant past, sports betting was prohibited in all states except Nevada. What seemed like a pipe dream a few years ago is now a fact in hundreds of states around the US. Ten states have completely regulated sports betting as of fall 2019. Nearly every other state is considering legislation, and many more states are likely to join the legalisation campaign in the coming years.

It is a massive industry that’s only getting bigger. The money wagered represents the excitement as legalisation expands and public opinion begins to change. According to experts, the industry will expand at a rate of about $10 billion per year, reaching nearly $60 billion by next year. Those are the most conservative figures. If there isn’t any credible evidence to back it up, there’s little doubt that tens of billions of dollars are bet illegally per year that a single agency doesn’t monitor.

Football reigns supreme

Football, particularly the NFL, is by far the most widely bet sporting competition regarding both capital and total participants, which should come as no surprise. Basketball is the second most common sport, accounting for around 30% of all games played. Baseball is the next most widely accepted sport, with 25% of all stakes.

Sports betting online 

The invention of the internet has accelerated the development of sports betting more than any other element. Sports betting was common before the internet but not nearly as prevalent as it is now. People can place stakes at any time, from anywhere on any device, thanks to the internet. Consequently, sports betting has grown in popularity in recent years and continues to do so year after year.

Therefore, there is no longer a need to go to a sportsbook to position your bets or even to attend sporting competitions to enjoy sports betting. You could now place bets when watching live events on television from the comfort and privacy of your home.

You can watch the betting odds changing with online betting, which means you can pick the ideal betting options as the match progresses, which is particularly useful when betting live. It is now feasible to bet on almost any activity anywhere in the world.

Live betting is more common than you would think

If you did not submit your picks before the game’s start, you are not alone! According to statistics, almost a quarter of all money wagered on sporting activities is wagered in-game. Since online sportsbooks make gambling in real-time simple and convenient, live gambling, or bets made while the match is in action, is becoming more common. Some people use live betting to cover up for losses from poor bets made well before a match, whereas many use this to enable more intelligent plays based on what they have already observed in the game.

When you are struggling to decide before the start of a game, consider live betting; everyone does it!

Final thoughts

Sports gambling has grown in popularity as it has become more available to everyone over the age of 18 or 21 who has access to the internet and a bank balance. It is difficult to say when or whether the exponential growth will slow down as it becomes more incorporated into popular culture.

Going forward, it will also be fascinating to observe how the industry adapts and develops in response to changing circumstances.