Essay: Betting in Sports
The basics of betting on sports are not very different from the betting that takes place in other various fields, such as horse wagering. The concept basically is founded on the same principles, where the outcome of a particular event is predicted and a wager is placed on it accordingly.
The history of betting can be traced back to time immemorial, from the coliseums that saw some of the wildest and biggest tournaments and some of the most ferocious kind of betting to the modern day, where betting of the informal and formal kind takes place in almost all parts of the world. In the States, organized sports betting first came into formation during the 19th century, when the horse racing culture suddenly came into the limelight and revolutionized the sporting arena. However, betting as a regular activity was sparked during the early 20th century, where this recreational movement was made more accessible to the lower and middle classes. At that time the auction system was used, where the bettors themselves had the power to automatically set the odds, by betting on a lot that showcased one particular horse in one particular given race. The winner would then win the full amount betted. However, this system had its limitations, such as being able to only bet only on a number of horses in the entire lot, therefore, the idea of offering odds on each horse was taken up. This then became popular in other sporting arenas, such as the boxing and football games, but even despite that, the setting of the odds accurately was an almost impossible task every time and could cause the bookies to lose a lot of money if the strategizing went awry.
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