Those of us involved in sports betting on a regular basis probably realize that in truth, there was never really any “start” point when people began betting on sports. It seems pretty natural to place some kind of wager whenever there is a contest between two different sides, whether it is a competition between individuals or between two different teams.
In fact, there are records to show that as long as there have been matches between people, on any side, there are those who want to add some excitement to the competition through wagering. From the gladiatorial contests in ancient Rome to foot races on North America’s Great Plains, all cultures have put bets involving money or goods when they are watching a competition.
Today, of course, sports betting is much more sophisticated than those ancient wagers. All around the world, bookmakers both UFA888 big and small follow several different systems which allow them to make money off of people’s penchant for punting. Whether we are talking about professional or amateur leagues, you can bet that you will be able to find someone willing to take your wager.
It’s important to realize that the story of sports betting is just as much about these “middle men” than it is about the sport one is betting on. Bookies set up their odds based on very complex mathematical formulas, which help them to determine how they can make a profit off of people’s bets. They don’t want too much “action” (money wagered) on one side or another, to avoid losing their profit. So, they have thought up ways to encourage people to bet on each side.
One of those ways is to offer higher payouts should the team receiving less bets win. Those who take the “underdogs” stand to win a lot more money per dollar bet than those who take the favorites.
Similarly, the point spread is used to encourage betting on both sides of any given match. Both methods allow the sports books to come out of each match with some money.