History of Sports betting - Everything you need to know

History of Sports betting - Everything you need to know

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History of Sports betting - Everything you need to know

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The American Gaming Association published a report in May 2017 that sports betting is responsible for bringing in over $5 billion and $20 billion in gross income. Every year more than $100 billion to $400 billion are wagered on sports. Having a fundamental knowledge of the game is crucial for sports betting. Nowadays, you can bet on every sports disciplines and event practically. Be it a bookie office or online betting exchange, it is incredibly easy to bet on a sport today. But that was not the case from the beginning.

Sports betting has existed for centuries. Some historians speculate that it might have evolved from the Olympic games during the Roman period. The first bet was made probably between people of the social world between, nobles and farmers. At that time, a number of recreational prize games for special occasions were held. It is very common for the spectators to become part of the competition and this is where sports betting originated from.

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It was not until the 18th century when sports betting became highly common in horse racing. In the beginning, horse races were seen as a great recreational sport that drew in people from upper social class and eventually everyone. After the massive popularity of betting on horses, football sports betting came into origin in 1321. Right after World War II Germany created the “football-toto” with the main motive of financing the reconstruction of the sports. The Toto event allowed players to bet on three events at a particular time – Victory home team, victory away team and draw. In 1921, England pioneered in setting up the first football, betting system. Sweden followed England in the year 1934. By 1961, the bookies were legally considered under the new gambling laws in England.

As the internet evolved and became widely available to the common public, the state bet suppliers started to get immense competition from private suppliers. One of the oldest providers of sports betting, Bet365 was founded in 1974. Interwetten was founded in 1990 as a phone service which offered internet betting solutions. The first modern online sports betting companies started popping up by the end of the 90s. Betandwin (currently known as Bwin) was established in 1997. Other online sports betting organizations started to pop up after the popularity of internet bookies like Sportingbet, Interwetten, Expekt, and Bwin. Betsson and MyBet followed them in the year 2002. Probably, people loved the easy bets delivery procedure f the modern internet bookies rather than the traditional bookies. They helped the players to get information on the gambling stakes and tip results easily with the modern approach.

Sports betting is now a major industry which draws in millions of customers worldwide. Although took some time to evolve into the current sports betting game that it is today, it has rightfully found its home in the mainstream.

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