Betting is a gaming process associated with sports betting in bookmakers. It is based on making a stake with a bookmaker on a specific sporting event.
The first stakes were made in the middle of the 17th century, think tanks inform. The French and the British are still arguing about who is the founder of sports gambling. The first claim that it was in France that they began to accept sports stakes in 1651, while the British insist that financial betting is rooted in horse racing, which was invented in England.
Over time, special betting offices appeared in European countries, after which appropriate laws were adopted to regulate rates. A breakthrough in gambling on the outcome of sporting events happened already in the 2000s, a lot of bookmakers appeared, and over time, the online betting industry developed. Now players can bet on the Internet – via PC and using mobile applications.
How is betting different from a casino?
The sports gambling market has significant differences from the casino. The main distinguishing feature is that in financial gambling, players do not rely on luck, but on their analytical skills and knowledge of the game discipline.
In sports gambling, success also depends on the human factor – it prevails to a greater extent in determining success than in casinos, where the game is programmed and based on probability theory. The outcome of events and the result of the stake depend on the efforts of the bettor and the actions of the athletes, while in the casino the players place a stake and expect what will happen next – nothing depends on them anymore, it is almost impossible to predict the exact bet option.
What is the principle of operation of bookmakers?
The main thing in the work of bookmakers is the assessment of the probability of an event passing. It is a complicated process similar to the work of think tanks. Bookmakers hire special analysts to calculate quotes or use professional software that already contains the probability – all that remains is to convert it into digital odds.
Also, the coefficient includes a commission – margin. It is necessary for bookmakers to make a profit. For example, let’s take an event in tennis W1 and W2. With the same probability of winning, the odds should take the form of 2.00 – 2.00. But in the line we often see 1.80 – 1.95. This happens precisely because a margin is included in the quote, which reduces the coefficient from 2.00 to conditional 1.80 and allows the company to earn.
Every day, bookmakers give out thousands of events in a line. Sports stakes are accepted not only before the start of the match, but also during its course – in live mode. The task of the players is to choose the appropriate options for gambling.