It’s easy to believe that gambling is a new thing, but that’s not the case at all. The first records of gambling can be found in ancient China about 2300 BCE. They didn’t play roulette or playing football back then and instead, they employed tiles to play games of chance.
Since that time, the world of gambling has expanded and evolved. Betting on sports events has transformed dramatically since bookmakers entered the market. Bookmakers offer odds on sporting events, and adds another aspect to punting. In this article, we’ll look at the history of bookmaking from its beginnings until the way we make use of it today.
First, what is Bookmaker?
A bookmaker, also known as a “bookie,” is a firm that provides odds on sporting events. The bookmakers make use of mathematics and prior tabulated data to make predictions about what’s going to transpire in the game The odds they provide indicate.
The bookmakers take bets based on odds they present. The game or event unfolds and is dependent on the outcome, the bookies will have to pay the winners. The bookmakers design odds to ensure they’ll always be winners, regardless of the outcome.
The First Bookmaker
In the 17th century the rich were most often involved in horse-bets or cockfighting. Meanwhile, the poor folks gambled on dice games with their friends. In the 1790s, how betting on sports changed after the first bookmaker, Harry Ogden, started his business in the United Kingdom. Before Ogden, people were limited to betting on the winner only. Nothing more.
Harry Ogden spent a lot of his time at the horse track in particular Newmarket Health in Suffolk County. He studied each horse’s performance and the way they performed. With his studies he noticed that some were more efficient than others even though they weren’t being the most successful in every race. The horse’s betsman began to record this, and then set odds on what the horse would do.
Prior to the start on the field, Ogden announced his odds and allowed people to place bets with him. Harry Ogden was wealthy enough to pay winners due to the fact that he made odds that were always going to favor his side. Whatever horse was the winner the race, he made a profit every race.
The bookmakers then expanded and changed the way we place bets on sporting events of all kinds, including horse racing.
Harry Ogden started bookmaking, but there’s a lot that took place from that time to the present. Many people after him provided their own odds and would go to specific race tracks to assist bettors.
Since it was a new concept that was unregulated, there were no rules or laws to ensure that the bookmakers were paying out correctly. This was a problem up to the time that Parliament regulated gambling through The 1845 Gaming Act.
The law didn’t prohibit betting but discouraged it by stating that all bets could not be enforced as legal contracts. In the sense, this meant that bookies could take gamblers’ money, and the law could prevent it.
Then there was 1853’s Betting Act which didn’t make gambling illegal, but was limited to the track, as there were so many people who had betting houses. However, this led to huge increases in gambling in the streets.
Also, it helped make people feel the joy of a day at the track. The middle class was growing and was able to gamble in a small amount. Horse races started to open everywhere in the country and bookies were getting richer and wealthier.
1960 Betting and Gaming Act
In the 1960s we saw the first brick-and-mortar book stores when the they opened in 1960. Betting and Gaming Act was approved, which legalized betting shops. This dramatically changed the bookmaking business because they could offer odds on more than just horse racing. The bookmakers were starting to make odds for football, rugby and cricket.
There were many bookmakers that were additions to casinos since if you like sports gambling it is likely that you would enjoy playing poker as well. Since the 1960s, many bookmakers have made the decision to expand their business in this manner, or completely move out of horse tracks.
These bookmakers began offering odds on additional sports. Some even began betting on international sports when they expanded. A few of the most well-known bookmakers of the time include William Hill and Ladbrokes.
Did you know? You can find bookies closing times over at Closing times…
Technology and Bookmakers
The situation was good for bookies with the rise in popularity of sports betting to all. However, the problems began to arise again when the internet was introduced. Bookmakers thought this was an ideal opportunity to reach more punters, not only in The U.K. but all over the world.
Intertops became the initial bookie to get online, and more companies following soon after. Before 2005, nearly anyone could launch a website for sports betting and accept bets from anyone from all over the world. The gamblers were more susceptible to criminality or fraud because there was no regulation for bookmakers operating internationally.
The legislation of 2005 Gambling Act started to protect British gamblers and was aimed at creating honest bookies online. Besides, the government established the Gambling Commission. It granted licenses to gambling websites that operate legally. Regardless of where the site of the bookie is located, if the site desires U.K. punters to participate in its games, it must be licensed with the Gambling Commission.
Bookmakers Today
For the United Kingdom, the 2005 Gambling Act and the required Gambling Commission approval is still in force today. The industry has become huge all over the internet. A lot of punters appreciate the aspect that they don’t have to leave the comfort of their home to be involved.
Some bookmaker’s sites offer live streaming and in-play betting when sporting events are currently taking place. There are typically 50 or more sports that you can bet on using an online bookmaker like motorsports, darts MMA table tennis, and many more.
Today, you can also bet on entertainment, politics Esports, virtual sports and politics. This isn’t just limited to sporting events that are live. There’s been an increase in offering online bonus code offers as well as loyalty programs and cashback.
There are many options to bet on the internet using a variety of betting strategies that can be used by the majority of gamblers. Some gamblers bet on sports as their primary source of income. have made quite a fortune betting online. There isn’t much you need to start, you only require a well-planned strategy.
Although having so much access to gambling is enjoyable, for certain people, it’s also a source of concern. There’s been an increase in gambling addiction. Some bookies make it easy to deposit more funds in their account. All you need to do is one click and can wager repeatedly. The internet gambling experience is convenient, but is it too convenient?
There will likely be more additions to bookmaking companies in the near future as technology develops. One thing we do know about the future is that there will continue to be online casinos or offline.
The Bottom Line
Gaming has been played for as long as we remember , and it continues to evolve as we progress. Much has changed since the ancient Chinese gaming on tiles. Today, we are betting on esports and other sports.
With Harry Odgen’s help, we have bookies that make betting on sports more entertaining. There are numerous kinds of sports gambling and regulations players in the United Kingdom can enjoy and be confident about doing so.