Sports betting is in the greatest demand among gamblers. It occupies 40% of the gambling market. According to the Statista portal, every second US resident over the age of 18 has bet on sports at least once. Bookmaking has evolved over the centuries: from the personal disputes of the ancient Romans to the betting pool on the blockchain.
Sports betting in ancient times and the birth of bookmaking
People have been betting among themselves since ancient times. In ancient Greece, spectators bet on the outcome of the Olympic Games, in ancient Rome — on the victory of gladiators and charioteers. There were no bookmakers then: viewers made bets directly. The betting business originated in the UK two millennia later. In 1790, William Ogden began accepting bets on horse racing. He pre-determined the ratio between the size of the bet and the winnings for each horse. In 1880 bookmakers opened in America, France, Germany and Russia. Bookmakers of that time worked on the same principle as they do now: they found debaters and guaranteed payments to the winners, and in return they took margin — profit from bets.
Legal force of bets in different countries
For centuries, laws have prohibited or restricted betting, betting and gambling. Governments took them very seriously. Lex aleatoria, III century BC, Rome. He considered gambling winnings as the acquisition of property under an invalid transaction. The law allowed betting only in games "for the development of the body" like harpastum — the prototype of football. Edict of Saint Louis, 1254, France. Later, the legislator allowed bets up to one gold ecu. Queen Anne's Act, 1710, Great Britain. Declared the payment of debts at the rates "a matter of honor" without legal consequences. Until the middle of the XX century, bookmaking remained illegal in Europe and the USA. Bookmakers survived thanks to corruption or loopholes in the legislation. In 1961, the authorities of Great Britain, France, Germany and some US states legalized betting. Within 6 months after the legalization of betting activity, 10,000 bookmakers opened in the UK.
How bookmakers work now
The work of bookmakers was now regulated: the players were protected by law, and the bookmakers themselves "came out of the shadows." Great Britain, 1961. The government has legalized and regulated bookmaking. The legislator forbade the gambling establishment and players to use any advantages. The games could only take place in special clubs. Federal Republic of Germany, 1973. Federal lands have received the right to open gambling establishments throughout the territory, and not only in resort areas. France, 1987. The government lowered the minimum age of players from 21 to 18 and abolished the entrance fee to gambling establishments.The history of sports betting has an interesting beginning and an equally intriguing future.The sports deals industry still has a long way to go and it will surprise its fans more than once.