It’s easy to believe that gambling is a new phenomenon, but it’s not the case at all. The first evidence of gambling are found in the earliest days of China in the 2300 years BCE. There was no the game of blackjack, or gambling on soccer at the time but instead they played with tiles to play a game of chance.
Since since then, the world of gambling has expanded and evolved. The world of sports betting has changed dramatically since bookmakers were introduced. Bookmakers offer odds on sports events, adding an additional element to betting. We’ll go over the history of bookmaking , from its beginnings until the way we utilize it today.
First, what is a Bookmaker?
A bookmaker, also referred to as”bookie, “bookie,” is a business that offers odds on sports events. Bookmakers use maths and prior tabulated data to make forecasts of what’s likely to occur in the sport and the odds they offer are a representation of.
The bookmakers will then take bets on the odds they offer. The event or match is played out, and based on the outcome, the bookmakers will need to be paid by the winner. The bookmakers design odds to ensure they will always win, regardless of the outcome.
The First Bookmaker
In the early 1700s the rich were most often engaged in horse betting or cockfighting, while the people who were less fortunate played dice games with their friends. In the 1790s, the manner bets on sports were changed after the first bookmaker, Harry Ogden, started his business in the United Kingdom. Prior to Ogden the bookies, gamblers were restricted to betting on the winner and nothing else.
Harry Ogden spent a lot of his time at the track particularly Newmarket Health in Suffolk County. He studied every horse and their performance. Through his research he discovered that certain horses were more successful than others even when they weren’t taking home every single race. The horse’s bettor began to track this and then he set specific odds on what the horse would do.
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Prior to the start in the match, he declared his odds and let people to bet on his odds. Harry Ogden was wealthy enough to pay the winners because he set odds that were guaranteed to favor his side. Whatever horse was the winner the race, he made profits every time he raced.
The bookmakers then expanded and changed the way we bet on sporting events of all kinds including horse racing.
Harry Ogden started bookmaking, however, a lot has occurred from that time until today. A lot of people who followed him offered their own odds and went to specific race tracks to assist betting enthusiasts.
Since this was a brand new concept and there was no regulation or laws to ensure that the bookmakers were making payments in a timely manner. The issue remained until Parliament regulated gambling through legislation passed in 1845. Gaming Act.
It didn’t mean that betting was illegal however it did discourage betting by saying that bets were not enforceable as legal contracts. In the sense, this meant that bookmakers could swindle the money of punters, and that law enforcement could do about it.
Then , there was 1853’s Betting Act which didn’t make gambling illegal, but limited it to the track since there were so many people who had betting houses. But, it led to an enormous increase in gambling in the streets.
It also helped bring about the excitement of an afternoon at the horse racetrack. At the time, the middle class was expanding and was able to afford gambling just a bit. Horse races began to open across the nation and bookies were getting richer and more richer.
1960 Betting and Gaming Act
In the 1960s, we witnessed the first brick-and-mortar bookshops when the they opened in 1960. Betting and Gaming Act was approved, which allowed betting shops. This revolutionised the book-making industry as they were able to take bets on more than just racing horses. Bookmakers were beginning to make odds for cricket, rugby and football.
A lot of bookmakers were added to casinos since If you enjoy sports betting then you’ll probably like playing poker too. Since the 1960s, a lot of bookmakers have opted to expand their operations in this manner or even completely leave the horse racing tracks.
The bookmakers began introducing odds on additional sports. They even began to offer bets on sports from around the world as they grew. Some of the most famous bookmakers of the time include William Hill and Ladbrokes.
Technology and Bookmakers
The situation was good for bookies due to the increase in the popularity of betting on sports for everyone. But, issues began to surface again after the internet was introduced. Bookmakers considered this to be a great chance to attract more customers, not just in within the U.K. but from across the globe.
Intertops is the very first bookmaker to go online, and more brands following shortly after. Prior to 2005, almost anybody could create an online site for sports betting and accept bets from customers across the globe. Bettors were at risk of criminality or fraud because there was no regulation for betting on international bookies.
In 2005, the Gambling Act started to protect British gamblers and aimed at making honest online bookies. In addition, the government created the Gambling Commission. It issued licenses to gambling websites that operate legally. No matter the country in which the bookie website is located, if it intends to allow U.K. punters to participate in its games, it must be certified through the Gambling Commission.
The United Kingdom, the 2005 Gambling Act and the required Gambling Commission approval is still in force today. The industry has become massive all over the internet. A lot of punters appreciate the convenience of not having to leave the comforts of their home to get involved.
A few of the bookmaker’s websites provide live streaming and in-play betting when sporting events are taking place. There are typically 50 or more sports you can bet on using an online bookmaker, including motorsports, darts MMA table tennis, and numerous others.
Today, you can bet on things such as entertainment, politics as well as esports and virtual sports. The betting options are no longer limited to sporting events that are live. There’s been an increase in providing online bonus codes as well as loyalty programs and cashback.
There are a variety of ways to bet on the internet using a variety of betting strategies that are effective for many gamblers. Many gamblers use sports betting as their main source of income and have made a lot of money betting online. There isn’t much you need to begin; you simply require a strategy.
While having access to gambling may be enjoyable, for certain people, it can be a serious issue. There’s been an increase in addiction to gambling. Certain bookmakers make it too easy to deposit more funds in their account. All you need to do is one click to bet repeatedly. Gambling online is convenient, but is it really that easy?
There will likely be more developments for bookmaking companies in the coming years as technology advances. The only thing we can say about the future is that there will always be a need to be online gambling or offline.
The Bottom Line
Gambling has been in existence for the longest time we remember , and it continues to evolve as we age. There has been a lot of changes since the time of ancient Chinese tiles. Today, we are betting on esports, and much more.
With Harry Odgen’s help, we have bookies that make betting on sports more exciting. There are a variety of betting on sports and rules gamblers in across the United Kingdom can enjoy and are comfortable doing so.