Introduction to the history of betting – the history of the industry

Introduction to the history of betting - the history of the industry

The human race has at all times been characterised by a great propensity for gambling. Although betting shops as we are used to them have not been around for very long. However, people have made bets with each other since time immemorial, and the events were not always sports – betting and on the winner in cockfights, the weather forecast, the sex of the child who will soon be born. You cannot list everything.

Until betting became a part of modern life, a big role in society played people who were engaged in organizing betting. Their scheme is not very different from the modern one: there were two parties wishing to make a bet. The money was deposited in the cash desk of the bettor, who deducted a small percentage to service the transaction. The principal sum was divided between those whose bet was won.

By the way, it is difficult to overestimate the popularity of betting – there are still evidences of racist betting in Ancient Rome. However, classical betting, which is so popular today, started to be actively promoted only in the 19th century.

Where did it originate?

According to historical records, betting is incredibly popular in the United Kingdom, and today the UK does not lag behind the global trends, remaining the home of the largest bookmakers.

British punters favour betting on cricket, horse racing, football or boxing. The field has improved and over time bookmakers have started to offer more and more new types of entertainment – Asian handicap, match totals and much, much more. In the 21st century, the shell-shock effect was produced by Betfair, which allowed you to bet with a live person, rather than betting against a bookmaker.

large number of similar exchanges appeared and, first of all, due to very low margins such exchanges started to attract more and more players. As said before, the term “margin” refers to the percentage for servicing the transaction. Its standard exchange today is 8%, but it is not uncommon to find exchanges offering a lower percentage.