The bookmaking business in modern history

The bookmaking business in modern history

Man has at all times liked to take risks with his possessions and as betting is one of the human vices. It is not uncommon to find gamblers among those who place bets, with the aim of “cutting down the money” very quickly. This does not always translate into gambling addiction.

By the way, gambling is not always used just for making money; quite often it is a tool to show off one’s superiority. Today, the vast majority of betting people do on the Internet, but in offline betting shops the lucky players can boast about their winnings and leave a snarky comment on the one who lost.

Where did betting originate?

Historical records show that the first bets were placed as far back as the Roman Empire. The most common bets were on gladiatorial fights and, of course, chariot races. By its principle and approach, the then bookmakers were not very different from today – bets were placed on certain riders and gladiators, and the winnings were divided between those who won (and took a percentage for themselves). A similar system was used until the 18th century when the field changed forever.

Historical facts

The year is 1766 – nobleman Richard Tattersalls set up a club and auction of thoroughbred horses called Tatersalls, where a betting office was started. Initially the only customers here were wealthy, wealthy people who invariably bet on their horses in the races. Incidentally, surprisingly, Tatersalls continues to operate effectively to this day, it is one of the largest and most extensive auctions in England. Every year more than 10 thousand thoroughbreds take part in races here.

Even greater reforms came to the betting business in the 19th century. Mankind continued to actively develop the sport, creating more and more new disciplines on which betting was offered. It was at this time came the flowering of underground clubs, where everyone could make bets or bet on the sweepstakes.

By the way, during this period, the bookmaker was not just the main actor, it was a full-fledged profession, which was respected in society. The working principle of bookmakers at that time was very different from today: bets were accepted and, in fact, the sporting event itself was organized. The mathematician employed by the bookmaker’s office calculated the payout pattern which allowed the betting office to remain in the black.

Betting business pages

As time passed, the betting business became more and more in demand and as a result, it greatly expanded its geography. The bookmaker’s office was legalised for the first time in Great Britain – the founders were Fred Swindell and Leviathan Davies. Later betting offices appeared in France, Germany and other countries.

By the way, in the same period of time betting lines originated, which were then called “oddsheets”, where approximate estimates of the results of this or that horse race were specified and the odds of the horses participating in the race were described.

Lines as we know them formed in the first half of the 20th century, which is when betting shops began to rapidly gain weight and momentum. Betting shops started running betting shops, and bookmakers appeared as analysts, who created betting lines, intelligently building a picture of the odds. The internet is developing at a rapid pace and betting shop owners understood this like no other, striving to conquer the online sphere.

Why has betting gained such momentum?

Bookmakers are money-making businesses with huge turnover, and such a lucrative sphere has invariably attracted the attention of criminals. For example, in Russia, where there are not many legal bookmakers, there are quite a large number of fraudulent structures, “leftist” bookmaker’s offices, which do not guarantee player protection and even encourage the organisation of “match-fixing”.

The classic bookmakers today are organisations with a wide range of interests, which invest heavily in sports development and are only in favour of fair sport.

The situation today

Bookmakers today offer a huge number of betting options, going beyond sports. They accept bets not only on the outcome of sporting events but also on many other extremely important global events – for example, presidential elections or the sex of the royal couple’s unborn child. Bets are placed on the weather and the climate, to name but a few.