People have been betting with each other since antiquity. This is where the interest lies, because the betting fuels it and determines the winner. For example, the well known Ancient Greece, where people used to bet on the Olympic Games, and Ancient Rome, where there were bets on gladiators. There used to be no bookmaker’s offices, so the betting was done directly in person.
The modern bookmaker’s office appeared in 1850, offering betting on sporting events. Sports forecasts were printed on leaflets and distributed around London.
In Africa, France and Russia, the first BKs did not appear until 30 years later. An interesting fact is that legislation in many countries prohibited betting and betting. In the US, for example, such activities were illegal until the 20th century.
Immediately after the legalization of such business in the UK, more than 10 thousand betting shops of various sizes were opened within 6 months.
Every year, companies added new types of betting that would be interesting
According to experts, the real revolution in the industry came in 1990. During this period, betting began to be accepted over the internet. Ten years later, the market volume exceeded $2 billion.
Interesting facts from the betting world
What situations occurred during the period of operation of bookmaker’s offices:
- Biggest win. In 1995, a woman bet 5p on a horse race. The odds on the winner were 3,072,887. The bet played out and the winner received the sum of £210,000. The payout was from Ladbrokes.
- Most ridiculous bet. William Hill offered its customers a 1 in 14 million bet. The essence of the bet was as follows: Elvis Presley will shoot down a UFO that will fall into Loch Ness Lake and kill the monster.
- The human factor. Cliff Bryant bet on the weather in 13 cities. After finishing, he won £7.1 million. However, he didn’t get his winnings because the established rules forbade it – express betting on the weather is not allowed.
- The main difference between betting and gambling
Experts say that betting is a kind of gambling. Gambling includes all gambling in general. It is possible for betting enthusiasts to bet on various events. It is not only about sports matches, but also about other areas:
- changes in the exchange rate of cryptocurrencies;
- the weather on a certain day;
- Gambling is illegal in many countries, but at one time, betting is a fully legal activity. It is expensive to get a permit in some countries, so the owners of the BK are licensed by Curacao. Bookmakers with an offshore licence are afforded favourable tax conditions, and of course they offer players a wide range of bonuses and optimal odds.
The real realities of betting
It is impossible to make a general calculation of market capitalisation. The main problem is that there are also illegal offices in the market. Zion Market Research has published information that the global market size is in the range of 104 billion dollars. The number is constantly increasing along with the number of clients.
When smartphones came along, so did apps that made it possible to bet anywhere. This year, the share of bets placed from a smartphone is about 40% of the total volume. Customer convenience is fast becoming popular for the company.
Bookmakers are legal in many countries, so companies can obtain the required license. Most of the betting shops owners choose a license from offshore zones, as the cost of permits is budget-friendly.
The future of the betting world
According to experts, the work of bookmakers has become more transparent after going online. However, there are complaints from players that there are denials of payouts to winners. Bookmakers on this account say about software failures or activity in the profile.
Betting may switch to blockchain technology in the near future. This will make the activity more transparent, it will be possible to track all activities. It is known that in the near future there will also be directions developed:
- Virtual reality.
Thanks to blockchain, all bets will be entered into a register and the results will be unchanged. According to experts, blockchain eliminates third-party interference in the processing of bets. Those betting shops which use the technology will be able to offer new opportunities to their customers.
Cypersport has started to spread actively. It is said to be a popular discipline that could become an Olympic event. The volume of the cybersport market is about $900 million. Broadcasts are gaining popularity and are watched by millions.
A list of championships for popular games has been approved. Bettors will find:
Tournaments are growing in popularity, and so are betting on these events. Some companies are adding spice to the experience and providing virtual reality. Get InThe Race technology has created an immersive horse racing experience, which has caused a stir among people.