Sports betting is becoming more and more popular. This is shown on the one hand by the number of members of the online bookmakers and on the other hand by the sums invested, which are increasing year by year. However, there are still some uncertainties on the subject of betting in the sports sector. There are various reasons for this, such as the fact that the possibility of placing sports bets online is relatively new.
In addition, the hobby still has a bad and shady reputation in society. Why this is no longer justified by far and how sports betting currently works will be explained in more detail in the following article. The following article explains in more detail why this is no longer justified and how sports betting currently takes place. (Source: https://www.wettenerfahrungen.com/en/)
A brief history of sports betting
If one wants to explain the perception of sports betting in today’s society, it is advisable to travel back in time. Because sports betting has existed in principle since the first sporting events. Already the Greeks make sports bets on the first Olympic Games more than 2,500 years ago. Later, the Romans literally knew no limits when it came to entertainment. Chariot races, competitions and the bloody gladiator fights were held to cheer the people up.
Bets were placed in public. At that time the players gave their bet to a trusted person, indicated which person would win or lose and got their money back with profit if the outcome was successful. At that time, the entire bet was thrown into a pot and finally divided among the winners. That was the basic system, but it wasn’t, really sophisticated as the odds are today.
Sports betting with a system
Over time, the course of sports betting was refined. Because it was not really fair that a person who wanted to bet more on a bet would get the same win as a person who bet less. So the odds came into play. A odds is ultimately a factor with which the wagered amount is set off and the winnings are calculated. So it was now possible to make a bigger profit with a bigger stake of money. In addition, the players could calculate the possible profit before the bet. However, this also had negative consequences for the sport, its credibility and the betting.
The bad image of sports betting
As mentioned before, many people still have a bad image of sports betting. Unfortunately, it’s not only Hollywood’s gangster films, in which it was no longer the actors themselves, but the Mafia that made a sporting event a success, that are to blame for this. There were countless game manipulations in many different sporting events. The background to this was the odds, even though there have always been game manipulations. If the odds are high and you bet on this betting option, the profit margin is of course large.
But a odds is not high for nothing. A high odds indicates a higher risk. The underdog, you could say David in the game, has a high odds when he plays against the favorite Goliath, because the chances of a successful outcome for the outsiders are not very good. Some criminal gangs took advantage of that and made sure the outcome was the right one. But that’s the past. Thanks to the Internet, serious bookmakers and secure betting, sports betting has become more familiar these days.
The calculation of odds
The online bookmakers offer numerous sports including leagues as well as an almost infinite number of betting options. A betting option, for example, is the winner of a game. There are odds on every betting option. As in the example with David and Goliath. Of course, it is assumed that the favourite of a game, race or tournament will win the sporting event. That’s why the odds on this betting option are low. Also because otherwise everyone would bet on this odds and then there would be one more reason to bet on the outsider.
However, the odds are not simply determined that way. They are the result of a complex calculation of all data for a sports event. Tables, statistics as well as current news and events come to the fore. At the end of the quota calculation, a value appears which can be regarded as the equivalent of probability. If a odds is low, the participant of the bet can assume that this event will occur with a high probability. If the odds are high, the probability of the occurrence of this betting option is not very likely.