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Bookmakers Today

It’s possible to think that gambling is an old thing, but that’s actually not completely true. The first records of gambling can be found in ancient China in the 2300 years BCE. They didn’t play blackjack or betting on football at the time; instead, they used tiles in a game of chance.
Since since then, the world of gambling has gotten bigger and changed. The world of sports betting has changed dramatically since bookmakers became a part of the game. A bookmaker provides odds for sports events, adding an additional element to betting. We’ll discuss the history of bookmaking , from its beginnings and how we use it now.

First, what exactly is a Bookmaker?

A bookmaker, also referred to as a “bookie,” is a company that gives odds on sports events. The bookies use mathematics with previous tabulated statistics to come up with the predictions on what will take place in the event, which the odds provided will be a reflection of.

The bookmakers will then take bets based on the odds they present. The match or event takes place and, based on the outcome, the bookmakers will need to make payments to the successful players. The bookmakers design odds to ensure they’ll always win regardless of the outcome.

The First Bookmaker

In the 17th century, the wealthy were mostly engaged in horse betting or cockfighting, while the people with less money gambled on dice games amongst their friends. In the 1790s, how people bet on sports changed after the first bookie, Harry Ogden, started his business in the United Kingdom. Before Ogden was born, the public was limited to betting on who would win only. Nothing more.

Harry Ogden spent a lot of his time at the racetrack particularly Newmarket Health in Suffolk County. He examined each horse’s race and their performance. After a thorough study he discovered that certain horses were better than others consistently even though they weren’t being the most successful in every race. The horse’s bettor began to record this, and then set odds on how the horse would do.

Before the start in the match, he declared his odds , and allowed players to place bets on him. Harry Ogden was wealthy enough to pay winners since he created odds that would always to favor his side. In spite of the horse that won his race, he earned a profit every race.

Since then, bookmakers have expanded and changed how we bet on any sporting event including horse racing.

Harry Ogden started bookmaking, but there’s a lot that transpired from that point until now. Many of his followers offered their own odds and would go to specific race tracks to assist gamblers.

Since this was a brand new concept it was not regulated or laws to ensure the bookmakers were paying out properly. It was a problem that remained unsolved until Parliament regulated gambling through The 1845 Gaming Act.

It didn’t mean that betting was illegal but discouraged it by stating that all bets weren’t enforceable as legal contracts. In way, it meant that bookies were able to steal punters’ money, and that law enforcement could do about it.

Then there was 1853’s Betting Act which didn’t make it illegal to gamble but was limited to the track since numerous people were operating betting houses. But, it led to a massive increase in gambling in the streets. Click here for today’s bookies closing times.

It also helped make people feel the joy of an afternoon at the track. The middle class was expanding and was able to gamble at least a little. Horse races began to open up all over the country and the bookies continued becoming richer and richer.

1960 Betting and Gaming Act

In the 1960s, we saw the first brick-and-mortar bookshops when the it was the year 1960 when Betting and Gaming Act was approved, which allowed betting shops. This dramatically changed the book-making industry as they could take odds on more than just horse racing. Bookmakers began to offer bets for cricket, rugby and football.

Numerous bookmakers were added to casinos, because if you like sports gambling, you’d probably enjoy playing poker as well. Since the 1960s, many bookmakers have made the decision to expand this way or completely eliminate horse tracks.

The bookmakers began introducing odds on more sports. Some even began bets on sports from around the world as they expanded. A few of the most famous bookies from this time include William Hill and Ladbrokes.

Technology and Bookmakers

Things were going well for bookies, especially with the growth in popularity of sports betting to all. But, issues began to emerge again when the internet was introduced. Bookmakers thought this was an ideal opportunity to reach more readers, not just of Britain but also from the U.K. but from across the globe.

Intertops became the initial bookmaker to go online, with more companies following soon after. Before 2005, virtually everyone could have an online site for sports betting and take bets from people from all over the world. Bettors were also at risk of scams or crimes because there were no laws governing betting sites that were international.

The Gambling Act started to protect British gamblers and aimed at making honest online bookies. The government also established the Gambling Commission. It provided licenses for betting websites operating legitimately. Whatever the country the country in which the bookie website is based, if it intends to allow U.K. punters to participate then it should be certified from the Gambling Commission.

Bookmakers Today

In the United Kingdom, the 2005 Gambling Act and the required Gambling Commission approval is still the law today. This industry has grown massive all over the internet. Many punters love the aspect that they don’t have to leave the comfort of their home to be into the action.

A few of the bookmaker’s websites allow live streaming as well as in-play betting while sporting events are currently taking place. There are usually 50 or more sports you can wager on through the bookmaker online, such as darts, motorsports, MMA, table tennis and many more.

You can also bet on politics, entertainment online sports, esports and even virtual sports. This isn’t just limited to sporting events that are live. There’s been a rise in offering online bonus code offers as well as loyalty programs and cashback.

There are numerous ways to bet online with many betting strategies that work for the majority of gamblers. Some gamblers place bets on sports for their main income, and have earned a substantial amount of money doing this online. There’s nothing you require to start, you only require a strategy.

While having access to gambling is amusing, for some it can be a serious issue. There’s been a rise in gambling addiction. Certain bookmakers make it too simple to keep depositing more funds to their bank accounts. Just one click and you can bet repeatedly. The internet gambling experience is convenient, but is it too easy?

We’ll likely see additional expansions of bookmaking firms in the coming years as technology advances. One thing we do know for sure 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 as long as we recall and continues to grow in the same way we do. There has been a lot of changes since the time of ancient Chinese tile games. We are now gambling on esports, and many more.

Thanks to Harry Odgen, we have bookies that make betting on sports more enjoyable. There are a variety of sports gambling and regulations gamblers in their home country of the United Kingdom can enjoy and can feel secure doing it.