Sports Betting History
Sport betting has its origin when the Greeks begin betting on Olympic Games and the Romans take sports betting to a new level, betting on gladiator fights. Sports betting is considered a form of gambling and consists in predicting sports results and placing a bet on the outcome.
In the 19th century betting on horses, boxing, baseball, football and basketball became popular in the United States and the advent of television made sports betting more popular, as many bettors began to place bets with local casinos and bookies. Sport betting is commonly performed through a bookmaker, who is the person that takes bets at agreed upon odds.
After the Civil War several horseracing tracks opened in the Eastern United States and by that time, horse racing was the most popular event to bet on, attracting bettors from all social classes.
In 1919, World Series played between the Chicago White Sox and Cincinnati Reds will forever be remember was one of the biggest scandals in Major League Baseball and betting history, when professional gambler Joseph Sullivan paid eight members of the White Sox to intentionally lose the game.
In 1931 the Nevada state legislature legalized betting for the purpose of stimulating the economy after the hard times of the Great Depression. Twenty years later, US Congress imposes a 10% tax on all sport bets placed in the United States.
In recent years, the sports betting industry opened the market for online sports betting, where gamblers have the opportunity to place wagers from the comfort of their own home. Some of the online sportbooks were established in Antigua Guatemala, Costa Rica, Ireland and the United Kingdom.