The concept of placing wagers on the outcome of a contest is as old as human competition itself. While the methods, rules, and assets used for betting have evolved drastically over time, the inherent human desire to predict and gain from those predictions remains a consistent thread throughout history.
But, betting didn’t have the shape we are experiencing today. Since money didn’t exist, the system of placing bets wasn’t as evolved. Moreover, many sports games and technological advancements weren’t available.
For example, since there wasn’t an option for online casino no verification withdrawal Canada betting back in the day, most probably people placed bets during hunting season in the Great White North.
Join us as we delve on the journey through the thrills of sports betting and its evolution, accompanying the never-ending thirst of profit.
The History Behind Betting
The history of sports betting is deeply intertwined with human civilization and its development over time. Let’s delve into a more detailed historical context of sports betting, looking at different aspects of our historical existence.
Ancient Civilizations
Our ancestors differ much from us, but the passion for betting and proving someone’s right over others’ wrong is deeply rooted in our human behaviour.
Ancient Greece
The ancient Greeks are known to have loved to place bets on various competitions, most notably the Olympic Games which started in 776 BC. Although there’s limited concrete evidence of the specifics of these bets, it is widely accepted that spectators would have had some form of informal wagers among themselves on the outcomes of the events.
Ancient Rome
The Romans took the concept of betting from the Greeks and expanded it further. Chariot races and gladiator games provided popular events to bet on. Betting in Rome was legal and licensed, and the vast Colosseum in Rome is a testament to the Romans love for sports and betting.
However, while chariot racing was widely accepted as a betting sport, betting on gladiators was seen more as a lottery because the outcome was believed to be decided by the gods.
Ancient China
Evidence suggests that as far back as 1000 BC, there were rudimentary forms of gambling on animal fights in China. Additionally, some suggest that betting on sports events like horse races might have been part of these ancient traditions.
Assets of Compensation Before Money
Before the widespread use of money, barter systems existed, where goods and services were exchanged directly. In the context of betting, assets like livestock, land, food, tools, and even tokens that represented these tangible goods were possibly used as a form of wager. Essentially, anything of value could have been used to ‘back’ a bet.
Medieval Times
During the medieval period in Europe, various sports gained popularity, from archery contests to early forms of football (soccer). With the rise of these sports came the inclination to bet on the outcomes.
However, gambling in many forms, including sports, faced periods of prohibition by religious authorities – just like many other human habits, including writing books, performing certain plays or even reading other religious views!
Modern Era
With the onset of the 19th century, sports betting in the form that we might recognize today began to take shape. Horse racing, in particular, became a favourite for bettors in England, and rapidly took over the USA as well. Bookmakers would set odds and accept bets from patrons, the people who could actually afford betting at those times.
With this era, money, as we know it today, became the standard medium for placing bets.
Pre-Modern Contexts
In indigenous cultures around the world, sporting events often had spiritual or community significance. In these contexts, wagering might have taken unique forms. For instance, Native American tribes had stickball games (a precursor to modern lacrosse) where the community would sometimes bet on outcomes using items of value.
Basic Sports Betting: Options, Rules, and Chances
Sports betting is a vast field with numerous facets, but here we’ll break down some of its fundamental components.
Types of Bets
In this table we’ll take a look at the most common types of bets widely offered.
| Type of Bet | Explanation | Rules | Chances |
| Moneyline Bet | The most straightforward betting type, placing a bet on who will win the game, match, or event | Bettors choose a team or player they think will win | Odds are set by bookies and can vary based on formation, injuries and historical performance |
| Point Spread | Not just a bet on the winner, but also by how much | Bookies set a spread, and bettors choose a team to win by more than the spread / lose by less | Designed to give roughly equal odds for both teams, taking into account the same aspects on both sides |
| Over / Under (Total) Bets | A bet on the total points/goals scored in a game | Bookies set a total and bettors choose whether the final score will be under or over | Typically close to even for both unders and overs, with slight variations on the booker’s margins |
| Props (Proposition Bets) | Bets on specific events or milestones within one game | Vary depending on the game, e.g. who would get the first corner, who would score the first goal etc. | Vary widely based on the specific propositions |
| Futures | Bets on events that will happen in the future, e.g. which team would win the championship | Odds are set based on perceived likelihood and can change over time | Longer odds can offer bigger payoffs, but come with a higher risk |
| Parlays | A single bet that links two or more individual bets for a higher payout | All linked bets must win for the parlay to win | Higher potential payouts, but significantly lower chances of winning multiple events and terms |
| Live Betting | Bets placed after an event has started | Odds adjust rapidly as the game progresses | Vary widely based on the evolving situation of the game |
Basic Principles
Sports betting offers a range of options for enthusiasts, from simple win/loss bets to more complex propositions. While the potential for profit exists, it’s always crucial for bettors to understand the odds, rules, and risks associated with each type of bet.
- Odds: Represent the bookmaker’s assessment of the probability of a particular outcome, often written as fractions, decimals, or moneyline odds.
- Stake: The amount of money a bettor is willing to wager on a particular outcome.
- Payout: The total amount a bettor will receive (including their original stake) if their bet wins.
- Bookmaker’s Margin: The percentage by which the bookmaker overrounds the odds to ensure they turn a profit.
Penetration and Merging of Sports Betting in the Gaming Industry
The intersection of sports betting with the gaming industry has significantly expanded in the digital age. As both sectors have witnessed rapid growth, they’ve found numerous touchpoints, merging their distinct dynamics to create a vibrant and engaging space for enthusiasts.
This is mostly because modern video gaming is no longer just a recreational pastime. With the advent of esports – competitive video gaming watched by millions – the gaming industry has been redefined. Esports events now rival traditional sports in viewership, prize money, and fan engagement. This shift has naturally created an environment ripe for the integration of sports betting.
As esports tournaments gained traction, so did the betting markets associated with them. Just like in traditional sports, fans of esports began looking for ways to monetize their predictions and insights into game outcomes.
Esports betting platforms began to emerge, offering odds on popular games like “League of Legends,” “Counter-Strike: Global Offensive,” and “Dota 2.” Given the digital nature of both esports and online betting platforms, their integration was seamless.
Advantages of the Merge
- Digital Synergy: Both esports and online betting operate predominantly in the digital sphere, allowing for easy integration of betting features and live game streaming.
- Younger Demographic: The gaming community, particularly esports, skews younger than traditional sports audiences. This demographic is tech-savvy and more receptive to online betting opportunities.
- Data and Analytics: Video games produce a wealth of data that can be analyzed in real-time. This vast amount of data lends itself to a plethora of betting opportunities, from in-game events to player performances.
Some Popular Examples of Betting in the Gaming Industry
- Betway: An online betting company that started with traditional sports but has now become one of the biggest names in esports betting. They often sponsor major tournaments and teams.
- Unikrn: Founded as an esports-dedicated betting platform, Unikrn offers a wide variety of betting markets tailored to esports fans.
- Pinnacle: One of the pioneers in offering esports betting odds, Pinnacle has been at the forefront of merging traditional sports betting mechanics with the gaming world.
- Loot.bet: Exclusively focused on esports, Loot.bet caters to the gaming community’s needs, from live streaming integration to game-specific bet types.
- DraftKings and FanDuel: While both started as fantasy sports platforms, they’ve ventured into the esports world given its explosive growth. They allow users to draft their fantasy esports teams and win based on actual player performances.
Summary
The confluence of sports betting and the gaming industry symbolizes the evolving nature of entertainment, commerce, and technology. The digital landscape allows for easier integration of industries, and with careful regulation and ethical considerations, this merger can offer exciting opportunities for fans, businesses, and athletes alike.