The sports betting industry has experienced an immense evolution since its legalization. These days, sports betting isn’t limited to fans – even people who don’t watch sports find betting on game outcomes exciting and a great way to make money. This has contributed immensely to the growth of the industry.
The industry is currently estimated to be worth $106.26 billion. It will surely grow more in the future, as new gambling companies are launching every day, making the industry competitive worldwide.
The competitiveness of the industry, especially in the United Kingdom, means bettors are spoilt for options. Before you start gambling in the country, you should check out a list of the best betting app UK so as to enjoy the experience and transact safely.
Today, an average youth uses a sports betting app or has heard about it— thanks to the internet. Everyone can bet without needing to visit a betting shop or requesting for any help. However, the internet alone is not what makes wagering on sports popular – there are many other reasons for its huge popularity. This article will explore this further.
How Did Sports Betting Start?
The invention of wagering in sports can be traced back to 2000 years ago. The Greeks started the Olympics, and it is believed that gambling started from the Olympic competitions before it spread to Romans. The Romans, being known for gladiator fights, began wagering on them.
After a while, betting on sports was legalized, and the legalization remains one of the catalysts for its huge widespread across other parts of the world.
The legalization had some challenges in time. The church made efforts at some point to forbid gambling. The effort, however, wasn’t enough, as people still played it secretly, even in carnivals. After some years, sports betting became popular on horse races in England. One of the pioneers in the UK is Harry Ogden. He noticed how some horses always win and others don’t, then he created odds for people to wager on which horse would perform better and which ones won’t.
Ogden’s method lets punters bet on horses more likely to win, and bettors place their bets on their favorite horses to win huge amounts. Harry’s horse racing business then became huge to the extent that more bookmakers started launching their horse race betting business.
However, the growth of sports betting after Harry Ogden’s idea wasn’t smooth. The business faced some challenges.
Major Challenges Faced By The Industry In Its Early Stage
Initially, one of the major challenges was a lack of a regulatory framework for bookmakers. Bookmakers had no regulations and laws guiding them, so many didn’t pay winners correctly. To counter that, bettors used a written contract when they placed their bet; however, this approach didn’t last because the court was fed up dealing with bookmakers not paying punters.
The UK government rose to action in 1845 and passed a law that prohibited gambling. But people didn’t follow it, which worsened the situation, as punters could no longer report bookmakers to the government anymore, so many bookmakers refused to pay punters.
In 1853 and 1920, the UK government passed two other gambling laws, which also weren’t favorable to the industry. However, the turnaround for sports betting started in 1960 when the UK government made a U-turn and passed a law that legalized betting shops. The 1960 law remains what changed the face of the sector worldwide.
Today, it’s interesting to see how far wagering on sports has gone – from the days of horse races and gladiator fights to what we have today in football, basketball, boxing, hockey, golf, and more. In fact, major statistics in sports betting have estimated that the sector makes up 30% and 40% of the entire gambling industry.
Below are five reasons why gambling on sports is popular in 2022:
Why Is Sports Betting Popular In 2022?
- 1. Ease of getting started
Unlike other forms of gambling, one doesn’t need a huge knowledge to engage in it. In fact, a little knowledge of the sport you want to stake in is enough.
The convenience and ease of getting things done are one of the reasons why staking on sports games is popular — thanks to the internet and technology. Since the introduction of online gambling in the late 90s, all that is needed to place a bet is a mobile phone with an internet connection.
- 2. People experience matches in a different way
When a punter places a bet on a particular team, the feeling when watching the game will be different. The adrenaline rush when the game swings in a favorable direction is exciting.
Also, when you wager on your favorite team, the happiness is doubled when the team wins. In essence, sports wagering gives a punter a different way of experiencing a game. The unpredictability, tension, and monetary benefit attached to winning change the perspective of watching and celebrating a team victory.
- 3. Marketing and bonus
Gambling establishments have perfected the art of using the internet to market their websites to fans worldwide. They use many offers, promos, and bonuses to lure new users. As a sports fan, you’re likely to find ads about sportsbooks and their offerings wherever you might be. These continuous promotions and offers are responsible for bringing many new punters through the door.
- 4. Variety of games
Many years back, betting markets and options were limited. Now, that has changed. Now, people can wager on nearly all sports and competitions. This has made speculating on these events more accessible, hence the popularity.
Also, there are now different game options a bettor can play. Options like live betting didn’t exist some years back, but now, users can still gamble on game outcomes even after it has started. In essence, the advent of new betting technologies makes things more appealing to fans and punters.
- 5. It is a great avenue for making money
The main reason why many people place bets is to make money, and wagering on the outcome of games like football, basketball, and others has proven to be a good way to earn some cool cash these days.
All you need to do is invest in some learning, develop the right strategies, and follow top punters. In no time, you’d be smiling to the bank. This opportunity to make money is why many people are attracted to gambling on sports matches.
Despite its rocky start, sports betting has grown into a significant industry today. The sector keeps experiencing daily growth and popularity, and it’s not a surprise to see this going by how convenient and easy it is to make money from it.