Sports Betting History is one of America's favorite past-time since it gives people the opportunity to watch their favorite sports events and have a vested interest in the game by placing bets. While Sports betting is slowly becoming legalized in the US, it's also been one of the most popular forms of illegal betting! Legal or illegal, Sports betting has the same appeal.
Why Sports Betting is increasing in popularity
- Federal wagering excise tax has been reduced drastically over the past few years since it was first introduced
- The tax reduction made it more realistic for people to choose legal methods of gambling on Sports Bets over the illegal ones since taxes on winnings aren't as high
- Sports are such a big focus of the media, and more people are familiar with a variety of types of sports and watch regularly
- Cable TV and satellite TV technologies have made it possible for Sportsbooks to receive any games from around the world so players don't have to miss out on a second of the activity
- The three most popular games for sports bettors are football, baseball and basketball and they have contracts with television providers on a local and national level to ensure that all events are aired and available for sports fans to watch
- Gambling is no longer seen as bad as it used to be, especially now that there is gambling on professional events
- Race and Sportsbooks which have been established in casinos are driving up traffic with their popularity
- There is tons of information available to players betting on Sports, more knowledgeable players means better advantage to win
- Sports bets are accepted only, legally, in Nevada and Oregon
- Sports bets are accepted only on professional events primarily, but some amateur events are included like College Sports and some Olympic events
- Revenues in Nevada for legal Sports betting is well into the $100 Million, and betting on college events accounts for approximately 30% of total bets
- Sportsbook betting at casinos and other gambling establishments has declined slightly in order to make way for online Sportsbook which are taking a portion of the bets
Ways that Sportsbet wagers can be placed:
- A bet between friends on a game
- An office pool
- Fantasy football or hockey drafts (the latter is based on actually performance)
- The legal way through an online Sportsbook or brick and mortar Sportsbook
- Illegally, with an underground bookie that is available in most major cities around the US
Despite the fact that betting on Sports without going through one of the appropriate venues is illegal, it doesn't stop the industry from expanding - it's estimated that in the US, sportsbets placed with bookies might total around $300 million per year or more; a number that obviously cannot be accurately measured. Of course, legal methods of betting on Sports has brought about more people looking to bet without any legal ramifications, but between the two betting options (legal and illegal) the sports betting industry is probably one of the biggest forms of gambling in the world!
If you watch Sports anyways, that Sports betting is probably for you, and the more you know, the better you're likely to do as well!