In order to understand how online sports betting works, it is important to first acquaint ourselves with the basic ‘sports betting’ concept. Turns out that the sports betting concept is really not hard to understand, as it involves trying to predict which teams, or players (or animals, in case of animal sports like horse racing) is likely to win any given event, and then putting some money against that prediction alongside another person (or a number of other people) with the opposite prediction, so that in the event of your prediction coming true, you get to pocket what your opponents had put down – in terms of money – against their bets; with the opposite happening in the event of your prediction turning out to be wrong, where it is you who would have to pay the person (or people) you were betting against the amounts you had bet for in case their prediction turns out to be the true one.
Sports betting is not a new undertaking. Indeed there are recorded instances in history going very far back of people betting away huge fortunes in certain sporting events. In more recent times, however, sports betting came to be so widespread and prolific that a business was born of it, the business in question here being the bookmaking business, which tries to ‘spread the risk’ in sports betting Sports Betting which without the intervention of the bookmaker, would be a very risky undertaking indeed as people here bet against events over which they have absolutely no control (unless they engage in ‘game fixing’ which is considered immoral).
Like all facets of human life, sports betting has been greatly influenced by the ‘Internet revolution’ that has taken place over the last two decades or so – and it is out of this, precisely, that online sports betting was borne.
At its core, online sports-betting is a result of ingenious leveraging of traditional sports-betting, bookmaking and the tools of technology which make it possible for people partaking in it to bet on events taking part all over the world.
Because of the bookmaking element on it, online sports-betting is typically one of ‘spread out risks’ rather than the traditional ‘winner takes it all’ sort – so that odds of the various teams, players or animals one is betting on winning a particular sporting event are worked out, then priced (as in, so many dollars per odd) so that ultimately, you find yourself betting for or against ‘so many ‘odds-points’ of a certain team, player or animal winning. This way, it is still possible for the team, player or animal you bet on to lose the event, and you still get to earn something out of your ‘wrong prediction.’ Put another way, this is about betting for or against each (calculated) odd of the team, player or animal winning, rather than betting for or against the whole possibility of the team player or animal winning – which would be a rather risky ‘winner takes all’ scenario.