As with many things that form part of madern day life fixed odds betting has origins rooted in acient Rome. Betting on gladiatorial matches and chariot races entertained parts of Roman society. Bookmakers are people who realised that ‘the people’ enjoyed gambling on the event of an uncertain outcome with the primiary intent of increasing ones wealth. Obviously, in the most early days of fixed odds betting poeple would wager belongings such as livestock, slaves, etc.
Fixed odds betting was born with the emergence of fixed odds bookmakers. Individual or groups that would off fixed odds on the outcomes of various events. Fixed odds would have been presented as a list or a book, thus, the practice was coined bookmaking.
As a form of entertainment fixed odds bookmaking grew in popularity. This is especially true with fixed odds sports betting. There where winners and loosers. Unfortunataly some took this past time too far, as with many popular forms of past time, such as drinking (alcohol), this can lead to problems.
The business of pricing bets using fixed odds became a viable business and bookmakers grew in number, globally. Some countres decided to ban fixed odds betting and others decided to regulate. Regigous groups tend to disaprove with fixed odds betting, however, Catholic and Jewish traditions set aside days for making wagers, as a form of entertainment.
Through the regulation of fixed odds betting governments have become intertwined with the bookmaking industry. Taxation of the industry is a major source of revenue for governments around the world. Think Vegas, the Tote bookmaker in the UK, Monaco (a principality), or Macau (the first European colony in China).
Thus fixed odds betting was born out of poeple who had a grasp of mathematics and could see there was a business in bookmaking. More importantly, the people who enjoy the added excitment that fixed odds betting brings to an event, sporting or otherwise have made fixed odds betting the popular past time it is today. Since the mid 1990′s the biggest shift in the market has been from online sport betting. To find out more it is recommended to read our guide to online sport betting.
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