History of Sports Betting

People have been arguing with each other since they lived in caves. There was no money in those days, and the bet was on material things – weapons, household utensils, cattle, and later, in the slave trade, and slaves. The first sporting events began in antiquity. The first Olympic Games in Ancient Greece took place in 776 BC. People then most often bet on the outcome of gladiatorial battles, races, and chariot races. Archaeologists have found fragments of manuscripts that indicate that around the fifth century BC and the first prototype of the tote appeared. There was also a set of rules for taking bets.

In ancient Rome, gladiator fights were common, and spectators in the arenas argued for the victory of their favourite. In the harsh Roman law there was a law called Lex aleatoria (from alea – dice), considered the first law on betting. Even then, in the third century BC, gambling was banned, but sports betting was allowed.

Later European monarchs issued decrees attesting to the development of gambling and gambling. King Louis I of France issued an edict in 1254 forbidding gambling on the territory of the country on pain of whipping. In 1710, Queen Anne of England declared debts at «a matter of honour» without legal consequences.

First bookies

The evolution of betting and gambling was on its way, and its natural stage was the emergence of bookmaking. Richard Tattersaul first began taking bets in 1766 and William Ogden in 1790. The odds were set between the bet and the win of each horse: thus the first odds appeared. For a long time, betting was developed on the racetracks: racing was then the most popular entertainment on both sides of the Atlantic Ocean. Similar organizations soon appeared in France, the United States and other countries.

The activities of bookmakers in those years were not regulated by law. As a result, their clients had to rely on the honesty and decency of the bidders. In 1850, Leviathan Davis and Fred Swindell opened the first betting shop in London. Its founders made sports forecasts and distributed leaflets with chances of winning.

Joseph Oller is considered to be the owner of the first betting pool. In 1865, he opened a central cashier in Paris to accept mortgages from players. This enterprise was a great success and led to the opening of a number of other similar funds. At the end of the 19th century, laws governing betting were passed in France, Great Britain, and other countries.

From Racecourses to Online Betting

In 1923, Littlewoods was established in Liverpool, California, and began taking bets by mail. Treble Chance was the best-known game where players could make 10, 11, or 12 forecasts for football matches over the coming weekend. Littlewoods was one of the world’s largest private companies until online betting gained momentum.

William Hill was founded in London in 1934 as the world’s most popular betting company. Until the mid-20th century, bookmaking remained semi-legal, and the bettors were deprived of legal protection.

The key year for betting was 1961, when betting was officially legalized in the UK on May 1. By the end of that year alone, over ten thousand betting houses had opened in this country. Betting has rapidly gained popularity worldwide. Bookmakers began to take bets on almost all sports, as well as on unsporting events.

Online betting

The first online bet was made in 1996. It was hosted by Intertops, a licensed online betting company of the small island Caribbean state of Antigua and Barbuda. In 1994, as an offshore zone, that country was granted the right to issue such licenses from the WTO. In the future, other betting companies preferred to be based offshore due to tax breaks. By 2001, the online sports betting market had surpassed two billion dollars, and the number of players had reached eight million. In 2002, betors were able to make their first live bets.

Intertops has also pioneered the development of mobile betting applications. In 2000, the first such software was launched, allowing online betting from mobile devices.

Sports betting market size

Zion Market Research, a consulting company, has conducted a study that suggests that the world’s online sports betting market may exceed $150 billion in 2024. It has also been found that sports betting now covers more than 70% of the global gambling industry. The biggest turnover of money is observed in football betting, second place on this list is baseball.

Earnings from the gambling market in Europe

 

According to the European Gaming and Betting Association (EGBA) in 2019, the overall European gambling market was estimated at 98.6 billion euros – the share of online gambling is 24.5 billion euros and land-based gambling is 74.1 billion euros gross gaming income.

In 2020, due to the influence of COVID, total revenue from games decreased by 23% to 75.9 billion euros, but the share of online gambling is expected to increase significantly by 7% to 26.3 billion euros of gross gaming income.

Overall gambling revenue in Europe is projected to increase by €111 billion in 2025, with online gambling accounting for over 33%.

The regulated online gambling market is growing in Europe

According to research, the share of regulated/legal gambling in Europe is also increasing.

In 2019, Europe had an online entry rate of 73.5%, which means that almost three quarters of online gaming activity took place in the regulated market, while 26.5% of activity was in the gray and black markets. Online gambling market share is expected to increase to 80.1% by 2023.

Sports betting – the most popular type of online gambling in Europe

Sports betting remains the most popular online gambling, with 41% of European online revenue and 10 billion euros of gross revenue from games in 2019.

Sports Betting 41%

Casino 34%

Lottery 15%

Poker 5%

Bingo 4%

Other / Skill Gaming 1%

 

European online gambling becomes mobile

In 2019, 55.9% of online bets in Europe were made from desktops, and only 44.1% of online bets were made from mobile devices. By 2025, a greater shift to mobile rates is expected and is projected to reach 58.2% of all online betting.

Table References: European Online Gambling Key Figures 2020 Edition

 

Biggest sports betting

5) Charles Barkley. Bet on the 2002 Super Bowl – £647,000 on the victory of «New England Petriots» – Bet played

4) Anonymous. Bet on the 2018 Super Bowl – £1.2 million on winning «Philadelphia Eagles» – Bet played

3) Dave «Vegas» Oncha. Bet on baseball, 2015 – £2 million to win «Kansas City Royals» – Bet played

2) Billy Walters. Bet on the 2010 Super Bowl – £2.8 million on the win of «New Orleans Saints» – Bet played

1) Floyd Mayweather. Bet on the 2014 Super Bowl – £8 million on winning «Denver Broncos» – Bet not played

Future of the betting world

Experts say that after switching to online mode, the work of many bookmakers has become more transparent. However, players often complain that bookies refuse to pay winnings. Bookies in turn report software failures or suspicious activity in the profile. It is therefore necessary to build more transparent models.

Betting may switch to blockchain technology in the near future. Such technology will make the activity more transparent, as all transactions can be quickly tracked down in the future. Many journals write that in the near future will be actively developing the following areas:

• eSports
• blockchain;
• virtual reality.

Due to blockchain technology, all bets will be placed in a special register. Accordingly, it will be impossible to change the results. According to experts, blockchain completely eliminates the human factor and the interference of third parties in the processing of bets made. Bookmakers who will use blockchain technology will be able to provide their customers with new opportunities that did not exist before.

E-sports began to grow rapidly. Experts are confident that this is a popular discipline, which in the near future can become Olympic. The cybersports market now stands at around $900 million, with millions of users watching streams worldwide.

The popularity of tournaments is constantly increasing, which affects the increase in bets on such events. Some companies try to add a touch of sensation to provide virtual reality. The unique technology of Get InThe Race created the effect of presence on horse racing, which caused a real stir among many users.

Conclusion

On the territory of most countries of Europe, the activity of betting offices is legal, so companies can obtain the necessary license. However, most owners or beginners of online betting offices prefer a license that is issued by offshore zones or countries with loyal regulation of gambling activities. Gambling attorneys from Regulated United Europe would recommend that start-ups consider receiving gambling license in Curacao or gambling license in Costa Rica. This is primarily due to the low cost of permit documents as well as the term of obtaining the necessary license.

Also, lawyers from Regulated United Europe provide legal services for obtaining a Czech Republic crypto license.

How the sports betting industry has evolved

With the development of civilisation, sports betting has come a long way from primitive gambling entertainment to a high-tech and multi-billion dollar segment of the world economy. This article is an analytical review of the history of sports betting, its evolution and impact on the modern business, outlining the key moments of development and foreshadowing future trends of the industry.

The forefathers of sports betting

The origins of sports betting go back centuries, when the first gambling competitions and sporting events began to attract the attention of spectators not only as a spectacle, but also as an opportunity for gambling. The Olympic Games in Ancient Greece, gladiatorial fights in the Roman Empire – all these became a springboard for the development of betting as a social phenomenon.

The Industrial Revolution and sports betting

With the advent of the industrial age and the development of communication technology, betting on sports began to become organised. In 19th century Britain, betting on horse racing became not only a popular pastime but also an important part of the national economy, giving rise to the modern gambling industry.

Technological evolution and globalisation

The end of the 20th century saw the advent of the internet, which radically changed the landscape of gambling. Online betting platforms made the process accessible to a wide audience around the world, enabling unprecedented growth in the industry. Globalisation and digitalisation have allowed companies to expand the market, offering betting on all sports anywhere in the world.

Regulation and innovation

As the betting industry has evolved, regulation has become necessary to ensure fairness, transparency and protection of participants. Many countries have introduced legislative frameworks to control this area of activity. At the same time, technological innovations, such as blockchain and artificial intelligence, have begun to be introduced into the industry, increasing security, analytics and predictive capabilities.

The future of sports betting

The outlook for the sports betting industry looks promising, given the growing interest in sports competitions and gambling. The integration of modern technologies such as virtual and augmented reality is expected to open new horizons for user engagement and market expansion.

Conclusion

The history of sports betting is a tale of continuous evolution, reflecting changes in societal norms, technology, and economics. From simple gambling to a multi-billion dollar industry, sports betting continues to be a significant part of global business, offering both significant growth opportunities and challenges to regulation and innovation. The industry will continue to evolve in the future, adapting to new technological and social trends, remaining an important and dynamic sector of the global economy.

 

Biggest betting sites 2024

In 2024, the sports betting industry continues to show impressive growth, attracting millions of enthusiasts around the world. Among the variety of betting companies, certain companies stand out due to their scale, innovation and market impact. In this article, we take a look at the biggest betting companies of 2024, their key features and strategies for success.

Bet365: Synonymous with online betting

Bet365 holds the title of one of the largest and most recognisable bookmakers in the world. Since its inception in 2000, the company has seen steady growth, offering a wide range of bets on sporting events including football, tennis, horse racing and more. Its innovative approach to real-time betting and high quality customer service has made Bet365 the preferred choice for millions of punters.

William Hill: Tradition and Innovation

Founded in 1934, William Hill is one of the oldest bookmakers in the world. The company has been able to adapt to a changing market by successfully integrating its traditional operations with an online platform. A strong position in the UK and strategic expansion into the US market confirm William Hill’s status as one of the industry leaders.

DraftKings: An innovator in the world of fantasy sports

DraftKings started as a fantasy sports provider in 2012 and quickly became one of the leading players in the US betting market. The introduction of innovative technology and a focus on mobile apps has allowed DraftKings to expand its offering to traditional sports betting, gaining the trust of audiences in the US and beyond.

Betfair: The Betting Exchange Revolution

Betfair changed the betting industry by introducing the concept of a betting exchange where users can act as both bettor and bookmaker. This approach has given Betfair a unique advantage in the market and fuelled its growth. Strong positions in Europe and Australia confirm the company’s status as one of the market’s innovators.

Pinnacle: Leader with the best odds

Pinnacle is known for its competitive odds and low margins, making it a popular choice among professional punters. The company focuses on creating an optimal betting environment by offering high limits and minimal restrictions, which sets Pinnacle apart from other bookmakers.

Conclusion

The sports betting industry continues to evolve, attracting ever new technologies and expanding geographically. The leading bookmakers of 2023 demonstrate how innovation, quality of service and strategic vision contribute to their success and market influence. These companies not only provide a great sports betting experience, but also set the tone for the entire industry, determining its future direction.