Sports betting is defined as “the general activity of predicting sports results by making a wager on the outcome of a sporting event.”
Over and beyond this particularly dry but nevertheless accurate description lays a world of non stop action and excitement that has transformed into a multi-billion dollar industry.
There is no doubt that sports betting is one of the most sought after forms of entertainment in the world. Since formal sports activities have emerged in history, people have wagered on the outcome of the game, match or race. With the emergence of the internet, an entire new world has opened up for sports betting fans.
No longer do punters need to leave their homes and make their way down to the corner shop to place a bet on their favorite sport team. Today, with the huge popularity of online gambling websites, it is quite possible for a man in Tokyo to place a bet on an English soccer match, a horse race run in South Africa and an athletics competition in the United States, using one seamless e-wallet and enjoying his winnings when they are credited back to his sports betting account.
Betting websites abound on the internet, with many of them offering punters the opportunity to check out the information they require before they place their bets. Allowing players to make educated decisions about their bets instead of placing random ones is one of the best features of online betting sites.
Naturally, the more popular a sport, the more people will want to bet on it. For that reason, betting on soccer is considered one of the most popular pastimes for online punters.
While the world of internet is one without borders, different regions in the world have specific laws relating to online sports betting. For that reason, US betting may differ from UK betting, as an example.
UK betting is dominated by the UK Gambling Commission which oversees this form of entertainment in the United Kingdom. As long as the betting sites meet the required standards of fair play and certain restrictions on underage and problem gamblers as set out by the Commission, they are free to advertise their products to UK players.
The US betting laws are slightly more complex, with each state forming its own laws. Nevertheless, online sports betting in the United States is a major industry, with betting on tournaments such as basketball, football and horse racing.
Some may argue that sports betting may lead to match fixing and other undesirable activities that occur by mixing wagering and sports. However, it has been proven over and over again that a regulated sports betting industry that has rules to protect players and betting sites, with strict ethical standards in place, can go a long way in establishing a system that works.