What Is Sports Betting?
Sports betting is a form of gambling where you place a wager on the outcome of a sporting event such as football games, basketball games, baseball games, auto racing, dog or horse racing, boxing, ect. ect. If you picked the winner, you win money based on the odds. For example, if the odds were 2:1 and you bet $10.00, you would collect $30.00. Said another way, your winnings, (your profit), would be $2 for every $1 that you wagered for a total of $30.
In almost all sports betting, there will be one of two outcomes; either you win and make a profit or you lose your money. Any entity that takes bets on sports might be called a bookmaker, bookie, sportsbook, or even a betting agency. There are some online services that set the odds, these are called betting exchanges. There are many different form of betting combinations, ect. In some, you could bet that Tiger Woods WINS a tournament or you could bet that Tiger Woods LOSES that tournament. In horse and dog race betting, you can bet which horse will win or come in second, or come in third. You could even pick the three horses that will come in exact order 1, 2, and 3.
Betting on sports started the same time the United States was born because the colonists brought gambling with them from Europe, especially from England. Back in the 1800's the most popular sport was race walking, called pedastrianism, but it faded out due to lack of interest compared to American baseball and other American sports.
With the popularity of team sports betting, new forms of bets were created. "Totals" is a very popular wager. With totals, you place your bet on the total score of the game no matter which team wins. If the bookmaker sets the total to be 40, you can place a bet that the final score will be over or under that 40. If you bet "over" and the final score of more than 40, you win!