- This was the first Super Bowl played in a state with legal sports betting.
- FanDuel said it was taking 50,000 bets per second at its peak.
- DraftKings paid out $2.68 million to one bettor on the Chiefs’ win.
Sports Betting: Its Origins And How It Evolved
Sports betting has been seeing unbelievable growth in recent years. It can be said that it’s at an all-time high with increasing users each passing day. The term sports betting itself is self-explanatory. You bet on various sports. You put money in favor of the team you believe have higher chances of winning or players who will perform better than the others. If you turn out to be right then you’ll win more than what you betted, but in case you’re wrong, you lose your money.
The United States is considered to be the center of sports betting. The number of people who bet on sports has increased because of its legalization. With this decision, sports betting service providers like Legalbet started educating gamblers and bettors about the importance of legal betting. They also give rewards like free bonuses and discounts to bettors so that they don’t turn towards illegal betting in search of better rewards.
The history of the sports betting industry in the United States dates back to the 1900s. Horse Racing was where it all started. Although betting on horse racing today requires pari-mutuel pools, horse racing was a significant factor in the development of the sports betting industry. Although betting on horse races is what started the whole sports betting scene, it was baseball that pushed it to the forefront. After baseball, other sports like football, basketball, hockey, and motorsports joined in, and since, there have been no signs that the Sports Betting industry is going to slow down. Today, soccer, hockey, basketball, and baseball see the most betting activity compared to any other sport all over the world.
People don’t get involved in Sports Betting just because of the possibility of making big money from it. Another reason most of the bettors give is that they see it as a form of entertainment. Usually, the risk of losing money or the excitement of winning an amount you thought you could never see at once in your life gives people an adrenaline pump. Once they find this rush of emotions and hormones, it becomes an addiction, and they start seeking it every time.
Today, soccer is the most popular sport for bettors. Out of all the monetary activity in the global Sports Betting industry, soccer alone occupies around 70% of the market. To give an estimated amount, the latest edition of the Football World Cup saw activities worth around $260 million.
In the 1960s, Sports Betting was declared to be illegal and was considered a punishable offense as well. But in recent times, it has started resurfacing and making a mark on the American economy as well. It has adopted the recent trends and technological advances and impacted the market in a way that it has become almost impossible to term it illegal. With this effect, the government decided to legalize it. As of now, 30 states have legalized sports betting.
It won’t be completely wrong to say that Sports gambling is entering every household. Everyone today knows someone or their friends who involve themselves in this activity. Sports betting involves a lot of risks. But, along with the risk, there is a chance of them walking away with an amount that could settle their whole lives.
Joseph is a long-time sports betting enthusiast based out of New York. He loves the Jets and is happily married with 2 kids.