Читать диплом по туризму: "Development of the system of sports betting" Страница 2

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betting is the placement of finances normally referred to as stakes on events with uncertainty about the occurrence with the hope of a particular outcome that will make a bettor earn additional money. What is important to note about betting is that the in the eventuality that the outcome of an event does not work out as anticipated, the bet is lost hence the money (or the stake) is lost (Takahashi, 2012). Betting therefore is a game of win or loss determined by the outcome of the event in focus.of a bet that are worth noting are chance, consideration and a price. The placing of bets is done with the hope that chance favors the selected choice for one to win a price in this case the stakes involved (McMillen, 1993). However for one to be considered for a bet one must be able to place a bet and hope that it works as he expects. The outcome of the event is usually one that is determined after a short while since the events in which bets are placed are usually those that take a short while before the outcome is known and the lucky ones are rewarded.are made on numerous events especially in the sports arena. In sports people bet on football, boxing, horse racing, other animals racing, athletics, rugby and even indoor events. The bets are hinged on luck to some extend because even the clear favorites do lose in unexpected events (Gutierrez, 2012c). In betting the stakes are usually high on those considered as underdogs since most people would avoid placing bets on such people. The assumption is usually that the underdogs are bound to fail therefore there is no need to take a risk on them. This however tends to work otherwise in some cases as the bets on underdogs pay off very handsomely.

2.2 History of sports betting

has been around for the long time dating back to the days when the roman emperor ruled the world. Back then they would bet on horse races in which races puling chariots would race while they watched, amused themselves and betted as well for fun. It is this racing for fun that led to the organization of a Grand National that involved horse racing at a national stage. Such a stage provided a perfect forum for people who then betted heavily on their horses in hope that they would win (Gutierrez, 2012a). Eventually with time this trend developed and was learnt by many through observation of what others were doing and how they used to place their bets.marked the beginning of the revolution of betting which opened the evolution of betting. In 1934 William Hill started trading in bets allowing people to place stakes on the different sports events taking place over the country. William Hill sport betting still exists today serving as a reminder of how far sport betting has come over the years. In 1961, three decades later after William Hill had started sports bookmaking, betting was officially recognized and legalized with the requisite legislation put in place to guide its implementation. More people and shops then ventured into this line of business opening shops and encouraging people to visit and make bets. However, this was not the peak of betting yet as we know it today. Revolution towards the betting today’s started in 1993 when the bookmaking was taken online after internet was introduced. People were now able to make bets online without having to go to shops and they could have their money online making it easier and more convenient to bet (Seitz, 2011). Even with this there still exist bet shops to contain the crop of people who still prefer that as an option. Sports betting has evolved and gone through a lot to get where it is today although this may not be the last of it. In 2004 betting officially became a financial affair, the reason was an insertion of William Hill into the FTSE 100 that marked the realization that sport betting was not the chance people would use to earn good money.question is does all this development mark the maturity of sport betting? Does it still have a future? The answer is there is still more to come from sport betting with the likelihood of service diversification being the likely occurrence in the near future. This will means there is going to be the introduction of specialized bets entailing peer to peer betting, personalization of the betting and betting being a forum for socialization and interaction (Owen, 2012). Sport betting was an event born out of the need for a gathering to derive more fun from a sporting event and this is why it is unlikely to die anytime soon. It will instead be a pillar upon which friendships will be cemented and interaction also initiated and developed. .3 How does the betting process look like

of all, some main definitions of the essential components of the betting process have to be mentioned.every bettor considers before placing a bet is a numerical expression of the likelihood that a certain outcome of the event will take place. The tool that shows that is called odds. There are several ways of expressing the odds to customers, some platforms even offer bettors the option to choose the expression that is the most convenient for them. In this paper decimal (European, digital) odds will be used for simplicity. Such expression is the clearest one.other thing that is worth noting is that there are many different forms of bets, and one of the most famous forms is straight betting. It entails choosing a team one feels will win in advance. In such a case the team one determines is the one he places the bet on before the game starts. At the end of the game a bettor either collect a prize that corresponds to the initial odds or looses the cash he bet (the stake).betting process can be constructed in several ways. Depending on type of betting proposed betting platforms can denote either bookmaking (sportsbooks) companies or betting exchanges.companies (which

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