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What is a Bookmaker?

You might think that gambling is a recent thing, but that’s not the case at all. The first evidence of gambling can be found in the ancient times of China, around 2300 BCE. There was no blackjack or betting on football back then rather, they were using tiles to play games of chance.
Since that time, the world of gambling has expanded and changed. The world of sports betting has changed dramatically since bookmakers came into play. Bookmakers offer odds on sports events, adding another element to punting. We’ll discuss the history of bookmaking , from its origins to how we currently use it.

First, What is a Bookmaker?

A bookmaker, sometimes referred to as”bookie” or “bookie,” is a business that offers odds on sports events. Bookmakers use maths and previously tabulated statistics to create predictions of what’s expected to occur in the sport, which the odds provided indicate.

The bookmakers then accept bets that are based on the odds they present. The event or match unfolds and is dependent on the outcome, the bookmakers will need to be paid by the winner. The bookmakers design odds to ensure they will always win, regardless of the outcome.

The First Bookmaker

In the 1700s the wealthy were mainly involved in horse betting or cockfighting. The poor folks were gambling on dice games with close friends. In the 1790s, the manner bets on sports were changed when the first bookmaker, Harry Ogden, started his business in the United Kingdom. Prior to Ogden was born, the public was limited to betting on who would win but nothing more.

Harry Ogden spent a lot of his time at the racetrack in particular Newmarket Health in Suffolk County. He studied every horse and their performance. With his studies he noticed that some were better than others consistently even when they weren’t taking home every single race. The horse’s betsman began to record this, and then put specific odds on how the horse would perform.

Prior to the start to play, he announced the odds and permitted people to bet with him. Harry Ogden was wealthy enough to compensate winners because he set odds that were always going to be in his favour. No matter which horse won the race, he made the money every time.

From there, bookmakers expanded and changed how we bet on sporting events of all kinds which included horse racing.

Visit Closing Times for bookies closing times.

Harry Ogden started bookmaking, but a lot has transpired from that point until now. A lot of people who followed him offered their own odds and would travel to race tracks that were specifically designed for gamblers.

Since it was a new concept, there were no regulations or laws that ensured that the bookmakers paid out the correct amount. The issue remained until Parliament regulated gambling through the 1845 Gaming Act.

It didn’t mean that betting was illegal but it discouraged it, stating that all bets could not be enforced as legal contracts. In way, it meant that bookies were able to steal punters’ money, and there was nothing the law could prevent it.

Then there was 1853’s Betting Act which didn’t make it illegal to gamble , but made it illegal to gamble only at the track due to the fact that there were so many people who had betting houses. This led to a massive increase in gambling in the streets.

What it also did was bring about the excitement of a day at the horse racetrack. During this time, the middle class was expanding and could afford to gamble a little bit. Horse races opened everywhere in the country and bookies kept becoming richer and richer.

1960 Betting and Gaming Act

In the 1960s, we were able to witness the first brick-and-mortar book stores when the it was the year 1960 when Betting and Gaming Act was approved, which allowed betting shops. This dramatically changed the bookmaking industry because now they were able to take bets on more than horse racing. The bookies were starting to create odds for football, rugby and cricket.

Many bookmakers were additions to casinos, because they were a great place to gamble on sports and you like poker, then you’ll likely enjoy a game of poker as well. Since the 1960s, numerous bookies have decided to expand in this way, or completely move out of the horse racing tracks.

These bookmakers began offering odds on sports that were not available before. Some even began betting on international sports, as they grew. A few of the most famous bookies from this time include William Hill and Ladbrokes.

Technology and Bookmakers

Things were going well for bookies with the rise in the popularity of sports betting to all. However, issues started to emerge again when the internet came about. Bookmakers believed that this was a fantastic opportunity to get even more patrons, not just those from Britain but also from the U.K. but across the globe.

Intertops began as the first bookmaker to go online, with the rest of the companies following soon after. Before 2005, just about anyone could launch an online site for sports betting and accept bets from anyone all over the world. Punters were vulnerable to theft or fraud since there was no law governing betting on international bookies.

In 2005, the Gambling Act started to protect British gamblers, and was focused on making honest online bookies. The government also established the Gambling Commission. It issued licenses to online betting websites that operated legitimately. Whatever the country the location where the bookie website is located, if it would like U.K. punters to participate, then it must be certified from the Gambling Commission.

Bookmakers Today

Within the United Kingdom, the 2005 Gambling Act and the required Gambling Commission approval is still in force today. We’ve seen the industry grow popular all over the web. Many punters love the convenience of not having to leave the comfort of their home to get involved.

Certain bookmakers’ websites offer live streaming and live betting on sporting events while they are currently taking place. There are usually fifty or more sports you can bet on using the bookmaker online, such as motorsports, darts MMA, table tennis and many more.

Today, you can also bet on things like entertainment, politics Esports, virtual sports and politics. There is no limit to sporting events that are live. There’s been an increase of giving online bonus codes as well as loyalty programs and cashback.

There are many ways to bet on the internet using a variety of betting strategies that have worked for the majority of gamblers. Certain gamblers make bets on sports as their primary income and have made quite a fortune betting online. You don’t need much to start; you just require a strategy.

While having access to gambling is enjoyable, for certain people, it’s also a problem. There’s been a rise in gambling addiction. Certain bookmakers make it too easy to deposit more money into their accounts. It’s just one click, and you’re able to play again. Online gambling is convenient but is it really that easy?

We’ll likely see additional expansions of bookmaking firms in the near future as technology advances. One thing we do know about the near future is that it will continue to be online gambling or offline.

The Bottom Line

Gaming has been played for longer than we remember , and it continues to evolve in the same way we do. There has been a lot of changes since the time of ancient Chinese game of tiles. Today, we are betting on esports and more.

With Harry Odgen’s help, we have bookies that have made betting on sports more exciting. There are a variety of sports gambling and regulations players in across the United Kingdom can enjoy and can feel secure doing it.