It’s not that sport book betting has never existed before, because the phenomenon of sportsbooks has existed for a long time. They have allowed betting on sports probably since sometime in the late nineteenth century. So it was inevitable that the phenomenon would be translated to an internet context, as this new medium gained in popularity and sophistication. But this means that governments, who wrestled to create laws that covered this type of betting, now have to recreate them to deal with online betting.

Sportsbooks began as literal books, or ledgers, where people’s bets were written down. When sport betting grew as an organized industry, the term continued to be used, and gave rise to words like “bookmaker” and “bookie.” Thus, “sportsbooks” now encompass the odds set for an event by the bookmaker, the official organization that establishes those odds, and the location where the bets are placed. Before internet betting came into the picture, the sportsbook organizations were tied to physical locations, mostly in Nevada casinos because such organizations weren’t legal elsewhere. But of course the internet has changed all that.

Sportsbooks previously would have allowed a person to bet on sports that took place both locally and nationally, but adding in the online component has multiplied the possibilities almost beyond imagination. The person can go well beyond betting on the NFL or NBA, and can now engage in online betting on World Cup soccer, for example. But as they deal with glitzy looking websites whose background and credibility they can’t research, they also face the risk of dealing with some shady characters. So they must be very cautious.

The American government has tried to put up obstacles to online betting for its citizens, but in the past couple of years, people have continued to find ways to engage in sport book online gambling. This type of sport gambling couldn’t be banned in the nineteenth or twentieth centuries, and it’s becoming pretty clear that it probably can’t be banned in the twenty-first either. Rather than continuing to make harsh laws that won’t stop the practice, it’s likely that the American government may capitalize instead, and revert to regulation and taxation.

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Tags: American Government, Bets, Betting Nfl, Betting On Sports, Bookie, Bookmaker, casino, Credibility, Internet Betting, Internet Casinos, Internet Context, Ledgers, Nevada Casinos, Nineteenth Century, Official Organization, online gambling, Online Sportsbooks, Shady Characters, Sophistication, Sport Betting, Sport Book, Twentieth Centuries, web gaming sites, World Cup Soccer

by PokerWriter on May 20th, 2010 | RSS | trackback