At various sporting events it's possible to bet on the game results. The player places money on a team or the athlete and predicts how this party will complete the match. If the player is right, he or she wins money, so at the least the deposit is earned back. If the player has incorrectly predicted the result, he or she will in most cases lose the bet amount.
Sports betting is organized in many sports. Many people think of horse racing and dog racing, but also in other sports such betting is organized, including racing, football, basketball, golf, baseball, boxing and ice hockey. Actually, sports betting can be organized for every sport, as long as there is a clear winner or a result after the game has been played.
Sports betting can be organized legally, as long as all rules and laws from the country in question are met. What is not allowed obviously, is match fixing. In case of match fixing, there is prior knowledge, for example because one of the players has been bribed and thus the game result will be influenced. Due to organized crime, there has been questions of match fixing in various sports. Match fixing happens when criminal persons 'buy' favorite winners. In this case the mass invested its money in the strongest party, while it was instructed to give away the winning to the opponent. With this foreknowledge, the underworld could raise large amounts of money by 'using' the underlying party (the so-called 'underdog').
With the advent of the internet, betting on sports competitions has taken off. On the websites of betting offices, so-called 'bookmakers', everyone can easily create an account and then bet on all kinds of competitions. There are roughly 3 types of methods for betting on sports events over the internet: fixed odds, exchange betting and live betting.
This is a bet between the organizer and the player. The organizer determines the odds of a sports match on which players can gamble. The odds indicate the amount that will be paid after the bet has been won. These matters are agreed on before the match starts.
Besides 'fixed odds' it's also possible to gamble on the basis of 'exchange betting', also known as 'parimutual betting'. This is a bet between 2 people who are not connected to the organizer/bookmaker. The organizer receives a commission for organizing the bet.
The term 'live betting' is often used on gambling websites. This means that players can bet on events during the sports match, such as a penalty for soccer or a hole-in-one for golf.
In May 2018, CNN reported that the Supreme Court cleared the way for states to legalize sports betting. Before that date, a federal law from 1992 prohibited most sates from authorizing sports betting. In 2011 New Jersey voters approved a measure to legalize sports betting to help the casino industries in a faltering economy. Major American sports leagues, including the National Football League (NFL), National Basketball Association (NBA) and the Major League Baseball (MLB), offered cautious reaction to the news, saying they would take steps to protect the integrity of the games and called for regulatory framework.
The fact that it can be very lucrative to bet on sports competitions, for example in golf tournaments, is evident from this news item from the BBC dating July 2014. Rory McIlroy's father gambled in 2004 that his son, when he was 15 years old, would win the Claret Jug contest within 10 years. When that finally succeeded in 2014, the bookmaker paid out an amount of no less than £50,000.
Do you also want to gamble by betting on golf competitions? Then you can bet on Golf at NetBet. Good luck!