Most of us enjoy a flutter every now and again, and a bet that pays out can prove very rewarding – no pun intended – but what are the origins of the casino, how has this shaped the modern casino we all know of today, and how are casinos regulated?
A casino is defined as, “a facility that houses and accommodates certain types of gambling activities”, and as we know, the modern casino offers not only a chance for legitimised gambling but also very often provides entertainment such as stand-up comedy, concerts, and sporting events.
The origin of actual gambling is unknown, but the first recorded instance of gambling taking place is from Chinese scripts dating back to 2300 BC. It is also a commonly held theory that gambling in some form has been present in most societies right through recorded time, from Ancient Greece right up to Elizabethan England.
The origins of the casino that we know today are in the USA, where the casino capital is located, Las Vegas. In America, casinos were originally known as saloons, and were traditionally a place where travellers could find people to talk, drink and gamble with. Eventually, in the United States at least, gambling was outlawed, along with drinking, until 1931 when the aforementioned gambling capital was allowed gambling centres, spawning some of the original casinos.
Today gambling, and more specifically casinos, are a multi-billion pound industry, and in the western world are widespread and wildly successful enterprises. There are hundreds of casinos in the USA alone, and worldwide numbers easily go into the thousand.
Casinos, and more generally gambling as a whole is usually regulated by a government appointed body. In the UK this body is the Great Britain Gambling Commission, and was established under the Gambling Act 2005, gaining full powers in 2007. The commissions aims are, “to keep crime out of gambling, to ensure that gambling is conducted fairly and openly, and to protect children and vulnerable people”. The commission isn’t directly linked to the government, however it is sponsored by the Department for Culture, Media and Sport.
When sports bettors make a moneyline wager, they are betting on the outright winner of the event, without taking the point spread into consideration. Moneyline wagering odds are posted on Major League Baseball, NFL and from the rest of the 5 popular betting sports at most Las Vegas and online sportsbooks. There are still favorites and underdogs, but instead of being handicapped or assisted by head starts or what is called point spreads, the competitors are given odds to win the game or event.
Let’s look at an NFL game where the New Orleans Saints are favorites against the Atlanta Falcons. The odds might look like this:
If you bet on the Saints, you’ll have to risk $150 to win $100 (or any other variation like $75 to win $50 or $300 to win $200). If you bet on the Falcons, however, you stand to win $130 for every $100 you wager. If the final score of the game is tied, the wager will be graded “Push” and your money will be refunded.
Commission varies from 5 dollars for every $100 wagered up to 20 dollars on every $100 wagered on moneyline bets. It can even be higher if there is a wide price range between the betting favorite and underdog. Bettors should always check the terms and conditions posted at sportsbooks to look for the cutoff points on a 10 or 20 cents line before extra commission is added. A Las Vegas sports bettor may see a heavy favorite priced on the money line at �450 with the return varying between +375 and +350 on the heavy betting underdog. The best practice followed by professional sports bettors is to shop for the best odds and payouts for their betting side at the online or Las Vegas sportsbooks. Las Vegas and online sportsbooks all use very clever terms to describe their commission rate. To describe their commission sportsbooks often describe it as 10 cent or a 20-cent line. Cents sound cheap and its done to keep the commission rate irrelevant in the mind of a novice bettor. In reality 10 or 20 cents is the commission rate on a $1 single bet. A bettor who makes a $100 bet on a game at a 10 cents line is playing into a $10 line or if they are at an establishment that charges a 20-cent line is betting into a $20 line. Sports bettors can calculate the sportsbooks commission by viewing both the favorite and underdogs current prices. Here is an example of betting on a 10 cents line from Major League Baseball:
LA Dodgers +120
NY Mets �130
Had this been a 20 cents line the difference it would look like the following:
LA Dodgers +115
NY Mets �135
As you can see in the 20 cents model the underdog bettor is getting a smaller return for his $100 bet while the favorite bettor must put up 5 dollars more for every $100 returned on a winning bet. Over time this can add up for the professional bettor and that’s why a listener to sports betting radio shows will often hear the professional harp over and over how important it is to shop for the best number and to bet at Las Vegas or online sportsbooks that offers the sports bettor the best odds and charge the least amount of commission. A best practice followed by professionals is to track current odds for online or Las Vegas sportsbooks on the internet and not to get trapped into playing into a bad number at a bad price. Technology has impacted the industry as handheld internet devices have entered the professional bettors hands. The popular Apple IPhone and Verizon Storm allows users to browse the internet at fast speeds throughout their journey’s to Las Vegas sportsbooks to make bets. Since Las Vegas casinos are spread throughout the city professional will track live odds and place his or her bets at the location giving the professional gambler the best value.
I am sure all of us could do with some extra money, an amount that would enable us to pay off a few debts or take a much needed break. Well This is possible with lay betting, where you actually lay a bet on something that won’t win. Lay betting began some time ago but has only gained popularity over the last few years because of the growth of betting exchanges.
You can lay a bet using betfair, a site that has won the operator of the year” award and is licensed and regulated by the gambling commission. Betfair has very simple instructions that make it very easy for the user, especially if you are new to the whole concept of betting. To become a member all you need to do is understand the whole concept and then sign up to the website, a very simple approach which helps you earn more.
Being customer centric, betfair ensures that every person who joins and begins betting is able to know what is happening using the advances in technology. Even if you are always on the go, you can receive updates and be connected by setting up and using your mobile. This website provides an insight into further developments and also offers other methods of earning such as refer and earn! Live updates are also available which makes betting simpler and more profitable. Added features such as the betfair calendar and betfair solution ensure that you are regularly updated on any major sporting event.
Betfair also has higher backing prices and more liquidity in the market, which in turn helps users to gain more from the whole betting process. The team at betfair welcome suggestions and ideas warmly, a concept that helps them improve the betting process and gives customers an opportunity to voice their opinions.
With this site you will find that the prices are a lot higher than conventional bookmakers, even with the 5% commission. Also huge prices are available with in running betting. If you want to take a chance with your selection, all you have to do is click on the back odds after the off and in the window put in your stake and the odds you want and submit. Quite often the horse that wins has a large spike in its graph of the odds. If you have left your bet on and the horses odds reach it then it is taken on. Nearly all horses except the winner end up at 999/1 but as there odds go out, if they finish late then you can take advantage of these large odds.
For laying purposes again the changing odds can be used to your advantage. Sometimes in running a horse in the lead can trade at odds on even at three furlongs out. As I write this a horse called steel city boy traded at 1.05 and was beaten by a horse called grazeon gold blend in a 6 furlong sprint. As you can imagine in a sprint there are horses that shoot off in the lead and there are hold up horses that come late. These are the sort of races that change rapidly at the end.