What is Sports betting
Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bet upon varies by culture, with the vast majority of bets being placed on Association Football (Soccer), American Football, Basketball, Baseball, Hockey, Mixed Martial Arts, and Boxing at both the amateur and professional levels. Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as Horse Racing, Greyhound Racing and illegal, underground Dog Fighting.
Sports bettors place their wagers either legally, through a bookmaker/sportsbook, or illegally through privately run enterprises referred to as "bookies". The term book is a reference to the books used by wagebrokers to track wagers, payouts, and debts.
Wagebrokers both legal and illegal make a profit by taking a percentage of all money bet, called a vigorish (vig), juice, rake, or action. Legal sportsbooks take vigorish from bettors of both teams, paying a winning bettor a little under 2/1 in an even contest. Illegal bookies, however, pay the winning bettor even money while making the losing bettor pay the vigorish exclusively. It must also be noted that both bookmakers use other methods to increase profits by enticing bettors with greater winnings at higher risk to the bettor (teasers, parlays, adjusting point spreads, etc.).
The majority of legal sportsbooks are found online, operated over the internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las Vegas, Nevada, or on gambling cruises through self-serve kiosks. They take bets "up-front", meaning the bettor must pay the sportsbook before placing the bet. Illegal bookies, due to the nature of their business, can operate literally anywhere but only require money from losing bettors, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality.
Sportsbetting has resulted in a number of scandals in sport, such as the 1919 World Series, the alleged (and later admitted) illegal gambling of former MLB player Pete Rose, and former NBA referee Tim Donaghy, effecting the integrity of sports events through various acts including "point shaving" (players effecting the score by missing shots), bad calls from officials at key moments, and overall match fixing ("the fix is in").
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