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3. What To Bet With Friends
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5. List Of Bets Between Friends Crossword
6. List Of Bets Between Friends Online

A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays off bets on sporting and other events at agreed-upon odds.

History[edit]

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The first bookmaker, Ogden, stood at Newmarket in 1795.^[1]

Range of events[edit]

Bookmakers in many countries focus on accepting bets on professional sports, especially horse racing and association football (soccer). However, a wider range of bets, including on political elections, awards ceremonies such as the Oscars, and novelty bets are accepted by bookmakers in some countries.

Operational procedures[edit]

By 'adjusting the odds' in their favour (paying out amounts using odds that are less than what they determined to be the true odds) or by having a point spread, bookmakers aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each possible outcome or (when they are offering odds) by getting the amounts wagered on each outcome to reflect the odds.^[2] When a large bet comes in, a bookmaker may also try to lay off the risk by buying bets from other bookmakers. Bookmakers do not generally attempt to make money from the bets themselves but rather by acting as market makers and profiting from the event regardless of the outcome. Their working methods are similar to those of an actuary, who does a similar balancing of financial outcomes of events for the assurance and insurance industries.

Legality[edit]

Depending on the country, bookmaking may be legal or illegal and is often regulated. In the United Kingdom, since 1 May 1961, bookmaking has been legal and has even been a small contributor to the British economy, with a recent explosion of interest with regard to the international gaming sector industry. However, gambling debts were unenforceable under British law until the Gambling Act 2005. Many bookmakers are members of IBAS, an industry organisation used to settle disputes.

Bookmaking is generally illegal in the United States, with Nevada being an exception due to the influence of Las Vegas. In May 2018, a United States Supreme Court ruling struck down the Professional and Amateur Sports Protection Act of 1992, which prevented individual states from legalizing bookmaking.

In some countries, such as Singapore, Sweden, Canada, and Japan, the only legal bookmaker is owned and operated by the state. In Canada, this is part of the lottery programme and is known as Sport Select.

United Kingdom gambling industry[edit]

The first bookmaker in the United Kingdom is considered to be Harry Ogden, who opened a business in the 1790s, although similar activities had existed in other forms earlier in the eighteenth century.^[3][4]

Following the Gaming Act 1845, the only gambling allowed in the United Kingdom was at race tracks. The introduction of special excursion trains meant that all classes of society could attend the new racecourses opening across the country. Cash flowed to the bookmakers who employed bodyguards against protection gangs operating within the vast crowds.^[5] Illegal betting shops were fined, but some, like Bella Thomasson, ran betting businesses that the police appeared to turn a blind eye to.^[6]

In 1961, Harold Macmillan's Conservative government legalised betting shops, with tough measures enacted to ensure that bookmakers remained honest. A large industry has grown since. At one time, there were over 15,000 betting shops. Now, through consolidation, they have been reduced to between 9,100 and 9,200 in 2013.^[7] The group of the largest bookmakers in the country, known as the 'Big Three', comprises William Hill, Ladbrokes, and Coral.^[8]

Improved TV coverage and the modernisation of the law have allowed betting in shops and casinos in most countries. In the UK, on-track bookies still mark up the odds on boards beside the race course and use tic-tac or mobile telephones to communicate the odds between their staff and to other bookies, but, with the modernisation of United Kingdom bookmaking laws, online and high street gambling are at an all-time high. A so-called super-casino had been planned for construction in Manchester, but the government announced that this plan had been scrapped on 26 February 2008.

Internet gambling[edit]

Although online gambling first started in 1994 when the licensing authority of Antigua and Barbuda passed the Free Trade & Processes Act, bookmakers did not get involved until 2001. They were forced to act when research at the time found there were eight million online players worldwide.^[9]

With the arrival of the World Wide Web, many bookmakers have an online brand, but independently owned bookmakers often still maintain a 'bricks and mortar' only operation as the software and hardware required to operate a successful online betting operation are complex and their costs are quite prohibitive; other bookmakers operate 'skins' or 'white label' websites, which they purchase from one of the large firms. The main websites require bets to be from countries where Internet gambling is allowed and from people over 18 years old. Some small bookmakers and startups purchase software from specialised white label solution providers. Since gambling products have a high conversion rate from one niche to another, most online betting websites also feature other gambling products such as poker, live dealer casino games, lottery, bingo, slots and other casino games. Controversially, the explosion in Internet gambling is being linked to a rise in gambling addiction, according to the UK's help and advice organisations for addicts, GamCare and Gamblers Anonymous.

Increasingly, online bettors are turning to the use of betting exchanges such as Betfair and BETDAQ, which automatically match back and lay bets between different bettors, thus effectively cutting out the bookmaker's traditional profit margin also called an overround.

These online exchange markets operate a market index of prices near but usually not at 100% competitiveness, as exchanges take commissions on winnings. True wholesale odds are odds that operate at 100% of probabilistic outcomes.

Betting exchanges compete with the traditional bookmaker. They are generally able to offer punters better odds because of their much lower overheads but also give opportunities for arbitrage, the practice of taking advantage of a price differential between two or more markets. However, traditionally, arbitrage has always been possible by backing all outcomes with bookmakers (dutching), as opposed to laying an outcome on an exchange. Exchanges, however, allow bookmakers to see the state of the market and set their odds accordingly.

With the increasing number of online betting exchanges, betting exchanges are now providing free bet offers in an attempt to lure customers away from the competition. These free bets are generally based on the size of the deposit made into the gambling account. For example, if a customer made a deposit of $20, the betting exchange would deposit an additional $20 for the customer to use.^[10] Free bet rules vary depending on the betting exchange.

Some bookmakers have even taken to using betting exchanges as a way of laying off unfavourable bets and thus reducing their overall exposure. This has led to insecurity from some TABs in Australia, state-run betting agencies that attempted to deny Betfair an Australian licence by running unfavourable ads in the media regarding the company. When Tasmania granted Betfair a licence despite these efforts, the Western Australian state legislature passed a law that specifically criminalised using betting exchanges from within the state; however, the law was later ruled to be unconstitutional. As a result, internet gambling in Australia required a new legal framework. The Interactive Gambling Act 2001 regulates the online gambling market in Australia, together with all its amendments. The last amendment was introduced on 13 September 2017. This bill states that online casinos, online poker and live betting is illegal in Australia. The Australian Communication and Media Authority (ACMA) is the regulatory body that is in charge of all supervising online gambling activities. Online sports betting is legal, however.^[11]

Bets are also taken via phones, using email and SMS text messages,^[12] though poker and other sports are more suited to other media. As technology moves on, the gambling world ensures it is a major player in new technology operations.

Most televised sports in the United Kingdom and the rest of Europe are now sponsored wholly or partly by Internet and high street bookmakers, with sometimes several bookmakers and online casinos being displayed on players' shirts, advertising hoardings, stadium signs and competition event titles. Sponsors are especially highlighted in the football category since football fans present a significant percentage of the target group the bookmakers serve.

Many of the bookmakers are sponsoring some of the major football teams in the major European football leagues,^[13] although Werder Bremen are currently fighting the German courts for the freedom to continue featuring bookmaker Bwin on their shirts, as Germany and France take action against online gamers. For example, as of 1 January 2020, Germany bettors will not be able to bet more than €1,000 a month. The latest amendment of the ITG states that. New online sportsbook laws are expected in the near future in Germany, as this law is only temporary: the expiration date is set to be on 20 June 2020.^[14]

The situation is not that strict in France, however. Online sports betting in France is divided into two sections: Autorité de Régulation des Jeux en Ligne (ARJEL) regulates online sports betting, while online horse betting is regulated by the law 'Decree 2010-498 from 17 May 2010. International bookmakers are allowed to enter the French market, thanks to the Law No. 2010-476 from 12 May 2010.^[15][16]

With the recent banning of tobacco sponsorship^[17] and the significant commercial budgets available to the gaming industry, sponsorship by car manufacturers, alcoholic drinks, soft drinks and fast-food marketers is being rapidly replaced by sponsorship from gaming companies in the Far East and Europe.

The United Kingdom's Gambling Act 2005 introduced a new regulatory system for governing gambling in Great Britain. This system includes new provisions for regulating the advertising of gambling products. These provisions of the Act came into effect in September 2007. It is an offence to advertise in the UK, gambling that physically takes place in a non-European Economic Area (EEA) or, in the case of gambling by remote means, gambling that is not regulated by the gambling laws of an EEA state. The Gambling Commission is the body that makes sure all sites and operators follow the new restrictions. In addition to the Gambling Act of 2005, according to the new gambling bill, online gambling sites are only allowed to offer services within the United Kingdom, if they are registered at the UK Gambling Commission.^[18]

The situation is more confused in the United States, which has attempted to restrict operators of foreign gambling websites accessing their domestic market. This resulted in 2007 in a ruling against the US government by the World Trade Organization.^[19] However, common online gambling laws in the United States still don't exist - it differs from state to state. All forms of online gambling are illegal within the states of Utah and Hawaii, while the states of Delaware, Pennsylvania and New Jersey took a different approach: almost all forms of online gambling are legal in these states. These are the only US states where online casino sites can be legally registered. It is important to mention that Native Americans have their own gambling legislation - the Indian Gaming Regulatory Act of 1988. However, they need their state's approval in order to be able to offer their services online.^[20]

See also[edit]

• Bookies – a German film

References[edit]

1. ^Barrett, Norman, ed. (1995). The Daily Telegraph Chronicle of Horse Racing. Enfield, Middlesex: Guinness Publishing. p. 10.
2. ^Cortis, Dominic (2015). 'Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds'. Journal of Prediction Markets. 1. 9.
3. ^Munting, Roger (1996). An Economic and Social History of Gambling in Britain and the USA. Manchester University Press. p. 89.
4. ^Vamplew, Wray; Kay, Joyce. (2005). Encyclopedia of British Horseracing. Routledge. p. 50.
5. ^Dick Kirby, The Race Track Gangs, The Peeler issue 7 July 2002, 'Friends of the Met Police Museum'
6. ^'Thomason, Ann Arabella [known as Bella Thomasson] (1874–1959), bookmaker'. Oxford Dictionary of National Biography. doi:10.1093/ref:odnb/56685.
7. ^Gambling Commission Gambling industry statistics April 2009 to September 2012
8. ^Vamplew and Kay, p. 51.
9. ^'A history of online casinos: infographic'. rightcasino.com.
10. ^'The Most Common Sportsbook Bonus Types'. Retrieved 24 August 2014.
11. ^Communications. 'Interactive Gambling Act 2001'. www.legislation.gov.au. Retrieved 4 September 2019.
12. ^'Betfred.com Chooses OtherLevels' Platform to Power Their Mobile Marketing Campaigns'. Market Watch. 28 July 2014. Retrieved 24 August 2014.
13. ^'A Look At Bookmakers Sponsoring Football Clubs'. ReliableBookies.com. 19 March 2013. Retrieved 19 March 2013.
14. ^'Entwurf eines Dritten Staatsvertrages zur Änderung des Staatsvertrages zum Glücksspielwesen in Deutschland (Dritter Glücksspieländerungsstaatsvertrag)'(PDF). Landtag Nordrhein-Westfalen.
15. ^LOI n° 2010-476 du 12 mai 2010 relative à l'ouverture à la concurrence et à la régulation du secteur des jeux d'argent et de hasard en ligne (1). Legifrance. Retrieved 4 September 2019.
16. ^Décret n° 2010-498 du 17 mai 2010 relatif à la définition des courses hippiques supports des paris en ligne et aux principes généraux du pari mutuel. Legifrance. Retrieved 4 September 2019.
17. ^Holman, C D'Arcy; Donovan, Robert; Corti, Billie; Jalleh, Geoffrey; Frizzell, Shirley; Carroll, Addy. 'Banning tobacco sponsorship: replacing tobacco with health messages and creating health-promoting environments'. The British Medical Journal. Retrieved 24 August 2014.
18. ^'The Gambling (Licensing and Advertising) Act 2014'. UK Gambling Commission. Retrieved 4 September 2019.
19. ^'WTO rules against US gaming ban'. BBC News. 30 March 2007. Retrieved 1 September 2011.
20. ^'Public Law 100-497-OCT. 17, 1988: An Act to regulate gaming on Indian lands'(PDF). Government Publishing Office [US]. Retrieved 4 September 2019.

[toc]With football season quickly approaching, sports gaming apps are queuing up once again for fans’ second-screen attention.

In-game options for consumer engagement won’t just stop at daily fantasy sports products offered by the likes of DraftKings and FanDuel.

They’ll also include games like the Chicago-based app Bait, which aims to offer viewers and fans something closer to a traditional wagering experience.

How it works

Bait is a sports betting platform for iOS that will allow users to bet on spreads of games across a variety of sports. It syncs with your phone’s contacts, identifying other Bait users who might want to take the opposite side of a bet.

For example, say you’re a Carolina Panthers fan who thinks your team will cover the minus-3 spread against the Denver Broncos in the season’s opening game, you can make this wager (Bait uses lines from Vegas sportsbooks). You can challenge your buddy to bet the opposite side, that the Broncos will either win or lose by fewer than three points.

As ChicagoInnonotes, Bait wants to provide users with not only a legal betting alternative to DFS, but one that customers feel comfortable engaging in.

It avoids pitting bettors against strangers over the internet, and it steers clear of any sort of unregulated, offshore sportsbook. Furthermore, an app purchasable from recognizable online retailers like the Apple Store could lend an air of legitimacy to the product.

The app is still in beta. Bait founder Ian Peacock said he expects the app to release during the NFL preseason, which begins with the Hall of Fame Game on Aug. 7.

Friends go further

By pairing two bettors up on opposite sides of a bet, Bait functions similar to a betting exchange, likeBetfair, except users who are paired up to bet ostensibly already know one another.

Pairing acquaintances to make bets could go a long way toward furthering this level of comfort, and not just out of a sense of familiarity.

After an underlying game is completed, the app directs users to each other’s Venmo accounts in order to settle up, while offering a unique twist: Losing bettors don’t have to pay up.

If this sounds like a platform rife for abuse and unpaid winnings, there are a few details to consider:

• First, a person could be more likely to pay out in a bet with someone they know as opposed to an anonymous name on the Internet.
• Second, there will be some measure of transparency with Bait. How do you know if your buddy reneges all the time on bets? All users will have a rating that notes when they don’t pay up.
• Third, by eliminating the obligation to pay up, Peacock says the site eliminates users from having to take a risk. Without risk, he says, there is no gambling consideration.

Ads are the new vig

There is another key difference, however, between Bait and a traditional betting exchange. The app doesn’t take a cut, or “vigorish,” that a bookmaker traditionally takes.

According to ChicagoInno, the site will use advertisements to make money instead of monetizing through vig.

While this is an interesting idea, it could prove challenging to pull off.

Research firms estimate mobile advertising click-through rates are generally better for in-app ads than for mobile web ads. Jupiter Research projects nearly $17 billion will be spent on in-app advertising in 2018, up from less than $4 billion in 2013.

Those percentages and revenue figures won’t mean much for Bait, however, if it can’t scale its user base.

Expanding through the tree-map of users’ cell phone contacts is a good start, but that type of exponential expansion can take time, consistency in the marketplace, and can be dependent on a positive user experience.

One app with a similar model is that of WinView Games. It also targets the friend-to-friend betting space and is also fueled by ad revenue. But WinView offers live, in-play prop selections (e.g. “Will Cam Newton throw at least 3 touchdowns today?”) as opposed to spread wagers, and uses its own virtual dollars system rather than real money. It received $3.4 million in venture funding earlier this year.

Peacock says that while Bait is entirely self-funded so far, it is in the process of raising money.

Illinois gaming landscape

Attorney General Lisa Madigan made (perhaps overlooked) headlines late last year, when just hours before Christmas Day she opined that FanDuel and DraftKings illegal gambling sites.

Those parties have been in a court battle ever since, and the gaming landscape for operators in Illinois hasat times felt uncertain.

Bait, though, is not a daily fantasy sports product. It is a sports betting product — one where the “book” doesn’t take a cut and wagers may or may not be paid out.

So does that make it legal?

Section 28-1(a) of the state’s criminal code lists (among many others) three such violations of wagering that theoretically could pertain to the game:

“A person commits gambling when he or she: (1) knowingly plays a game of chance or skill for moneyor other thing of value, unless excepted in subsection (b) of this Section; (2) knowingly makes a wager upon the result of any game, contest, or any political nomination, appointment or election;…. (5) knowingly owns or possesses any book, instrument or apparatus by means of which bets or wagers have been, or are, recorded or registered, or knowingly possesses any money which he has received in the course of a bet or wager.”

One of the many exemptions to subsection A, however, are “games of skill or chance where money or other things of value can be won but no payment or purchase is required to participate.”

Peacock says this exemption ensures Bait’s legality.

To book make, or not to book make

Illinois defines bookmaking as follows:

“A person engages in bookmaking when he or she knowingly receives or accepts more than five bets or wagers upon the result of any trials or contests of skill, speed or power of endurance or upon any lot, chance, casualty, unknown or contingent event whatsoever, which bets or wagers shall be of such size that the total of the amounts of money paid or promised to be paid to the bookmaker on account thereof shall exceed $2,000. Bookmaking is the receiving or accepting of bets or wagers regardless of the form or manner in which the bookmaker records them.”

Bait, it would appear, does not accept or receive wagers. Its software allows two potential bettors to connect. Bait provides the lines, sourcing Las Vegas sportsbooks.

Similar logic, however, did not stop one state supreme court from finding a similar company guilty of bookmaking.

A Washington state-based exchange that also allowed bettors to opt out of bets was found in 2010 to be in violation of state betting law because it operated as a bookmaker. Peacock said the site, Betcha.com, served as inspiration for Bait.

Bets To Do With Friend

The ruling came despite its lawyers’ insistence that the pairing up of two bettors on a platform did not amount to “accepting” bets.

Familiar federal triumvirate

The federal frameworks governing sports betting are all too familiar: PASPA, the Wire Act and UIEGA.

As one industry source noted, NFL attorney Paul Clement commented during oral arguments earlier this year in the New Jersey sports betting trial that, under the Professional And Amateur Sports Protection Act, which outlaws single-game wagering in all states but Nevada, casual bets between friends of up to $1,000 could potentially be legal.

The same industry source noted that the Wire Act, which prohibits the transmission of betting information across state lines,pertains not only to gambling, but often refers to bookmaking specifically. This reinforces the potential importance of a favorable interpretation of the state’s bookmaking statute.

List Of Bets To Make With Friends

It’s unclear if Bait, individual bettors, or others would be found in violation of the Unlawful Internet Gambling Enforcement Act, which prohibits payment providers from knowingly accepting funds for unlawful gambling-related transactions.

Bettors on Bait will be prompted to facilitate payments through Venmo. Venmo is a subsidiary of PayPal, which for the past several years has tried its best to identify and stop all NCAA Tournament pool-related payments made using its service every March.

Tracking informal P2P betting

Of little doubt, however, is that betting between friends remains popular.

What To Bet With Friends

What Are Some Bets To Make With A Friend

One in four Super Bowl viewers surveyed earlier this year by the Mellman Group said they’d placed a bet with a friend on a sporting event the past year. One in three said they had bet on the Super Bowl itself at some point.

List Of Bets Between Friends Crossword

Casual betting between friends, which likely comprises a significant portion of the $145 billion the American Gaming Associationestimates was wagered illegally in 2015, is also difficult to track. Bait could be among the first apps to help do so.

Even if regulators were to make a case that Bait violated state or federal law, they would likely only do so once the app gained significant exposure and took in sizable amounts of money on bets. That could be a ways off.

List Of Bets Between Friends Online

Regulators and attorneys general raised claims with DFS operators, for example, in 2015 — nearly a decade after the industry first formed.

One thing remains certain: If Bait establishes itself in the mobile sports gaming space, it could be well-positioned in the event a forthcoming federal, sports betting legalization effort is successful.