Betting is probably as old as competitions are – the two go together across humanity’s history. No doubt, the Greeks were betting on the competitions of the first Olympic Games thousands of years ago just like they do today. The major difference is technology: if back then, people used coin and hand-written betting slips, today they choose a quick and easy Betway app download and electronic transactions instead.
Betting has gone from a controversial activity to a widely accepted pastime pretty much all over the world thanks to its wide availability online. Let’s see what its benefits are for the bettors and the sports alike.
Although we usually don’t think of them like this, sports are a form of entertainment – an incredibly popular one. Hundreds of millions of people around the world tune in to watch important events – the 2018 FIFA World Cup final, for example, was seen live by more than 500 million people simultaneously, with over 1.1 billion tuning in at one point or another during the match.
Watching a soccer match or a boxing bout is exciting in itself – and a small bet on the result can make it even more exciting. Many people only bet on sports because of this extra thrill that a real-money stake adds to the mix.
Sports betting is not a form of gambling in the strict definition of the word because the results of sporting events can be predicted pretty well. Bookmakers do it all the time – they consider the probability of every possible outcome, every possible option listed on the Betway website and they set their betting odds accordingly.
But it’s not just the bookies or professional sports predictors that can anticipate the results of a football match: average bettors can also do it. While their precision is nowhere near that of the pros – the main difference between them is the number of records and statistics they have access to – but they can still assess the probability of a certain outcome to some extent. And this is more often than not enough for a successful bet.
And a successful bet means a bit of extra cash for our pockets.
Finally, let’s take a look at the benefits of sports betting for the sports themselves. Here, there is something that may come as a surprise: integrity.
It is in the best interest of sports betting operators for sports to be clean, with no outside influence on the results of the events. This is the reason why some of the biggest operators have united their forces to create the International Betting Integrity Association to combat corruption in sports and to protect their integrity. The operators are always keeping an eye on the betting patterns in their operations and report any suspicious activity to the authorities, thus preventing match-fixing and other illegal activities that would take sportsmanship out of the mix. At the same time, the IBIA also advocates informed policies that can help authorities regulate the industry better.
Last but not least, let’s not forget the sponsorship money that goes from betting operators to sports teams. Betway itself has such deals in place: in 2019 it has become the sponsor of the FKF Premier League side Kariobangi Sharks, a contract that lasted through the first year of the pandemic and was renewed late last year. The sponsorship money has helped the players keep training throughout the period of suspension.