Gambling is one of the world’s oldest pastimes in every sense of the word. It has existed since the ancient times when the outcomes were perceived based on the decisions of Gods. A lot has changed over thousands of years.
There is no doubt that the arrival of sport has added another additional avenue for which to gamble In the United States alone. Revenues from land based casinos and lotteries have totaled over $50 billion annually over the last decade. That is more money than the combined sales of the biggest companies in the world. So how did this come to be? Here is a quick break down of the history of gambling.
Everything Is Based on Chance
The earliest recorded form of gambling that ever took place in human history is believed to date back to around 2300 BCC in ancient China. Entertainment was part of the equation back then. There is also evidence that gambling helped determine the fate of territories. That was certainly the case in Europe in 100 AD, when a dispute between King Olaf of Norway and King Olaf of Sweden was revolved in favor of the Swedish king when he rolled double sixes back-to-back.
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The advent of sports betting came later on with credit going to the Greeks, who bet on the Olympic games. Back then it wasn’t just coin that was being used to wager either as people were betting entire estates on the outcomes of Olympic events. A lot has changed since then. The fact that the tradition of sports betting and gambling in general says a lot about the nature of human history.
The Risk Is Calculated
It wasn’t until The Renaissance that scientific studies were conducted to determine the risks associated with gambling. Bookmakers and professional bettors had popped up everywhere around the world and suddenly gambling was worth studying. The Renaissance was a time of religious turmoil. With so much mysticism perceived to be involved in the outcome of events science was needed to counteract. The famous mathematician Blaise Pascal was a major figure whose work helped lead to the theory of probability. That's the mathematical basis for the concept of risk management. Hundreds of years later those original concepts have been developed and transformed to improve the scientific approach to sports betting and gambling in general. The perception of it has changed dramatically among those that have invested the time to understand the basic concepts behind it.
It Makes Sense To Gamble
In a way, every decision that a person makes in their life is a gamble. Something as simple as choosing between options on a menu can be perceived as a gamble. That's because the person is taking a chance on one option over the others. There is no doubt there are risks to every decision we make. But does it make sense to gamble with money?
Self-made billionaire Warren Buffet has said, “risk comes from not knowing what you are doing”. So what about if somebody does know what he or she is doing? The best gamblers in the world have taken the time to weigh the risk and reward. They do that for every decision they make. Clearly they have proven that it makes sense to gamble as long as the person that is gambling knows what he or she is doing. There is certainly risk to every decision in life but for those willing to take the time and do the necessary research, it certainly makes sense to gamble from time to time.