Betting as an industry may be a recent development, however, wagering on the outcome of sports is not a new phenomenon. We have evidence to show that the Ancient Romans placed bets on boxing tournaments, gladiatorial matches, and races. The Medieval nobles in England would also sponsor and wager on cricket teams, and Chinese emperors bet on cuju matches. However, in the Victorian age, when new industries were just starting to develop, bookies became a lot more prominent.
The rise of the sports betting industry also led to its strict regulation. Lawmakers saw that bookies would prevail no matter what, ...