5 Interesting Sports Betting History Facts
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Have you wondered how the history of sports betting weaves and bends throughout time? How about knowing some of the defining and most interesting historical facts in the realm of sports wagering?
This article’s focus will be exactly in this direction. You’ll get to know some of the most fascinating aspects that have shaped this activity as both an industry and a form of entertainment. As such, sports betting will become an even more open book and prove that complexity has always been a part of its DNA.
We’ll go progressively across the sports betting timeline and say a few things about the beginnings of the phenomenon, its regulations, and some defining moments that spelled jeopardy. Will you be at our side as we untangle some of the most significant moments in sports betting history?
The Origins Trace Back to Antiquity
As history starts to unravel right before our contemporary eyes, we begin to trace the origins of many of our modern activities back to times memorial and immemorial. According to various types of historical proof, sources, and theories, much of our past takes an unexpected shape. Such is the case when we look at sports betting as well.
Despite its likely existence as a longstanding tradition of this civilization, we know that Ancient Greek sports have been a staple of this civilization. However, as widely accepted in the academic world of history, the beginnings of organized games can be traced back to 776 BC. With the first Olympiad happening on this specific date, we theorize that betting on sports is concurrent with these games.
As a result, the most popular theory associated with sports betting appears to be in conjunction with the Ancient Olympic Games. Since there were so many disciplines, the betting opportunities were as varied as they got.
Moreover, subsequent chariot racing (an echo of Bronze Age military technology) in subsequent Rome and cock fighting in Ancient China are also theorized instances of betting opportunities. Gambling is as old as currency, and betting is as old as organized sports!
The First Regulations
In more cases, than one can count, the legality of gambling activities depends on the revenue potential. Economic viability is a reality that transcends even previously enforced morality. As such, the secularization of (Western) society has brought sports betting to the forefront of legislative decisions.
Most of the landmark decisions came in the 20th and 21st centuries due to the modernization of betting opportunities and the liberalization of many societies. As such, we see acts like the 1960 Betting and Gambling Act. This was the first step that made high-street betting shops legal and ready to establish themselves.
Naturally, this led to the appearance of countless sports betting shops that necessitated the revised act of 2005. This provided the perfect context for a rise that we see today as one of the landmark moments of sports betting and its meteoric rise.
It may be surprising that sports betting has been a staple in the USA essentially since 2018 As the Supreme Court overturned the previous PASPA act of 1992, it opened the door for sports betting, today being legal in 38 states when writing this article. This shows that the market is still growing due to the recency of sports betting’s legality.
The Biggest Sports Betting Win
As far as we know, the biggest known instance of a sports betting win comes from a famous Super Bowl bet. Famous whale and legendary sports gambler Billy Walters decided to bet an uncanny amount of money resulting in a huge win that people aren’t even sure about.
The actual data tells us that the crowning achievement of one of the best sports bettors of all time was Super Bowl XLIV. The grand finale of the 2009 NFL season saw the New Orleans Saints of Drew Brees and Sean Payton defeat the Indianapolis Colts. Despite being quarterbacked by Peyton Manning, the Colts lost, making Walters at least $3.5 million!
Walters took advantage of the odds at that time. While BetBrain provides odds comparison and helps gamblers worldwide understand the decimals, Walters took advantage of his own experience and gained one of the most legendary wins in gambling history.
The Black Sox Scandal Was an Early Shock
During the 1919 World Series of Major League Baseball, illegal betting and the ugly face of match-fixing provided an immense shock to the entire sports community. It still carries a lot of historical gravitas due to the very early precedent that it created.
According to the indictment and the subsequent bans, 8 players from the Chicago White Sox stood accused of fixing the World Series against the Cincinnati Reds. This was a devastating blow to the legitimacy of professional baseball, especially because of the involved names. ‘Shoeless’ Joe Jackson, a certified legend of early-era baseball, was among the accused.
Even though they were publicly acquitted 2 years after the scandal broke out, there is a ban and an exclusion for Hall of Fame consideration to this day. The fixing of this match left a bitter aftertaste that influenced the public perception of the dangers of sports betting.
The Jontay Porter Situation Has Historical Significance Despite Being Recent
This is a historical fact that happened during the year when we wrote this article. Despite being extremely recent, this is a historical event that showcases how the sports betting world has several rotten apples that can hit the legitimacy of both a league’s product and the name of the sports betting brand.
Porter, a role player who was playing for the Toronto Raptors, looked visibly distressed during some of his games in January 2024. According to the official investigations, he disclosed information to a known gambler and even bet via someone else’s account on highly suspicious instances of proposition bets.
As such, the betting operator alerted the NBA, which found that he had placed 13 bets totaling over $54,000. This led to a permanent ban on Porter, followed by a federal investigation that will likely lead to jail time. Despite many more instances of sports betting in professional leagues, this was the most brazen and historical attempt at fraudulent betting.
Conclusion
Looking at some of these historical facts, we can see that the origins and concerns associated with sports betting are profoundly interesting and complex. Moreover, this timeline also appears to let us know that history can echo present-day situations. If you’re presently into sports betting, wager responsibly and legally!
