| Gambling is a sport as old as mankind itself and has | | | | behalf. The bets placed with the bookie would have to |
| always offered tempting opportunities for people to | | | | say that an event will occur. The bookmaker would |
| make easy money by predicting the happening of a | | | | always take the option of the event not occurring. This |
| certain outcome. Mostly associated with sporting | | | | limited the bets which people could place and also |
| events betting was an opportunity for the moneyed | | | | limited the progress of the betting scene to an extent. |
| class to indulge in their excesses. It was thrilling to see | | | | It was time for a new concept – where a person |
| that the horse they had bet on win. Some examples | | | | could play both bookie and a punter. Betting |
| of early betting are bets on bullfights, horses and | | | | exchanges served as that platform where persons |
| wrestling. Horse racing bets were on Arabian horses | | | | from around the world could get online and place bets |
| in the Middle Eastern countries. This concept was | | | | for and against. The exchange would only act as |
| imported by the Europeans, horses brought in and | | | | facilitator and make money on the net winnings of a |
| Thoroughbreds created, especially for the purpose of | | | | client. The loser did not have to pay anything. The |
| racing. | | | | betting exchange concept is built on the parimutuel |
| The 17th century saw the advent of track racing, | | | | betting concept where the house does not participate |
| which is one of the most popular race forms even | | | | in betting and the bettors bet against each other. Thus |
| today for betting. Track bets were legal in Europe and | | | | the players can bet against or for an outcome without |
| America and were accordingly taxed. Non track bets | | | | physically being present at the venue. |
| were not within the regulatory framework and | | | | However, the bigger the better is not always true. |
| therefore it was difficult to monitor on how their betting | | | | There are numerous other upcoming exchanges which |
| activities progressed. As times changed, the betting | | | | have improvised and created their own betting |
| scene revolutionized and bets were not restricted to | | | | exchanges model through which the client can bet. |
| only the traditional types. Bets were placed on anything | | | | Personalized service, fewer software glitches with |
| and everything. People saw the happening of any | | | | these new exchange are a benefit of these |
| event an opportunity to place a bet. For example, on | | | | exchanges. Additionally some of these exchanges are |
| the outcome of reality shows, weather predictions and | | | | specialists in some sporting activity or the other and if |
| such other day to day occurrences. | | | | you are interested in that sport, it is best if you sign up |
| Traditional betting was mostly the domain of the | | | | with the. It will pay off in the long run. |
| bookie or bookmaker who accepted bets on people's | | | | |