Research Paper on "Betting and Gambling Within Sport"

Research Paper 4 pages (1366 words) Sources: 5

[EXCERPT] . . . .

You are given a chance to state whether you think the actual amount will turn out lower or higher (AUSSportsBetting, 2016).

Proposition Bets or Specials

These wagers are attractive and fun for many people. Some of them are favorites for focused and serious betters though. These are wagers that are placed on items that are not necessarily related to events that are likely to influence the outcome of games. There are exceptions though. Some common examples of this type of bet include betting on who will score first in a match. It may also be about betting on the time when a goal or point will be scored (Thompson, 2001).

Futures or Outrights

These are terms used on wagers for the winner of a given tournament, competition or even league that occurs before the actual start of an event. If you bet on a team to win super bowl before the actual start of a bowling season, that passes as a futures bet. A wager betting on the winner of a golf tournament before the actual contest qualifies as futures bet too (AUSSportsBetting, 2016).

Parlays or Accumulators

Although the probability of winning these types of bets is low, the return on placing wagers is quite decent. Wagers are required to make more than a single selection for the same wager. You could try to predict the winners of ten matches at a go; you make your selection as a portion of a parlay or accumulator. If by any chance you get all the ten bets right, the odds are multiplied; leading to a huge or significant win. The flip side is that you lose your wager if only one out of the ten teams loses (Thompson, 2001).

Legality of sports betting in the U.S.A.

Sport betting is clearly outlawed in most of the states in USA. It is a common activity in most parts of Europe and even back in Nevada as an exception in the U.S. It isn't easy to estimate the amount of money that goes into betting in the U.S.A. because most of it is done illegally. However, pundits estimate that it could be around $200 billion every year. It is illegal to operate a betting company in the U.S.A. Exceptions are Nevada, Delaware, Montana, and Oregon State (Thompson, 2001).

Bookmaking; which is primarily the occupation that involves accepting sports bets is controlled by law. It is not made to appear a criminal activity. NCAA has pointed out that it could ban all playoff competitions in Delaware if the state does not outlaw betting on college sports. Another state that has been threatened in a similar manner is New Jersey. There is a lot of lobbying on such leagues as NBA, NFL. Consequently, the congress instituted the Professional and Amateur Sports Protection Act of 1992; also commonly referred to as PASPA. This action effectively made betting illegal in all states except Delaware and Nevada (Tuttle, 2015).

Scandals in sport betting in the U.S.

Tennis has seen its worst days with regard to corruption. In 2011, Daniel Koellerer, the world number 55 player at the time became the first player to ever be slapped with a ban for life for attempting a match fix. These violations were noted between October 2009 and July 2010. The Tennis Integrity Units ran investigation on behalf of the International Tennis Federation and the WTP and ATP tours. Koellerer was banned for a period of six months between 2004 and 2006 owing to what was termed as bad behavior. In August of 2010, he aided betting by placing odds for some matches and was found to have links for placing the bets (Finley, 2008).

References

AUSSportsBetting . (2016). What is Sports Betting? Retrieved from Australia Sports Betting: http://www.aussportsbetting.com/guide/intro/what-is-sports-betting/

Finley, P. (2008). Sports Scandals Westport. Connecticut: Greenwood Press.

Thompson, W. (2001). Gambling in America -- An Encyclopedia of History, Issues, and Society. Santa Barbara, CA: ABC-CLIO.

Tuttle, B. (2015, September 10). Why Betting on Fantasy Sports Is Legal But Betting on Regular Sports Is… READ MORE

How to Reference "Betting and Gambling Within Sport" Research Paper in a Bibliography

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