Betting as a concept has gone through quite an evolutionary process in the 4000 years that it is known to have existed. While it started out as 'chance trading' based on superstition and magic, today the key word in betting is risk management. We will delve into the history of betting in more detail later. But before that, we will look at the terminology of betting.
The dictionary definition of risk is 'an event is known to have an alternative negative outcome'. Risk is also considered synonymous with the possible 'realization of a threat' or 'failure'. A good way of summarizing what risk is in betting is: risk = probability of a negative outcome x losses caused by the risk.
Risk comes from the Latin word 'risicare'. If we look at the original meaning of the word 'to avoid pitfalls', we can understand why betting or gambling (two words whose terminological differences we will discuss later) is today known specifically as risk management. Risk in betting, investment or life is a complex issue that is difficult to summarize in a single sentence. But businessman Warren Buffet has come pretty close. According to Buffet, "Risk is not doing something, it is not knowing what you are doing".
For many Finnish gamblers, betting is one of the most meaningful hobbies there is. At the time when betting first arrived in Finland, only Vakioveikkaus and, a little later, Pitkäveto were really available. Today, kaikki uudet kasinot, all new online casinos, and the wonderful world of the internet has brought an almost endless choice, and betting on sporting events is no longer the only option. The most common non-sporting destinations are entertainment and political betting destinations.
Today, there are also sites on the market that focus specifically on these items.. Such sites attract a large number of people who might not otherwise be interested in betting. Among the most popular international entertainment betting destinations are talent and singing competitions such as the "X Factor," "Talent," "Let's Dance," Eurovision and Idols.
A few years ago, Finns in particular got excited about betting on the UK's "X Factor" when Saara Aalto was involved right up until the final round. Eurovision song contest betting is now a regular occurrence for the Finns.
Entertainment picks are available not only for talent and singing competitions, but also for other TV programmes. One of the favorites, for example, is "Big Brother," which often features Finnish, Swedish and Norwegian versions.
If you want to bet on the winners of more prestigious prizes, if you can call it that, you can bet on who will win the next Nobel Peace Prize or who will be the next Person of the Year (a person chosen by the US magazine Time who has had a major impact on the events of the year).
There is also a wide range of political events to choose from, both international and domestic.
In Finland, you can bet on the winners of presidential, parliamentary and municipal elections, for example, but there may also be specific targets for candidates, for example.
In Europe, you can bet on the outcome of the next general election in Denmark or the next parliamentary elections in Sweden.
On a completely different level, however, is the US presidential election. The markets are already heating up as soon as the first candidates are announced. As well as betting on which candidate will move into the White House, you can also bet on which of the finalists will win the most votes or which will win the votes of a particular state.
The U.S. presidential election has a wide range of candidates and the odds are very attractive.
Basically, the sky's the limit as to what betting sites can add to their offer - as long as there is competition.
With the move to online betting, you no longer have to go to the nearest kiosk to place a bet. It's all done easily from the comfort of your own couch, without having to move much of a picnic.
You can also place bets on the go, for example on the bus ride to work, as the new betting sites offer excellent mobile sites that play smoothly on both phones and tablets.
Many sites also offer betting tips that include both previews and analysis of upcoming events or matches, and of course tips and picks for betting - not forgetting the best odds.