Sports betting in the context of "Unlawful Internet Gambling Enforcement Act of 2006"

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⭐ Core Definition: Sports betting

Sports betting is the activity of predicting sports results and placing a wager on the outcome.

Sports bettors place their wagers either legally, through a sportsbook or bookmaker (colloquially known as "bookies"), or illegally through privately run enterprises. The term "book" is a reference to the books used by wage brokers to track wagers, payouts, and debts. Many legal sportsbooks are found online, operated over the Internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las Vegas, or on gambling cruises through self-serve kiosks. There are different types of legalized sports betting now such as game betting, parlays props and future bets. They take bets "up-front", meaning the bettor must pay the sportsbook before placing the bet. Due to the nature of their business, illegal bookies can operate anywhere but only require money from losing bettors and do not require the wagered money up front, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality.

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In this Dossier

Sports betting in the context of Dark horse

A dark horse is a previously lesser-known person, team or thing that emerges to prominence in a situation, especially in a competition involving multiple rivals, that is unlikely to succeed but has a fighting chance, unlike the underdog who is expected to lose.

The term comes from horse racing and horse betting jargon for any new but promising horse. It has since found usage mostly in other sports, sports betting, and sports journalism and to lesser extent in nascent business environments, such as experimental technology and startup companies.

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Sports betting in the context of Match fixing

In organized sports, match fixing (also known as game fixing, race fixing, throwing, rigging, hippodroming, or more generally sports fixing) is the act of playing or officiating a contest with the intention of achieving a predetermined result, violating the rules of the game and often the law. There are many reasons why match fixing might take place, including receiving bribes from bookmakers or sports bettors, and blackmail. Competitors may also intentionally perform poorly to gain a future advantage, such as a better draft pick or to face an easier opponent in a later round of competition. A player might also play poorly to rig a handicap system.

Match fixing, when motivated by gambling, requires contacts (and normally money transfers) between gamblers, players, team officials, and/or referees. These contacts and transfers can sometimes be discovered, and lead to prosecution by the law or the sports league(s). In contrast, losing for future advantage is internal to the team and very difficult to prove. Often, substitutions are made by a coach, designed to deliberately increase the team's chances of losing (such as having key players sit out, often using minimal or phantom injuries as an excuse), rather than ordering the players who are actually on the field to intentionally underperform, are cited as the main factor in cases where this has been alleged.

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Sports betting in the context of Integrated resort

A casino hotel is an establishment consisting of a casino with temporary lodging provided in an on-premises hotel. Customers receive the benefits of both gambling facilities and lodging. Since the casino and hotel are located on the same premises, a gambler's necessities can be provided for in one location.

The casino may offer common forms of gambling including slot machines, table games, and sports betting. The hotel, nearby or directly connected to the casino, provides lodging and may include other popular services such as food and beverages, valet parking, a swimming pool, health club, and on-site entertainment. Many casino hotels in popular destinations, operate as resort hotels with additional services such as upscale lodgings, ballrooms, and large conference facilities, in which case they may be called integrated resort.

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Sports betting in the context of Betsson

Betsson AB is an online gambling company, producing casino, poker, bingo, sports betting, and scratch cards websites, through more than 20 online gaming brands, including betFIRST, Betsson, Betsafe, and NordicBet. Betsson AB is listed on the Nasdaq Stockholm Large Cap List.

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Sports betting in the context of Underdog

An underdog is a person or group participating in a competition, usually sports and creative works, who is largely expected to lose. The party, team, or individual expected to win is called the favorite or top dog. In the case where an underdog wins, the outcome is an upset. An "underdog bet" is a bet on the underdog or outsider for which the odds are generally higher.

The first recorded uses of the term occurred in the second half of the 19th century; its first meaning was "the beaten dog in a fight".

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Sports betting in the context of Online gambling

Online gambling (also known as iGaming or iGambling) is any kind of gambling conducted on the internet. This includes virtual poker, casinos, and sports betting. The first online gambling venue opened to the general public was ticketing for the Liechtenstein International Lottery in October 1994. Today, the market is worth around $40 billion globally each year, according to various estimates.

Many countries restrict or ban online gambling. However, it is legal in some states of the United States, some provinces in Canada, most countries in the European Union, and several nations in the Caribbean.

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