This served as a major evolution for the field of betting, and with the rise of the mobile internet and digital gambling apps, it has become the standard for the modern online scene. However, in the new millennium, a new type of system has emerged, known as a “Sports Trading Exchange.” Sports trading exchanges are similar to existing markets, except they allow bettors not only to bet on the winner but to act as bookmakers themselves and sell their bet, allowing them to bet on a loss.

For example, Harry Ogden made history when he opened his betting business in the 1790s - becoming the United Kingdom’s first bookmaker and setting the standard for the next 200 years. As time has passed, new types of gambling have emerged to reflect changing conditions and technological advancements. Sporting events, in particular, have long been a major hub for gambling due to their competitive nature and uncertain conclusions. A bet is simply a contract that defines a monetary return based on the outcome of a given event - be it a casino game, sports match, or even the result of a political campaign.

Sports betting smart contract