The oldest pastimes worldwide are gambling; this type of entertainment goes way back to ancient times when outcomes meant no more than a notion of the gods. Since it transformed into one of the most extraordinary ways to be entertained as well as earning additional cash. The whole history of how it changed is both exciting and most relevant to all aspiring bettors.

Multi-billion Dollar Casino Industry

The land-based casino and lotteries revenue in the US amounted to more than $57 billion in 2006. In the world of entertainment, it exceeded the that of movie tickets that reached $20 at the time as well as music and the sales worth $28 billion achieved by Starbucks, Wendy’s, Burger King and McDonald’s combined. Despite its popularity, gambling is still frowned upon by some and loved by others.

The Start of Chance

The earliest recorded form of gambling dates back to 2300 BC and ancient China, although it was not about entertaining. The dice, according to evidence was used to decide on territories and so was the use in Europe. In 100AD the District of Hising dispute between Sweden’s King Olaf and Norway’s King Olaf was resolved via dice, Sweden’s king rolled sixes, back to back. The chance of that happening is 1/36. During the 1st century, it seems that gambling was a type of metaphor for life. Pliny the Elder wrote about being at the mercy of chance, and that chance was their god.

Betting Outcome Credit to the Greeks

In sports event the outcome of the betting, well that credit needs to go to the Greeks, after all, it is the home of the Olympic Games. In ancient history, athletic events such as hurling or footrace took place across several cities, and the winners won prize money. Big money was on the viewing stands, and entire estates were wagered. The early Romans were probably even bigger bettors. Betting could not only lead to loss of material possession but also freedom. In Rome nothing was off limits all was fair, and this included everything from board games to knucklebones and chariot races. Even the use of magical lead tablets was aimed to bestow lousy luck upon opponents, sometimes death.

Fascination World of Probability

The risk was only scientifically studied during the Renaissance which meant a breakthrough into the world of probability. The Renaissance was a time of extraordinary innovation and religious turmoil. The French nobleman, Chevalier de Mere got a taste for mathematics and gambling in 1654 and was challenged to solve the Blaise Pascal puzzle by Luca Paccioli. What appeared in the 17th century is a version of a Trivial Pursuit type of game that led to the exciting discovery probability or the concept of risk management. In the years that followed probability went from an analysing tool to a powerful gamblers toy. The value of applying information, analysing and organising it, remained the same in technique.