Albany, NY -- (SBWIRE) -- 02/06/2014 -- ResearchMoz.us include new market research report"Betting Shops - UK - February 2014"to its huge collection of research reports.
Gaming machines are now embedded within shops’ culture and all-round offering, contributing to the formation of social circles in shops, one of the few things that is difficult to replicate online. Any further legislation that limits machine play would see regular visitors spend less time and money in shops, which could have a seriously damaging effect on a sector that has become so reliant on machine players.
By adjusting the odds in their favour or by having a point spread, bookmakers will aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each outcome or (when they are offering odds) by getting the amounts wagered on each outcome to reflect the odds. When a large bet comes in, a bookmaker may also try to lay off the risk by buying bets from other bookmakers. Bookmakers do not generally attempt to make money from the bets themselves but rather by acting as market makers and profiting from the event regardless of the outcome. Their working methods are similar to that of an actuary, who does a similar balancing of financial outcomes of events for the assurance and insurance industries.
The first betting shops in the United Kingdom is considered to be Harry Ogden, who opened a business in the 1790s, although similar activities had existed in other forms earlier in the century.
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Following the Gaming Act 1845, the only gambling allowed in the United Kingdom was at race tracks. The introduction of special excursion trains meant that all classes of society could attend the new racecourses opening across the country. Cash concentrated towards the bookmakers who employed bodyguards against protection gangs operating within the vast crowds.
In 1961, Conservative government legalised betting shops, with tough measures enacted to ensure that bookmakers remained honest. A large industry has grown since. At one time, there were over 15,000 betting shops.
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If the government were to impose a further limit on FOBTs, would shops still attract as many visitors?
Can the modernisation of shops help bookmakers to attract more punters?
How can shops encourage more non-sports fans to visit premises?
Will betting shops still receive a boost during the 2014 FIFA World Cup?
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