One of those ways is to offer higher payouts should the team receiving less bets win. Those who take the "underdogs" stand to win a lot more money per dollar bet than those who take the favorites.
Similarly, the point spread is used to encourage betting on both sides of any given match. Both methods allow the sports books to come out of each match with some money.
The story of sports betting involves not only book makers, but also the law. You are probably familiar with the popular image of the bookie; a thug who takes money and will behave violently when not paid. However, there are many legal, above board sports books today who are legally sanctioned to take sports bets. In North America, all of these books run out of Las Vegas.
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In other areas of the world, sports betting is legal but is also highly regulated. Governments, and sports bodies as well, desire to protect the honest competitive nature of sports. With the sheer amount of money being bet on the outcome of games, it can be tempting for players to forget about competition in favor of a bribe or other type of payout. The history of most sports contains stories of players throwing games in order to receive money from a bookmaker. Laws such as the Professional and Amateur Sports Protection Act seek to prevent this from happening by prohibiting sports betting in certain cases and places.
Of course, the next chapter in the story of sports betting may make such efforts moot. Today, sports books are among those businesses which have capitalized on the opportunities available online. Bettors in North America no longer need to make the trip to Vegas in order to put some money down on their favorite team; instead, the ability to wager is just a click of the mouse away.