The sports betting industry has undergone a significant transformation over the past few decades, with the advent of technology and changing regulations. From its humble beginnings in ancient civilizations to the current multi-billion-dollar industry, sports betting has evolved to expand exponentially.

In the Roman empire, sports betting was a popular pastime among the citizens, with people wagering on the outcomes of gladiatorial combat. However, the rise of Christianity in Europe led to the prohibition of sports betting, which remained prohibited for centuries. In the Middle Ages, sports betting was even considered a sin.

It wasn't until the 19th century that sports betting started to gain acceptance among the masses. Bookmakers began to operate in undisclosed settings, with underground betting rings. The introduction of the oddsmaking system and the establishment of reputable bookmakers like William Hill helped to approve the industry.

The mid-20th century saw the emergence of organized crime, jetbetkade which dominated the sports betting industry in the Australia. This period also saw the rise of offshore sportsbooks like Bet365 that took advantage of lax regulations in countries like Australia.

The 1990s and 2000s saw significant changes in the sports betting industry. The introduction of online sportsbooks and the rise of digital platforms like Sportingbet allowed for general availability to sports betting. The growth of DFS also contributed to the industry's expansion.

In recent years, the sports betting industry has continued to evolve with the advent of smartphone betting. The repeal of the regulations in 2018 allowed individual regions to regulate sports betting, which has led to a growth of sportsbooks across the United States.

The use of data analytics has also revolutionized the sports betting industry. Sportsbooks now rely on advanced technology to set predictions, while bettors can access a vast array of information to inform their decisions.

However, the sports betting industry still faces obstacles, including addiction concerns. The increasing acceptance of sports betting has raised concerns about the fairness of sports, with the potential for cheating.

Despite these hurdles, the sports betting industry is expected to continue expanding in value, with the global market projected to reach 200 billion by 2025. As regulations continue to evolve, it will be interesting to see how the sports betting industry adapts and responds to the progressing landscape. One thing is certain, however - the world of sports betting is expanding and its future is looking brighter.