[nly]

In the UK the media often touts the idea of "beating the bookies", which has a "sticking it to the man" appeal to Joe Public

With tote/paramutual betting the operators assume no risk or volatility. They're not market making. In my view it's exploitative, which I guess is why in the UK it's offered as a state run monopoly on horse racing.

With fixed-odds sports betting there is at least volatility to contend with, and the bookmakers do take a position, even if over the long term they do price to make a profit and will ban you if they think you're even remotely sharp.

Sports betting has been legal in the UK forever, including online. The US is very much behind in this industry