Foolish risk-takers. Testosterone-fuelled speculators. Rash daredevils.

For most, betting is a heart flutter like no other. As one of the oldest forms of entertainment, we’ve found a colossal number of things to place bets on and no shortage of people or companies willing to wager against us. And yet despite the longevity of the activity, it’s a rather mysterious and oft-misunderstood process.

Betting has had a number of stereotypes over the years, enduring countless claims of ego-driven madcap foolhardiness and crotchety old mannishness in turn. Whilst it’s true that some people rely on instinct to select the winner, most would be surprised to learn just how much research and reasoning goes into the average bet. Track history. Jockey performance. Court type. Team scandal. The considered bettor weighs all these elements up as they can affect the overall outcome of the race, match or event they’re betting on.

Online betting has transformed the industry, making research and information readily available to everyone, revolutionising the way a bet is placed and removing the stigma attached to wandering down to the local high street betting shops. With free bets on offer and a wider range of events including political and TV show results, the punters are becoming younger and females are getting in on the action.

As mobile technology increases the prevalence of mobile gambling, this dynamic industry is set to undergo another shift. Can it use this development to shed its old image once and for all?