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SpinDistribute.com Article Directory

The following article was published in our article directory on December 17, 2015.
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What is a Bookmaker?

Article Category: Sports

Author Name: Tony Hammonds

A bookmaker, also called a �turf accountant� or simply �bookie,� is a person or a group of people who take bets on sporting events as well as other events at settled odds. In the United Kingdom, bookmakers focus more on betting on professional sports especially horse racing and big football games. However, there are a wide range of bets which include political elections, ceremonies of awards, and novelty bets in which bets can also be placed.
Bookmaking Procedures
A bookmaker�s goal is to guarantee winnings through achievement of a balanced book through adjustment of the odds in their favor. This is either by having an equivalent number of bets on each possible result or by having the amounts wagered on each outcome to reflect the odds. When a large amount is bet, a bookmaker has the choice of laying off the risk by buying other bookmakers� bets. Generally, bookmakers do not attempt to make money from the bets they handle. Rather, they act as market makers. Through this, they make profit from the event without concerns for the ending result. Their methods of working can be compared to that of an actuary, which does a quite similar balancing of financial results of events for an insurance and assurance industries.
Legalities
Depending on the laws of the region where the bookmakers are based, their job may be legal or illegal. They are also regulated often. In the United Kingdom, bookmaking has been legal since 1961 and it has since been a small contributor to the country�s economy. This is seen as a contributing factor to the sudden rise in interest in the international gaming industry. Still, gambling debts were not offered under the English Law up until the 2005 Gambling Law. Many bookmakers are certified members of IBAS. This is an organization that is focused on settling bet disputes.
In the United States, bookmaking is illegal except in Nevada, where the famous gambling city of Las Vegas is located. Meanwhile, in some Asian countries such as Singapore and Japan, as well as other countries such as Canada and Sweden, the only bookmakers that are legal are owned and operated by those countries� governments themselves. Also, in Canada, it is part of a certain lottery program.
Internet Gambling
With the advent of the World Wide Web, a lot of bookmakers have built their online brand. Still, some independently owned ones still maintain a �brick and mortar� operation. Some also operate in a �white label� and �skin� operation, in which they buy from a big firms. The websites require bets from countries where internet gambling is legal and allowed, and from people who are 18 years old and above. More often, these bookmaking sites have connections to online casinos. There is a controversy, however, in which the rise of internet gambling is linked to the proliferation of gambling addiction.
Online bettors turn to the use of betting exchanges which match back and ley bets automatically between different players. This effectively cuts out the bookmaker�s traditional margin of profit.

Keywords: types of bets, types of horse racing bets, types of football bets, betting exchange, handicap betting, betting systems, bookmakers, ante post betting

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