Bookmaker or a ‘bookie’ is the common name of an individual who is involved in bookmaking, which is extremely crucial in the gambling world. The bookmaker is responsible for keeping track of all the bets that take place in the game.
The bookie takes bets on not just professional events, races, elections, college sports, but online betting sites as well. Bookmaking has been banned in the past. Even now, it is considered illegal in some states. Its legal status is still a controversy, as the job is considered to be a shady one.
In Europe, licenses were obligatory in the past by those who intended to bet or worked as bookmakers. Now, the practice is considered illegal and betting on the electoral results is quite popular in Europe. Nearly, all sporting events attract wagers in the States, particularly soccer.
Bookmarking is considered illegal in some of the U.S. states. The only exception is that of the gaming hub, Nevada. On the other hand, illegal betting still exists, giving bookmakers quite a profitable business. Some of the most common betting events are mainly sports related. Bookmaking in Canada is state owned and operated. Bookmaking is considered as a part of country’s lottery program.
Sports happen to be an evergreen niche for bookmaking and betting. The bettors are generally young and middle-aged people. Sports being an extremely popular activity, which is quite impulsive, attracts a large number of bookmakers from all around the world who are keen on making some quick money.
Horseracing happens to be one of the most popular wagering events. What makes it so popular is that randomness that is among the bettors. Even the more consistent of the winners stand a solid chance to lose the race. Other racing events like greyhound races also attract wagers in a large number. There are some conventional areas too that are popular for betting. However, bookmaking can be a part of all such events that lacks certainty.
Bookmakers stand to profit by rightly balancing the book i.e. ensuring that they have an equal number of bets for all the eventualities so that they do not run out of money. A big risk to bookie’s business is betting exchanges. These are kind of bets where an individual chooses to forgo the bookmaker while placing bets. There are betting sites that allow this affair while charging a commission out of every bet placed.