What's A Bookie In Sports
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If you changed the word bookmaker (the common UK word) with the word “sportsbook” (common North American word), then it all of a sudden becomes a legitimate gambling avenue.
In the United States a sportsbook or a race and sports book (sometimes abbreviated as book) is a place where a gambler can wager on various sports competitions, including golf, football, basketball, baseball, ice hockey, soccer, horse racing, greyhound racing, boxing, and mixed martial arts. The method of betting varies with the sport and the type of game. In the US, the Professional and Amateur Sports Protection Act of 1992 only allowed Nevada, Oregon, Montana, and Delaware to legally wager on sports (other than horse racing, greyhound racing, and jai alai); the law was ruled unconstitutional on May 14, 2018, freeing the states to legalize sports betting at their discretion.
Winning bets are paid when the event finishes, or if not finished, when played long enough to become official; otherwise all bets are returned. This policy can cause some confusion since there can be a difference between what the sportsbook considers official and what the sports league consider official. Customers should carefully read the sportsbook rules before placing their bets.
The betting volume at sportsbooks varies throughout the year. Bettors have more interest in certain types of sports and increase the money wagered when those sports are in season. Major sporting events that don't follow a specific schedule, like boxing, can create peaks of activity for the sportsbooks.
Nevada[edit]
Most of the United States sportsbooks are located in Nevada. Now that many casinos share the same parent company, they offer exactly the same wagering choices and odds, which is a disadvantage to the astute gambler who in the past could do more shopping for better prices.
In 1949, Nevada allowed bookmakers to accept bets on horse racing and professional sports.[1] The first Nevada sportsbooks were called Turf Clubs. They were independent from the casinos and had an informal agreement with the hotels that they would stay out of the casino business as long as the hotels stayed out of the sportsbook business. The sportsbooks had to pay a 10 percent tax so they charged a high vigorish to gamblers, but they still brought enough business to make a profit.
In 1974 the tax was lowered to 2 percent,[1] in 1983 to 0.25 percent, and in 1975 Frank Rosenthal, who ran the Stardust Casino, convinced legislators to allow sportsbooks in the casinos, and soon nearly all of the casinos added them. The turf clubs were no longer able to compete and eventually all closed.
Nevada casino sportsbooks generally feature betting windows, big screen televisions, interactive betting stations, odds boards (usually computerized), papers with different odds for the day, and places to sit and watch games and races.
Some casinos use third-party operators for their sportsbooks, such as Cantor Gaming, Leroy's, Lucky's, and Club Cal Neva. In 2011, British bookmaker William Hill agreed to buy the Leroy's, the Lucky's, and the Cal Neva chains, which would give it control of 115 of the state's 183 books.[2]
The Super Bowl is the most popular event for the Nevada sportsbooks. They earned $7.2 million on the $99 million wagered on it in 2013. Because it attracts many unsophisticated bettors, as of January 2014 the books had made money on 21 of the previous 23 Super Bowls, with an average win of $5.5 million over the previous 10 years. The most profitable Super Bowl was in 2005, when the Philadelphia Eagles covered the spread against the favored New England Patriots, earning the books $15.4 million. The two losses were in 1995—when the San Francisco 49ers defeated the San Diego Chargers—and 2008—when the favored Patriots lost to the New York Giants, costing the books $2.5 million.[3]
Delaware[edit]
In 2009, a bill passed to allow betting on almost every sport.[4] That year, the NFL, MLB, NHL, NBA, and NCAA filed a lawsuit against the state of Delaware, claiming their sports books were violating federal law.[5] The US Supreme Court ruled that the law partially violated the federal law, and Delaware was only allowed to offer parlays on NFL games.[6] Delaware's three racetrack casinos—Dover Downs, Harrington Raceway & Casino, and Delaware Park Racetrack—have sports books.[7] Each sportsbook has multiple televisions, large tote boards and stations for people to wager. During the 2011 NFL season, the three sports books generated $4.4 million in revenue for the state.[8] On June 5, 2018, the casino sportsbooks in Delaware expanded sports betting to single-game and championship wagers on professional and college sports (excluding Delaware college teams) including football, baseball, basketball, hockey, soccer, boxing/MMA, golf, and auto racing.[9][10][11]
See also[edit]
References[edit]
Is A Bookie Legal
- ^ abMorin, Charles H.; et al. (Commission on the Review of the National Policy Toward Gambling) (1976). Gambling in America (Report). Washington, DC: US Government Printing Office. p. 130.
- ^Carey, Dave (May 24, 2011). 'William Hill holds the cards in future of sportsbook technology'. Covers. Retrieved April 1, 2012.
- ^Drape, Joe (January 28, 2014). 'Putting a Lot on the Line'. The New York Times. pp. B10. Retrieved February 5, 2014.
- ^Millman, Chad (May 13, 2009). 'Delaware Allows Sports Betting'. ESPN. Retrieved January 30, 2012.
- ^Raitz, Maureen (July 4, 2009). 'Major U.S. sports leagues file lawsuit to block Delaware sports betting'. Sussex Countian. GateHouse Media. Retrieved April 13, 2012.
- ^Richey, Warren (May 3, 2010). 'Supreme Court turns back Delaware bid to expand sports betting'. The Christian Science Monitor. Retrieved April 13, 2012.
- ^'Ready. Set. Bet! Sports Lottery at Delaware Racetracks'. Delaware Lottery. Retrieved April 13, 2012.
- ^'Delaware Sports Lottery'. Delaware Lottery. Retrieved April 30, 2012.
- ^Lehman, Tom (May 31, 2018). 'Delaware to Begin Offering Full-Scale Sports Betting on Tuesday'. Salisbury, MD: WBOC-TV. Retrieved May 31, 2018.
- ^Lehman, Tom (June 5, 2018). 'Delaware Launches Expanded Sports Betting'. Salisbury, MD: WBOC-TV. Retrieved June 5, 2018.
- ^'Sports Pick - How To Bet Guide'. Delaware Lottery. Retrieved May 31, 2018.
You’ve no doubt heard the term on countless movies. But what is a bookie exactly? And how does a bookmaker make a living taking bets on sports events?
According to Forbes, legalized sports gambling has only increased in popularity in recent years. In fact, it’s at the point now where over $10 billion dollars are being exchanged each year.
Not just that, but the number of online sports betting platforms is growing at a substantial rate. You see Fantasy Sportsand the like every Sunday when you watch football, but plenty of boutique gambling options are out there now, too.
Bookmakers are largely responsible for this growth, and if you’re considering becoming your own boss, this is one way you can make a living.
In this article, we’ll look at a day in the life of a bookie.
What Is A Bookmaker?
A bookie is a slang term for ‘bookmaker‘, or someone that collects bets on sports or other events. Bookmakers, either on their own or as part of an organization, set the odds on events before a bet is agreed upon.
For example, if the Chicago Bulls and the New York Knicks were playing, and the Knicks were heavy favorites, the bookmaker might set the odds at +8.0. This means potential bettors will predict whether the Knicks win by 8 points or more.
If the Knicks win by 10 points, the bookmaker then pays out the predetermined odds on the event. For example, the winner might receive $1.50 for every $1.00 they bet. A $100 bet would net those who predicted correctly a payout of $150, which comes out of the bookmaker’s pocket.
Technology And Betting
The various formats for betting available online now make a bookie’s job more diverse than ever. It used to be that you had to call in to place a bet, usually at a large-scale operation with thousands of bets being placed on each individual event.
Now, it’s different. Payments, for example, are more diverse than ever. You can still bet with money online, but you can also use cryptocurrencies like Bitcoin and Ethereum, too. The obvious difference is that cryptocurrency’s prices fluctuate by the hour, so you are also wagering on the stability of prices when you use this to bet.
Technology also makes it more convenient than ever for bettors to put money down on events. Instead of making phone calls, most price per head sportsbook services now offer great technology tools, like easy-to-use online interfaces. Bookmakers nowadays don’t need a ton of facetime with their customers to take on bets.
Balancing The Book
The first lesson on bookie gambling is learning how to balance a book or protect yourself from losing substantial amounts of money on one single event. Good bookmakers set the odds in a way that ensures he’ll make approximately the same amount of money regardless of who wins or loses a game.
While this can limit how much a bookie makes at one time, it also protects him. Depending on your budget as a bookie, having to pay out tens of thousands of dollars on one upset might destroy your business.
To put it simply, balancing the books is about giving fair odds to both options. If one team is a heavy favorite, for example, the payout on a large bet won’t be big. You can entice people to gamble on the underdog by setting favorable payouts. The more balanced the number of bets placed (and the overall cash amount) acts as an insurance policy.
An example of a balanced bet is last year’s Super Bowl, where the New England Patriots were perceived as 2-point favorites over the Los Angeles Rams. The two teams were very close, so setting close odds helps protect bookmakers from losing substantial amounts of money. Neither team winning would’ve been considered an “upset“.
Is Being A Bookie Safe?
Bookmakers are given a bad wrap in Hollywood, often portrayed as slimeballs or untrustworthy fellows looking to make a quick buck. But as you saw by the sheer number of people engaging in online gambling, this simply isn’t true.
Today, being a bookie is not only possible but profitablefor anyone willing to take the time to grow a client base. The key to growing a successful venture is to start in a niche, perhaps just one sport that you’re familiar with.
(Actually, in terms of your day-to-day life as a bookie, prepare to watch a lot of sports games. It’s best to pick one you really enjoy.)
Since there are tons of options online for gambling, it’s important that you build your reputation as being trustworthy, easy to place bets with, and above all, quick on your payouts.
Your most loyal customers likely bet on a regular basis, and your competition will steal them if you aren’t on top of people’s money. Gambling is a lucrative business, but since a lot of money is being exchanged, it can be intense.
That isn’t to say it’s not totally safe if you take the necessary precautions and treat it like a business.
Being A Bookmaker: Wrap-Up
Besides your newly adopted bookie slang, being a bookmaker is totally an option in today’s internet-driven world. The key to longevity in sports betting is to protect yourself by balancing bets and to leverage technology so that the user experience is seamless for your clients. It’s a competitive industry with lots of money being tossed around, so people will find someone else to work with if you aren’t on top of your game.
Top 3 Myths About Bookies, Hollywood’s Misconceptions
Hollywood’s portrayal of gambling is wrong for so many reasons. We’ve gathered our favorite myths about gambling and about bookies here.
While the gambling world has long been full of colorful characters, Hollywood’s portrayal of gambling and bookies never covers the spread. There is a huge gulf between what modern-day bookies are and how they’re characterized in film.
The same goes for gamblers, too. What you see in a major motion picture is often a short cut characterization or a cliche. Every day gamblers and bookies are far different than what you may think.
Here are some of the biggest myths about gambling that need busted.
1. All Bookies are Gangsters
While gambling has always been part of the underworld economy, not all bookies were or are tied to organized crime.
Yes, the history of gambling in America is full of mafia influence. When there was no legal gambling outside of Las Vegas, the mafia ran gambling rings all over the country to supply the demand for gaming.
Stories of mobsters in Las Vegas, Arnold Rothstein and the 1919 World Series Black Sox scandal and the more recent NBA point-shaving scandal have all found their way into beloved films and literature like Casino, Goodfellas, and The Great Gatsby.
Why? Because organized crime fascinates Americans, and scandals make for captivating stories. One of Hollywood’s faults is the constant focus on the dark side of gambling culture.
The truth is, most bookies these days are everyday people you know. The guy who runs your office fantasy football league is a bookie. So is the person who organizes your office block pool, or your Kentucky Derby day bets.
With the proliferation of legalized sports gambling, handicappers now exist in the light rather than in the dark margins of illegal activity. There is software available for anyone with enough skill to organize and run their own legal sportsbook.
2. All Gamblers are Degenerates and Risk Takers
This is one of the most harmful Hollywood misconceptions. If you’ve seen The Hustler and The Color of Money, you may think of all gamblers as Fast Eddie Felson. Loose cannons who take massive risks and pay a dreadful price.
This isn’t true. Problem gamblers exist. Some gamblers find themselves in serious trouble. However, gambling is too popular for every gambler to be one of these characters.
Your average gambler is a person who enjoys gambling as a diversion and a way to make a quick buck. Have you ever seen a charter bus pull into a casino? You know that Fast Eddie Felson and people like him are the exceptions and not the rule.
3. Sports Gamblers are All Down on Their Luck Chumps
One of the major tenets of a plot is rising action. This rising action comes from a character’s desire for something. That desire drives the character through the plot, increasing action as the story moves forward.
What does a sports gambler always need in a film? Money. They made a bad bet, they owe money, and now have to go to great lengths to find it or win it back.
The truth is, big-time sports gamblers are some of the smartest, most money-savvy people around. To learn the ins and outs of sports gambling is similar to learning the rules of Wall Street.
Gambling Isn’t Hollywood
People enjoy gambling in such high numbers. Not all gamblers are who Hollywood portrays them to be. Most gamblers are boring!
The same is true for bookies. Most bookies and gamblers are ordinary people. These people enjoy gambling as a fun way to blow a few hours or make easy money.
Find A Bookie
Do you think you have what it takes to start your own sportsbook? Sign up today for a free trial.
Other than that, though, the life of a bookmaker is pretty great. We highly recommend it, and with www.AcePerHead.com offering the best sports betting software to bookmaker agents.
Hopefully, this answers the question, “what is a bookie?“
Check out our beginner’s guide for more.