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What Do Bookmakers Do?

Source: thesportsgeek

If you’re into sports betting, you probably heard about the term bookmaker. However, their position in the betting process is unfamiliar to many people. In order to shed a light on the role that the bookmaker has, we will dive into it right now. A slang term for the bookmaker is “bookie”. This is a person who controls gambling on sports events. The task of bookie would be to set the odds, accept and place a bet and to pay out the winnings at the end.

The role of a bookmaker

Source: thesportsgeek

A person who does the job a bookmaker needs to maintain the balance in the books by changing the odds in order to allow many people to bet on a win or loss, but also earn money for himself or the company he works for. It is important to understand that bookmakers usually don’t place bets on their behalf, but rather altering a transaction fee when their customers place bets. This is known as “the vig” or “vigorish”.

Bookmakers sometimes have the authority to borrow some money to the people who place bets. The bookmaker can be an organization or person. If you wish to find out more about bookmakers, visit Betenemy.

The term bookmaker may be an immediate association with illegal activities, but with the increased popularity of sports betting, this particular position has gained some legitimacy over the years. Placing bets through a bookie and bookmaking can be illegal, but that is mainly regulated by state governments. Since sports betting has gained popularity, bookmakers notice an increase in betting activity, but the state is responsible for generating additional revenue.

How do bookies set the odds?

Source: casino-available

The role of bookies in the betting process is to enable the winnings. They work on calculating the odds to win. This is possible by using complex models or employing statisticians that will perform the calculation. Two critical factors for bookmakers are “money lines” and ” point spreads”. This is calculated by various factors, and some of the factors can be injuries of a player, doping problems and even weather.

As mentioned before, the role of a bookmaker is to make sure there is balance in the betting books by impacting the odds to make sure this happens. When there is a balance in the book, the bookmaker gets the transaction fee. However, if there is no balance, the bookmaker is under the risk of losing a certain amount of money.

Across the U.S. there are thousands of bookmakers since there are many casinos and sporting events. Casinos sometimes have the function of bookmakers when it comes to receiving bets on sports events and in this case that section is known as the sports book. Usually, it is  for horse racing, but it can also be for baseball, basketball, boxing and American football. There also legal bookmakers who give the odds that get printed in the newspapers, in the sports section, throughout the U.S.

The interesting thing about bookmakers is that their profession appeared a long time ago, in Ancient Rome even. They used to receive bets for fights of gladiators. However, the bookmakers as we know them today appeared in the 18th century. They first appeared in England and then started spreading across the globe.

Is it possible to beat the bookmaker?

Source: Chart Attack

Many people will tell you that it is impossible to beat bookmakers because there is no such thing as a poor bookmaker. Yes, it is true that they know how to make profits consistently, and they do win in most cases. However, it is possible to beat them if you are familiar with the system by which bookmaking works as well as the techniques used by bookies which they use to secure the winnings.

First, you must get familiar with both sides of betting – back and lay options. Betting happens when the bookmaker enables punters to back and lay against one another. Bookmaker is responsible for laying bets and recording them in a book i.e. “making the book”, which is how this position got its name. They earn their money by setting the odds for each outcome and taking a certain amount of money on each of these outcomes. That used to be a long process, but today with many technologies, this is done automatically. However, the basic principle stays the same.

Let’s take a look at how the process works. If there is betting for a tennis match, the situation is pretty clear – one of them is going to win, so there are two outcomes that we can expect. So, the relative chance of winning for each player has determined. When the players are equally competent, then the situation may look like this.

Player 1 – 51% chance to win

Player 2 – 49% chance to win

However, this is not always the case. Sometimes one player will be much better than the other, so if we can have if a situation like this.

Player 1 – 80% chance to win

Player 2 – 20% chance to win

Of course, this is just the beginning of the betting process. The process gets complex, when there is a soccer game, so the odds will be more complicated. For most people this may sound too complicated but for bookmakers, this is a piece of cake. This is their field of expertise.

Bookmakers are an important part of the betting process and there are many factors that they use to calculate the odds in order to have balance earned a profit for themselves. They also use a margin in order to ensure that they earn money in every betting transaction. To maximize your chance of gaining money in sports betting and to beat the bookmaker, you must be able to identify the opportunities for betting that have great potential. This is one of the essentials for making profits.