1. Find A Bookie
2. Bookie Sports Betting
3. What's A Bookie In Sports Illustrated
4. Online Sports Bookie
5. What's A Bookie In Sports Gambling

What is a bookie in sports betting? A bookie is someone who facilitates gambling by setting odds, accepting and placing bets, and then paying out the winnings. It's short for the term bookmaker. A bookie was a slang term more often used when online sports betting wasn't readily available.

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.

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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

Find A Bookie

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.

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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.

Recently, I was asked, “What’s the difference between a bookie and a sportsbook?”

It’s a great question — a thoughtful question by somebody that was genuinely curious.

This post aims to provide a definitive answer to that question.

The Sports Betting Boom

Nobody can deny the explosive growth of legal sports betting. In 2019, over $10 billion exchanged hands in the industry.

47 countries (out of about 200) had a GDP under $10 B.

Let’s put that in perspective.

The genesis and rapid growth of online sports betting options have only added to the boom.

Fantasy sports sites are slammed in our faces during every commercial break on NFL Sunday, and the boutique market is on the rise.

Sports betting in the United States is sure to explode in the next 5 to 7 years, with many states working on legislation to legalize and regulate the popular form of gambling.

Bookies and sportsbooks are both poised to capitalize on the massive influx of cash brought on by the growing popularity.

In this post, I break down for you what each of the two is, what they do, and how that affects you.

What Is A Bookie?

Bookies accept bets on sporting contests or other events. Short for bookmaker, a bookie sets odds for an event before accepting any wagers.

So, bettors decide if the Rangers will win by 3 runs or more.

If the Rangers win by 6 runs, the bookie will pay out the set odds for the game.

• The winning bettor could get $1.50 for each $1.00 wagered.
• A $100 wager would then net gamblers that correctly selected the Rangers a $150 payday.

This comes straight out of said bookie’s pocket.

Technology’s Influence On Betting

The advent of online betting has made the job of the bookmaker more diversified than ever before.

Some operations even had large phone banks set up with eager representatives ready to take the action.

Things have changed. Tech makes it easier than ever to place money on any sporting event you could dream of — all right from the palm of your hand.

Gone are the days of calling in the action. Cell phone technologies changed everything for gamblers and bookies alike. Bookies don’t have to spend any time at all meetings with customers. They can take action and pay winners all online.

Evening the Odds

Before a bookie ever takes the first bet, they must learn how to balance the books. If a bookie doesn’t properly hedge against taking a significant loss on a single contest, they may be sunk.

This restricts how much a bookie can make off a single event, but it also serves as a sort of protection. A bookie could go bankrupt in one contest if they haven’t hedged their bets.

Basically, this boils down to offering fair odds on both sides of the action.

Balancing the bets on both sides of the action acts as an insurance policy. This is Bookie 101. If you don’t have action from both camps, you’re either going to be very rich or completely broke.

How Much Danger Comes With Being a Bookie?

Hollywood has demonized the bookie, turning him into a ne’er-do-well gangster type out for some fast cash. That’s just not accurate.

Anyone can become a bookie, but you must be dedicated to growing a solid customer base.

As you can probably imagine, being a bookie can be profitable.

There are a few more things you need to do consistently to stand out from the competition, especially from the real money online sportsbooks.

If you garner a reputation as honest, easy to work with, and, most importantly, quick to pay, you are going to set yourself apart as a premier choice.

Bookies must stay on top of their loyal customers. These are the gamblers that are betting several times a week. Gambling is a big business, and there is regular competition to leech customers from other bookies.

The key to success in sports gambling is protecting your bankroll by leveling equal money on both sides.

Remember, lots of cash gets tossed around, and clients won’t hesitate to move their action elsewhere.

Now you should have a solid knowledge of what a bookie is and precisely what they do. Let’s turn our attention to the sportsbook.

What Is a Sportsbook?

The term sportsbook refers to a company that takes bets on anything from sports contests to greyhound races to political races.

So, while we have the individual taking action called a bookie, a corporation doing the same thing on a larger scale, is a sportsbook.

How Do Sportsbooks Function?

Sportsbooks operate however they choose.

Some sportsbooks even give your wager back when a tie happens against the spread, and others call a tie a loss and keep your money.

Sportsbooks can set their own odds or lines and then adjust them as much as they like to avoid a huge loss.

Of course, they don’t shift it so much as to avoid still drawing action on both sides. Every sportsbook strives to set itself apart from the others, but the similarities are apparent.

Pay attention to the difference in the vig — how much of your money they are going to keep on losing bets.

Choosing the Right Sportsbook

Shop around. Compare lines and weigh your options. The sportsbooks are setting their own odds at whatever they like.

If you are a fan of the parlays, you should find a sportsbook that has a good payout on parlays. There are even sportsbooks that will give you a percentage in addition to your win based on the number teams in the parlay.

Maybe you prefer to play the spread.

Then shop the lines until you find the most favorable. Find the book that offers what you prefer and narrow it down to what’s best for you.

Sportsbook or Bookie?

Unfortunately, there aren’t many places in the United States that allow gambling. Because of this, the largest sportsbooks are in Las Vegas. In fact, during the NCAA basketball tournament, you’ll be hard-pressed to find a seat in one of the jammed sportsbooks.

You’ll find a similar situation during the NFL playoffs. Fans flock to Nevada to watch the games they’ve laid action on. All are hoping for the same thing: to hit the airport with a suitcase full of cash.

Whether you go with one of the large sportsbooks or an individual bookie may depend mainly on where you live. If you’re locked into middle America with no sportsbooks for hundreds of miles, you may choose to go with a bookie.

Regardless of which direction you go, do your research before making any bets. Sports betting already has a long list of pros and cons. Don’t unnecessarily add to the cons list.

Conclusion

Bookie Sports Betting

Sportsbooks are really starting to take a stronghold in the gambling industry. This tremendous growth has undoubtedly placed a strain on the average bookie.

What's A Bookie In Sports Illustrated

• However, you will surely have a choice in most metropolitan areas.
• Sportsbooks and bookies perform the same function and provide the same service to the betting public.

Online Sports Bookie

So, what’s the difference between a sportsbook and a bookie?

What's A Bookie In Sports Gambling