What Is A Bookie in Regards to Sports Betting and Wagering? By Doc's Sports -. Much like every other word associated with the sports betting industry, saying“bookmaker” is just an. The term bookie is slang for bookmaker, a person who accepts bets on sports or other events. Bookmakers might operate illegally on their own, or as part of a fully-licensed organization, known as a sportsbook. A bookie sets the betting odds of each match himself, or in collaboration with an oddsmaker.

What is a bookie? This very basic question lays the foundation of what you will be doing in the sports betting or gambling industry. A bookie, in its simplest meaning, is a bookmaker, or someone who runs a sportsbook. Most movies are misleading, since they show a mafia-like approach to gambling. Some, show the flashy lifestyle of the bookie, with girls, glamor, and sports cars.

The thing is, being a bookie can be defined by anything. You could be a goon, or a guy with a sports car. You could be someone who wears a tie during the day, and manages a sportsbook at home after hours. Or, you could be a housewife, running your sportsbook from home. Anyone can be a bookie. The only thing you need to be, is to be good at being one. This is where our bookie tutorials will come in.

Bookie Basics

As a bookie, your job is to take bets, or wagers, from people. To do that, you will need to create odds, or a line, that people can bet on. Your ability to earn money as a bookie will rely mostly on your ability to set lines. There is a careful balance where you need to offer people great odds, and still make money off of it.

These odds, or lines, will be monitored until the sporting event starts. Why? Because any changes that can happen between the moment you posted your odds to the game itself, can affect the odds. As a bookie, you need to capitalize on this, and make sure it will be an enjoyable wagering experience for your players as well. Most bookmakers use a bookie pay per head service to help them.

Your goal, as a bookie, is to make sure that bets from both sides of the line will balance out in such a way that you can still earn a profit after paying out your winners. Lastly, your goal, is to make sure that the losing wagers can pay off the winning bets. This will be the first thing you need to know.

We’ve all seen a movie or two related to gambling, most however only portray the industry from the player’s perspective, if you have ever wondered what the gambling industry is really like, well you might be surprised to learn that most pay per head owners and managers are workaholics, if you don’t believe me just ask anyone working at www.AcePerHead.com, and they will tell you I am right.

An Introduction to The Gambling Industry

In this business, there is always something going on, and you can’t take your eye off the ball for too long if you expect to succeed, although there is a certain glamour that is an integral part of the job, most of the time is spent working and working hard.

We will look at some key positions and their role in the gambling industry, we will start with some basic terminology, you might already know some of these terms but, if someone were to ask you what is a bookie in gambling, how would you answer? Here is how we would address the question.

What is a Bookie?

Bookie is a slang term for bookmaker, while the term seems to indicate a single person it is often an organization.

The job of a bookmaker or bookie is to accept and pay off bets from gamblers, the wagers are usually on sporting events, but, bookies also accept bets on horse racing and casino games.

What Does a Bookie Do?

For a bookie to be able to accept bets, a line or betting odd must first be set, this is one of the most important tasks of a bookie. Setting the right line increases the chances of yielding high profits if the betting odds are not set correctly the bookmaker stands to lose a lot of money.

What Is A Bookie Definition

Bookies must adjust these odds from the moment they are made public right until the sporting event starts and the line is closed, the adjustments are done based on the number of bets and amount of money received. Having too many bets or too much money on one team increases the exposure or risk for the bookie, the ideal situation is to have as much balance as possible so regardless of the outcome of the event the bookie still walks away with a profit, even if it’s a small one.

Who is the Bookie When a Pay Per Head Service is involved?

There has been a lot of confusion when it comes to pay per head services like AcePerHead.com, who provide the service of posting sharp betting odds, and the technology necessary to accept bets online. Some people wonder if this makes them a bookie, the answer is no, and I will explain why.

Price per Head companies offer a service, they provide the software, the staff, the lines, and the network so bookies can manage their players, accept wagers, and settle them. So even though they are responsible for tasks usually allocated to bookies like setting up the betting lines, they are not in direct business with the players, nor are they responsible for paying and collecting any money from them.

They simply provide a service for which they get paid a set amount, the bookie will always be is the agent to whom they provide the service.

There you have it, the next time someone asks, what is a bookie in gambling? you can provide an accurate explanation to them.

Bookie