Bookmaking Basics

The role of a 'bookie', the common name of the person involved in bookmaking, is quite important in the world of gambling. The bookie is responsible for keeping track of all the bets in the game.

The bookie can take bets on any professional events ? election, races, college sports. Bookmaking has been prohibited been prohibited in the past. Even now it is illegal in certain states. Its legal status being in controversy, the job is considered a shady one.

In Europe, licenses were required in the past by those who wished to bet or involve themselves in bookmaking. Now, the event is illegal and betting on the election results is quite popular in Europe. Almost all sports event attract wagers in the State, especially soccer.

In USA, bookmaking is illegal in almost all the states. The only exception is the gambling hub, Nevada. However, illegal betting exists, giving the bookmakers a profitable business. The common betting events include sports. Bookmaking in Canada is state owned and operated. Bookmaking is a part of country's lottery program- sport select.

Sports remain the evergreen area for betting and bookmaking. The bettors are usually young or middle aged people. Sports being an year round activity which is mostly unpredictable attracts a lot of bookmakers who are keen on making quick money.

A less likely, but extremely popular betting event is elections. Political election being a nation wide phenomenon attracts a lot of bets. Even papal elections have not been spared by this game of luck. As the authority of the office involved in the election increases, the number and the amount of wagers also show an increase.

Horseracing is one of the most popular wagering event. The fact that makes this event so popular among the bettors is its randomness. Even the most consistent of the winners stands a chance to loose the race. Other races like grey hound races also attract wagers. These are a few conventional areas popular for betting. But bookmaking can be involved in almost any event that lacks certainty. For example, bets can also be placed on whether it will snow on the Christmas day!

The bookie stands to profit by balancing the book i.e. making sure that he has equal number of bets for all eventualities, so that he does not run out of money. A threat to the bookmaker's business is betting exchanges. These are one to one bets where the persons choose to forgo the bookie while making bets. Few betting exchanges sites have also cropped up, which enable this affair while charging a commission out of the bet.

Betting, like any other job, is not devoid of corruption. Some bookmakers can invite bets and later siphon away the entire money. This is usually the case when one involves in illegal betting. The principle of caveat emptor is forcefully applicable here.

Bookmaking is a competitive industry, with everyone willing to make fast money. However, it does involve a certain amount of skill to balance the book and earn the maximum profit out of the entire event. In countries where bookmaking is banned, people resort to online bets which are equally simple and profitable. For those who involve in illegal betting, it is advisable not to indulge in it as a small mistake can land one in deep soup.

Mansi aggarwal writes about bookmaking topics.

---

Wisconsin Casinos, The Top Three

I have been gambling in Wisconsin since I was 16... Read More

The Secret of Making Odds Only Bets

Pssst...! Wanna know a secret?How about the secret of making... Read More

Your Lottery Odds and The Fastest, No Cost Way To Radically Improve Them

If I had a lottery ticket for every time I've... Read More

Three Card Poker Betting

A player must be aware of how to place bets... Read More

The Lottery Jackpot: Why You Havent Won Yet - And What You Can Do About It

Did you miss the lottery jackpot because the planets were... Read More

Heres Texas Hold em for Poker Lovers

Texas hold'em is the most popular of the community card... Read More

TOP 10 Biggest Betting-Gambling Mistakes

Our aim here is to highlight these common areas of... Read More

2005 World Series of Poker -- Final Tournament Report

Now that the 2005 World Series of Poker has finished,... Read More

The Joys Of Playing Internet Poker

I started playing poker on the internet about six months... Read More

Tips to Win at Poker

The following are guidelines only and although they are intended... Read More

Online Gambling For Newbies

Often incorporating creative and realistic graphics along with high tech... Read More

Bookmaking Basics

The role of a 'bookie', the common name of the... Read More

The History Of Blackjack

The origin of Blackjack is somewhat unclear. Some people believe... Read More

Roulette 101 - Play Like a Pro with 4 Easy Tips

Roulette is a simple game that can yield high profits... Read More

Always Look For The Best Online Sportsbook Before You Start Betting Online

Before you sign up with an Online Sportsbook and start... Read More

My Official Cheapskate Guide to Las Vegas

TRAVEL- The following is my penny pinchers guide to Las... Read More

World Series of Poker Tournament Circuit

On October 25, 2004 Harrah's announced the creation of the... Read More

Casinos Popping Up Leads To Negative Impact on Economy

Casinos and other forms of gambling are popping up in... Read More

Blackjack - Should You Count Cards?

If you are like the average, recreational Blackjack player, you... Read More

Poker Table Position

Poker seating and the position one has at the table... Read More

Las Vegas Entertainment and Business Meetings

When arriving in one of the most exciting cities on... Read More

Texas Holdem Tournament Poker Strategy - Betting Is Communicating

The "Language" of Poker BetsWe humans are very perceptive creatures.... Read More

Roulette System: Power of FAST Roulette System

This article is about how you can evaluate the power... Read More

A Trip To Vegas

A trip that will always be remembered is the one... Read More

Texas Holdem Tournament Strategy - Poker Tournament Betting Basics

Welcome to the third in my Texas Holdem Strategy Series,... Read More

Roulette System: Confession of the Roulette Dealer on Dealers Signature

Roulette System: Confession of the Roulette Dealer on Dealer's signatureThis... Read More

Mobile Gaming Leads the Way

The state of online gambling may have just found another... Read More

Poker on TV

Poker on TV has been the catalyst that allows millions... Read More

How to Master Low Limit Texas Holdem, Part 2 - The Online Poker Game

I continue my articles about learning to master online poker... Read More

Beat the Casinos

Do you have what it takes to become a successful... Read More

Halftime Betting for Football

There are several different ways bettors use the halftime wager,... Read More

How To Avoid The 3 Destructive Traits Of Traditional Gambling / Lottery Systems

There is over $120,000,000,000 spent on lottery systems along across... Read More

Heres an Easy Exercise to Improve Your Texas Holdem Play

Many beginning Texas Holdem players develop a playing style that... Read More