The history and business of a bookmaker

Whenever there is a group of people watching a game, or any other event that will have a certain outcome, it is not uncommon for bets to be made. The act of predicting outcomes of different games and placing a bet based on the outcome one has predicted is referred to as sports betting. It can be done either with friends or through a bookmaker. A bookmaker is someone who takes bets, calculates the odds and pays the winnings to those who have won the bet.

Odds are the ratios between the amounts staked by the parties to a bet based on the expected probability either way. Sports betting is said to have started back in the 1920s. The trend spread like wild fire, especially in countries like the United Kingdom. This is mostly because bookmakers get to make a lot of money regardless of which team or party loses. Records show that there was a time when there were over 15 000 betting shops in the UK. The government later legalized it and strict measures were put in place to ensure that bookmakers stayed honest. The shops have since reduced to around 500. There are many changes the sports betting industry has undergone.

It has become quite rare to come across a sports betting shop in the world today. This is because most of the bookmakers now have online web pages where people willing to bet can log into and place their wagers from the comfort of their homes. This has proven to be very advantageous, not only to the bookmakers but also to whoever will win the bet. Online websites used for placing bets have been designed to cater for all the desires that the client may have.

There are many options to choose from when it comes to games, languages and method of payment. This is not solely for the benefit of the client but also for the benefit of the bookmaker. The more languages the site has, the more customers he or she can get because people in different countries can use the web to bet without difficulty. The different games and methods of payment offered, assist greatly, because tastes, preferences and circumstances differ from customer to customer.

Placing wagers may seem straight forward, but there is a lot more to it than meets the eye. There are scores of different ways to bet. The first, and probably the most common is the 'proposition' bets. This is where wagers are placed based on specific outcomes for example the exact number of goals that will be scored in a match or the number of goals that a certain player will score and so on. The second type are straight bets. This is where bets are made against the line. The line, which is also referred to as the spread, is a number given by the bookmaker. The number handicaps one team and favours the other. This is a move made by bookmakers to make betting on the side that is likely to lose, more desirable. The less popular ways of placing bets include parlays, progressive parlays, 'if' bets and teasers.

About the Author:

This is to educate potential clients of bookmakers about sports betting. One should never bet more than one is willing to lose.