Bookmakers must not be confused with publishers or producer of books. A bookmaker is a person or organization that carefully calculates odds and offers bets that can result in cash bonuses if the predictions are correct. A bookmaker employs similar calculations as an insurance actuary determining the probability of certain events and outcomes occurring and attaches a monetary value to those calculations. Up until recently, bookmakers that accept bets in person had a big slice of the betting market. That is no longer the case and the internet is responsible for the growing split between the betting methods. Though telephonic betting is another option, online bookmakers have made online betting more attractive. Online betting is also preferred by online betting companies as advanced electronic systems allow for accurate calculation of odds, more effective handling of bets placed and cash incentives are paid out quickly.
A lot of bookmakers are reviewed on online betting site directories such GamblingSA which makes it much easier for potential players to select sites on which they will become members and place bets. The South African player prefers a bookmaker with a website that is attractive yet information and not difficult to use. Online sports, horseracing and casino bookmakers often use simple terminology so that players understand the odds, how to place a wager and when and how to claim cash prizes.
Local and international bookmakers entice players by offering large welcome bonuses, no deposit subscription and lucrative odds. Examples of Bookmakers operating legally in South Africa include Take A Bet, Voltbet and Xpressbet. All of these bookmakers only provide betting services to responsible players older than 18 years.
Bookmakers in South Africa face a big challenge in the fight against money laundering. Money laundering is a device criminals use to pump ‘dirty money’ into the financial system and hopefully withdraw clean money, making it impossible to link the proceeds of crime to those responsible. Bookmakers and law enforcement agencies have a close working relationship and they are able to effectively close in on any criminals that intend to or are already using betting facilities for criminal activities.