Betting and a bookmaker, or bookie, are synonymous with each other in an often infamous way. We’ve all seen the movies where someone has made a large bet but ends up losing, and the bookie then sets his ‘nice’ debt collectors loose upon the unfortunate bettor. Hopefully I’ll be able to explain that the infamous perception we have about bookmakers is not entirely accurate.
A bookmaker is someone who takes bets on an event at consented odds. If the bettor accurately predicts the outcome of an event, then the bookie will pay him/her out. For the bookmaker to make money from such a practice, the bookie will create odds which work in his/her favour. To do this the bookmaker will assess, in an event which has two outcomes, how many people predict that outcome 1 or outcome 2 will occur. If there are an overwhelming number of people betting on outcome 1, then the bookie will adjust his/her odds so that more people will bet on outcome two. The bookmaker does this because if he didn’t, and outcome 1 occurred, then he/she would have to make an extremely large payout, which it not profitable.
Nowadays you can find many online bookmakers and sports betting sites. In some countries however, it is illegal for bookmakers to operate, so the online bookmaker companies only accept bets from people who live in countries where it is legal. Not only is it easier to use an online betting site, but it’s also far easier to access and bet on many sporting events in one location. You can also make sports bets on your favourite sporting events via your cell phone by text messaging your bookmaker what your bet is.
Online sports betting sites are becoming ever popular and simpler to use. However, there is growing concern that with the increase in online betting, comes an increase in gambling addiction. Due to the ease of use and easy access, gamblers may find it difficult to resist the quick and easy urge to simply login to their sports betting account and lay down a bet.
