All Sports Betting Basics You Should Know
How bookies take bets and make money?
How do Bookies take bets?
The bookies in different countries operate in all sorts of ways. In some countries you can find retail and bookmaking shops where you can walk in and pay cash to place your bets, right over the counter. You’re handed a betting slip along with the details of the wager. You can return there and claim your prize money if you do win. The same kind of setup is found in many casinos.
Then there are bookmakers who provide telephone betting service. In order to use such service, you simply have to make a call to a given number and let them know the wagers you wish to put. Normally, you’re asked to pay for the stakes with a credit or debit card. Any winnings are credited to the same account. You can use several other payment methods too, and some bookmakers even provide credit accounts to regular customers.
You can find bookies also at the horseracing tracks throughout the world, operating just like a bookmaking shop. The wagers are placed in hard cash and you receive a slip which can be cashed if you win. Normally, these bookmakers accept bets only for the races happening at that particular race course where they operate. If the local laws allow, these racetrack bookies may also accept wagers on the races happening at other locations too.
Nowadays, the most popular method of betting on sports events is on the Internet. A large number of online sports betting websites have sprung up over the past one decade, having a huge impact on the sports betting industry. This is not only because it has become much easier to place bets on the sporting events these days, but also due to many other factors. Sports betting on the Internet is convenient, simple and provides many advantages over the conventional mediums.
How they make money?
Needless to say that every bookmaker, whether it’s on the Internet or in a brick and mortar set up has the basic aim of profiting from the bets it accepts. The theory is pretty simple – the bookmakers just need to accept more money on the losing wagers than paying out on the winning ones. Since the outcomes of the sporting events are not in their direct control, they may also lose money if the people betting on winning results exceed the ones betting on the losing outcomes.
However, bookmakers aren’t in the business for taking chances. Therefore, they run their books in a manner that they definitely make a profit regardless of the results. They make this happen by placing the odds in a manner that they earn some commission on every wager placed, leading to a balanced book wherein they pay almost the same amount of money, no matter what the result.
This doesn’t imply that one can’t make money from sports betting. Although bookmakers make a collective profit from their numerous customers, it doesn’t stop an individual from maximizing his/her winnings in the longer run. Anyone willing to put time and skill into betting, can definitely win on a consistent basis.