How Much Do Bookies Make?
We previously explained what a bookie is and how they work. To recapitulate, bookies can be persons, people, or even organizations that take bets on sporting events or casino games. They collect money from losers to pay winners and keep the juice. Some games or events may swing more to one side and surprise the bookies; for example, when a big underdog beats a heavy favorite and many people bet on the favorite, that may be a day when the bookie makes an extra profit. There are times when most players bet on the underdog against the favorite, and in the end, the favorite loses, that day may be a very unprofitable day for bookies since they will have to pay a lot of people and with very big and positive odds.
So how much do bookies make?
Bookies make money by setting the odds in a way that will draw the 50% of bettors to bet on one team and 50% on the other, to have enough money on both sides to be able to cover the winners’ earnings with the loser’s money and keep the juice. Take, for example, a football game with the following odds:
Patriots -6.5 -110
Buccaneers +6.5 -110
The Patriots need to win by 7 points or more to cover the spread, and people betting on them have to lay $110 to win $100. The same goes for the Buccaneers; they can lose by 6 points or less and cover the spread but still have to lay $110 to win $100. At the end of the game, the bookie will collect the money from the losing side and pay the winning side, but keep their extra $10 for every $100 (juice) the losing side risked as their winnings.
In the old days, bookies would have to research and stay on top of everything going on each sport and team, including trends, injuries, stats, etc, to set the odds. Today, bookies count with the services of pay per head sportsbook providers like ProBookies. ProBookies handles all the grunt work and risk management to make sure that bookies stay profitable and don’t have to worry about staying on top of trends or injury reports. Also, ProBookies provides a virtual casino and live dealer casino games that allow bookies to expand their offerings and cash in from a wider variety of player’s betting action.
Bookies’ earnings depend on how many players they have, on how they manage their risk, and finally, on how many players go onto the casino. It is difficult to predict an amount per year. What we can tell you here at ProBookies is that if you choose to work with us, you will only have to worry about growing your business and client base. We will handle all the difficult aspects of your business and provide the risk management services you need to stay profitable.
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