What is a Bookie?
You have probably heard the term bookie on T.V, or at the movies, or even read about it on the news. Bookie is short for a bookmaker. It is a slang word that has become increasingly popular. So, what is a bookmaker or a bookie? A bookie is a person, persons, or even an organization whose business is accepting bets from gamblers and collects money from losers and pays off winners.
Bookies have become known as turf accountants, too, because they are very popular at horse racing tracks. Bookies used to take bets mostly on horse racing and major sports like NFL football, NBA basketball, MLB baseball, NHL hockey, tennis, motorsports, and more. In today’s age, with the help of price per head service providers, bookies also take bets on virtual casino games and live casino games.
What do bookies do?
In the old days, bookies were not only responsible for collecting from and paying money to their gamblers, but they also spent most of the time working on setting the odds for all games, races, or events they would accept bets on. This is without question the most important role bookies had, as setting the correct odds would determine how profitable a game, race, or event would be. Bookies’ goal would be to set the odds in a way where 50% would take one side and the other 50% the other side of the bet and collecting money from the losers to pay the winners and keep the juice.
Bookie software and technology
In modern times, bookies have access to price per head service providers like ProBookies that offer the latest technology in sports betting and casino gaming software not only for agents (bookies) but for their players.
The role of bookies has evolved to the point where now they focus mostly on bringing in new players and collecting and paying. While bookies can still set the odds for all bets if desired, they rely primarily on the PPH provider to do it. PPH providers stay on top of all the action that an event receives and balance the odds to make sure that the bookie’s risk is managed and profits are maximized.
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