Thursday, September 13, 2012

Is Bookmaking legal or illegal?

By Dan White


Bookies in the United Kingdom concentrate wagering on professional sports, especially horse racing and football; Even so, a wider range of bets, including on political elections, awards ceremonies such as The Oscars, and novelty bets are also accepted. Betting might be legal or illegal, and may be regulated; in UK it was at times both regulated and illegal, in that period licenses were needed but no debts arising from gambling could be enforced through the courts. In our time, since the start of the National Lottery, it is not only legal but also brings profit to the British economy, having a recent explosion of interest with regard to the international gambling sector industry. However, gambling debts were unenforceable under English law until the Gambling Act 2006.

For the ones who don't know, bookmakers are the people who make books. Actually, most pro bookmakers or bookie don't have anything to do with traditional books at all. Rather, they have to do with odds. Bookmaking, as a betting profession, started at the horse track in 1780 and moved on from there to the football stadium, tennis court, hockey rink, and just about in any sport event where is the chance to put money on a predicted result. Professional bookmakers are that most critically central of all gamblers, the one who posts odds, accepts wagers, and collects or pays out on bets placed. The slang word, bookie, came from the practice of filling notebooks with the records of bets.

While many give bookies high marks for transparency, honesty is a key cornerstone of the profession. In fact, the honesty of the bookmaker is very important to the completion of his or her betting operation. Gamblers have to be able to trust the odds and receive reliable payment on bets. Having a reputation as an honest punter will also help when it is time to collect sums of money owed. Most modern bookmakers function somewhat like actuaries. Although chalk-marked odds are still present at the track, most of the off-track wagering needs elaborate calculations and top-notch technology.

Bookies do not seek to make money on any set of single bets but rather on the entire wager. The goal is a balanced book wherein there are an equal number of bets on both sides of the line, or by moving the amounts wagered to cover the odds. If a particularly high bet is put on one side of a particular book, the bookmaker can attempt to balance that book by taking bets at another bookmaker. Some also charge a small tax per bet placed, especially for the online services.

Rather than being fly-by-night, the profession is both legal and well-regulated. Bookies are subject to strict laws. Even so, they also play an important role in the game in the modern age. Some bookies sponsor sporting competitions and advertise. They have also combined their business with the latest technologies, as the internet makes it easier to balance books by more readily matching for and against bets on any given sport event. This further consolidates the way for spread betting and brings in a wider audience, assuring that future sportsbooks will be open for business. In consequence, the spread in sports betting is depends on many factors. Learning to analyze the odds in reference to what each team brings to the field is very important to success.




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