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Sports
Gambling Bookies
by Jerry "Jet"
Whittaker
Nov 11, 2006
Synonyms and definition of Bookies
A
bookie is also known as a turf accountant and in some
cases a bookmaker. These generally refer to individuals
and in some cases entire organizations with which you
might place your bets, taking into accounts the odds
involved. In case of winning, the person who places the
bets collects their winnings from these individuals and
organizations. The workings are also two ways. In case
of losses, the individual does not retain their
deposited amounts with these bookies. The activities of
these bookies might be legal or illegal, depending upon
the country or state where these activities are carried
on.
International Workings of the bookies
Some countries legalize these activities but only in
select cities and states. For example in the United
States, gambling is banned in most states across the
country. However, there are notable exceptions to this
rule, the gambling city of Las Vegas that is situated in
Nevada being one such internationally recognized
exception. Some countries like the United Kingdom have
unofficially accepted the presence of bookies and their
operations by not interfering in their activities and at
the same time not admitting any disputes arising from
their workings into the judicial system. In countries
such as Singapore the only legal bookie, organization is
a state owned organization and this ensures that
malpractices arising from the operations of the bookies
are kept to a minimum.
Objectives and methods of workings of the bookies
The main objective of any individual or organizational
bookmaker is profit. The bookie will try to minimize his
risks by deflecting larger bets and buying bets from
other bookies. They also strive to attain a ‘balanced
book’ by inducting the process of point spread. Earlier,
bookies used to
be physically present at the venue of the concerned
events. However, with the advancements in communication
technology most bets are now placed either over the
Internet or over the phones.
Conclusion
This line of profession can be highly profitable if
carried out in the right manner and by professionals who
are well versed with the activities and workings of the
sports for which they accept bets.
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