Basic Insights About “Bookie”
Looking at some key roles or positions in the gambling industry, let’s start with some basic terminology that you may probably already know a few. So, if someone asks you what is a bookie, how would you reply? Right here is how we would address the question for you.
What is a Bookie?
Bookie is the slang term for bookmaker, whereas the term seems to indicate a “single person”, it can be a company as well. In addition, the job of a bookmaker or bookie is to accept and pay off wagers from gamblers (we usually address them as “players”). Their bets are mostly related to sporting events, but bookies can also settle for bets on horse racing and casino games.
What Does a Bookie Do?
For a bookie to have the ability to set up bets, a line or betting odd should be set first. In fact, this is likely one of the most essential duties of a bookie. Setting the correct line will increase the possibilities of generating large profits. In other words, if the betting odds cannot be set properly, the bookmaker may face the big losses of money.
Besides, bookies need to properly regulate the odds from the moment they are made public until the sporting event begins and the line will be closed. Such adjustments are done based on the variety of bets and amount of money received. However, having too many bets or placing too much money on one single team will increase the risk for the bookie. Therefore, the main objective for a bookie business is to maintain as much balance as possible.
What is the Role of Bookie When a Pay Per Head Service is Involved?
There was numerous confusion related to pay per head services like PricePerHead.com, who offer the service of posting sharp betting odds and the advanced technology to accept bets online. Some people may wonder if this makes Pay Per Head company a bookie, the answer is no, and please allow us to explain why.
Pay Per Head companies supply the software, lines, staff, and the network so bookies can manage their own players and settle the wagers. Although they are in charge of all these previously mentioned responsibilities like setting up the betting lines or providing the skilled line managers for support, they are not in direct business with the players. Most important of all, PPH companies are not responsible on paying or collecting any money from the players. They merely offer a platform service for which they get paid a set amount from the bookie who would always be the agent to whom they provide the business.