Gambling is an enthralling sport that leaves you at the edge of your seat as you root for your side. It is quite common to have running bets with friends and colleagues on the outcome of a game, but it is also bound to bring forth disputes every now and then. A bookmaker or a bookie is like a middle man who ensures that bets placed are kept under check and both parties enjoy a fair gambling experience.
The role of a bookmaker has become almost irreplaceable within the gambling industry, due to their many roles that make gambling a more fruitful experience. As we go forth, we will be exploring a few of the roles taken up by bookmakers.
Getting cheated out of your rightful payout is quite common in the gambling industry. A bookmaker ensures the integrity of the system by collecting the payouts from both sides before the game. The bookmaker then processes the payout to the winning party after the results are out.
But what is it in for them? Of course, everyone is in the game for profit! Basically, if you place a bet through a bookmaker, you agree to give them a certain percentage of your winnings. It’s just the same as commissions that we give to middlemen and agents.
The role of a bookmaker sometimes transcends that of just payment integrity as they have to step into the role of a payment processor.
This becomes increasingly important as in places like the U.S., banks are not legally allowed to process online gambling-related payments. But a qualified Bookmakerlike bookmakeradvisor.com would have no issues processing payments on your behalf.
Companies such as this leverage a pay-per-head solution that enables them to accept multiple modes of payments. Apart from this, they also facilitate multiple ways for payouts at your convenience.
This stands to be one of the most important aspects of the role of a Bookmaker and it is also the reason they are sought after in the world of gambling.
Setting Up Odds
Odds simply mean the probability of occurrence of an event. In other words, it’s simply the ratio of favorable outcomes and total outcomes. Furthermore, setting up of odds would refer to determining the profit amount that the participants of betting activity are ready to pay off to the winner of the bet.
A bookie may decide the odds in at least three ways:
- Fractions/ Ratios
- Plus or minus/ number line/ money line
The ratio form or the fraction form is commonly used in Britain. It simply means determining the profit as the ratio of the profit amount and the total money staked. For instance, if I stake $10 and I’m entitled to an odds ratio of 1:10 or 1/10, whatever the case may be, I’ll receive $1 as the profit if I win the betting event then in all I’ll receive $11. This points to the fact that more profits can be drawn by staking more money.
Secondly, on converting the above-mentioned ratio into a decimal by division, we’ll get the profit decimal in decimal form. While multiplying the decimal by the amount staked, we’ll get the actual profit amount. For instance, if the odds decimal is 0.1 and the total amount staked is $10, the profit will be $1 and the total amount received by the winner will be $11.
Thirdly, the plus or minus system is commonly used in the US. The plus sign indicates profit while the minus indicates a loss. For instance, +10 w.r.t 1:10 odds ratio shall mean that I’ll receive $11 in total while -10 w.r.t 1:10 odds ratio would mean that I lost $1 and am entitled to $9.
Here, the bookies act as an institutional veto player- who decides and regulates, in consensus, the profit that is appropriated from the fellow players and given to the winner of the betting activity.
This act simply makes a betting activity devoid of a bookie similar to the game of cricket bereft of an umpire. A bookie maintains the fine line that separates conflicts from cooperation. This makes a bookie intrinsic and indispensable to fair, amicable, and collaborative betting.
In the modern world, marketing is one of the few ways to gain traction to just about anything. There have been many sportsbooks popping up over the years, and each strives to grab the attention of as many players as possible.
The online sports betting industry is extensively competitive due to its rising demand. As a result, bookmakers have been pushed into a marketing role as well. Even though stepping into this all-in-one kind of role can be quite difficult for a bookmaker, bringing more and more players can just increase their profit as more players translates as more betting activities and more betting activities translates as more commissions.
Even though a bookmaker appears to be a standalone referee of a betting event, it may not be so always. The bookie can also be a group of individuals or even a firm that offers mediation in betting events in exchange for a share of profit. Simply, it is just another form of a quaternary activity.
Such bookie firms, to draw more and more clients, have to ensure that they offer the best customer service they can afford. Making the firm accessible through direct contact options via phone call, live chat, and social media will do wonders! Also, 24×7 support can even work miracles.
Summing it Up
Bookmakers in gambling make the game fair, secure and torque-free. As mentioned above, a betting event without a bookie would mean chaos. The division of profit, setting up odds, ensuring fair play, and most importantly, making sure that the participants actually receive the amount they’re entitled to make bookies inherent to a betting event.
In the due course of time, the bookmaking activities started gaining momentum as a new form of quaternary activity. This has led to the commercialization of bookmaking and paved the way for the rise of many companies and firms offering mediation in gambling activities in exchange for commissions.
Also, the traditional role of bookies witnessed a considerable change from just being a mediator to a statistician, multitasker, and marketing agent.