Most people with even the vaguest of interest in sports betting probably understand the fundamental aspect of what it’s all about. The idea is to predict the outcome of a sporting event and wager your money accordingly, based on what you think is likely to happen. You win money when your predictions are correct and you lose money when they are not. It is, in essence, as simple as that.
However, it’s useful to understand a bit more about the mechanics of sports betting if you have any intention of getting involved. Whether you plan on betting simply for a bit of fun or taking it more seriously, you really should have a handle on how it all works. We provide the necessary information on this page. We cover the role of bookmakers, how they take bets, and how they make money.
In the very early days of sports betting, the most common way for someone to wager on the outcome of an event was to bet with another person who had the opposite view. The two parties would then settle up between themselves according to the results. This worked fine in many ways, and individuals still make sports wagers with other individuals to this day. It was, however, also somewhat limited.
Over time sports betting became more organized and it wasn’t long before the concept of bookmakers was introduced. The term bookmaker was not used until the 19th century, but the role had existed for hundreds of years before that. The idea of the role was essentially that an individual, group or organization would accept wagers from anyone wanting to bet on a sporting event.
The sports betting industry is huge, and there are lots of bookmaking operations around the world. These range from the individuals who take wagers from a select number of private clients right up to large organizations that service hundreds of thousands of customers on a global scale. Bookmakers are also often referred to as bookies, and the term sportsbook is also frequently used in the US and some other countries.
Bookies and sportsbooks operate in a number of different ways. In some countries there are bookmaking shops; retail premises where you can go and place your bets over the counter in cash. You get a betting slip with the details of your wager and, if it wins, you can go back in and claim your winnings. You will also find similar setups in many casinos.
Many bookmakers and sportsbooks offer a telephone betting service. To use this, you just have to make a phone call and tell them what wagers you wish to place. Typically you have to pay for your stakes using a debit or credit card, with any winnings credited back to that card. Other payment methods are usually available too, and some operations offer credit accounts.
Bookies can also be found at most horse racing tracks in the world, operating in basically the same way as a bookmaking shop. You place your wager in cash and get a slip which you can cash in if it wins. Typically, these operations take bets only for races being run at the racecourse where they are situated. Depending on the relevant local laws though, racetrack bookies may be able to accept wagers on races taking place at other locations too.
These days the most popular way to bet on sports is without question over the internet. The introduction of online sports betting sites has had a huge impact on the industry, not least because it’s now much easier to place wagers on sporting events. Betting online is simple, convenient, and offers many advantages over the traditional methods.
Find out more about online sports betting here.
All bookmakers and sportsbooks, whether online or otherwise, obviously aim to make a profit out of the bets that they take. In theory this is quite simple – they just have to take more money in losing wagers than they pay out in winning wagers. Of course, as the outcomes of sporting events are outside of their control, it’s possible that that they could lose money if more people bet on the winning results than on the losing results.
Bookies are not really in the business to take chances though, so they run their books in a way that they are guaranteed (theoretically at least) to make a profit whatever the outcome of an individual event. They do this by setting the odds in such a way that they effectively take a commission on all the wagers placed, and creating a “balanced book” where they stand to pay out approximately the same amount regardless of actual results.
This doesn’t mean that it’s impossible to make money out of sports betting though. While the bookmakers do make profits from all their customers collectively, it’s possible for any individual to be a winner in the long run. Anyone that’s prepared to spend some time learning about sports betting and what it takes to be successful definitely has the opportunity to win money consistently.