πŸ– Bookie Definition

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In offering you odds on sporting events and accepting your bets, these bookies are breaking state and federal laws, and you could get caught up in some major.


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Inside the Mind of a Local Bookie: How It Works, Misconceptions, Potential Impact of Legal Sports Betting in U.S., Human Touch, Credit.


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Betting with Bookie is an ongoing educational series designed to demystify the betting experience. Each article will by bookieapp.


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A Bookie's Responsibilities. The primary responsibility of a bookie is to place bets and then collect and distribute money that is lost and won. However, before a.


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They found bookies in their local bars or clubs. Betting online is the way to go when it comes to betting sports. The vast majority of sportsbooks servicing U.S.


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A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays off bets on sporting and other.


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If you lose, the bookie keeps your $ (technically, bookies collect on losing bets after the game most of the time, but for our example we'll assume the bet is.


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Traditionally, bookmaking is a lot like making a market in any other good or contract. The bookmaker tries to make money by matching buyers and sellers, charging.


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Inside the Mind of a Local Bookie: How It Works, Misconceptions, Potential Impact of Legal Sports Betting in U.S., Human Touch, Credit.


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A bookie is a slang term for 'bookmaker', or someone that collects bets on sports or other events. Bookmakers, either on their own or as part of an.


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But to understand any of these systems, you first have to understand the jargon. In much of Europe, bookmakers are licensed by the government and have public offices like this one in Glasgow, Scotland.{/INSERTKEYS}{/PARAGRAPH} Prev NEXT. Chances are greater that the favored team will win the game, so it costs more to bet on the favorite to win that amount than it costs to bet on the underdog. The spread gives one team an advantage of a few points. Handle - The handle is the total amount of money wagered on bets. Instead of making five separate bets on five different games, the bettor places a single parlay bet, hoping he or she can predict the outcome of all five games. Sports Betting Basics. If someone bets on Buffalo to win, Buffalo would actually have to win by more than seven points for the bet to pay off. Sometimes the decimal point is left out, so is the same as 1. It is basically a handicap used to make all games competitive in the eyes of bettors. A money line listing might look like this:. It's as if Green Bay were given a seven-point lead at the start of the game. Most people are familiar with parlays through office betting pools or football cards. The money line is used instead. What's the difference between an oddsmaker and a bookie? Office pools don't usually involve actual bookies beyond the person who organizes the pool, and no one takes juice from the pool. An individual who takes bets is a bookie. If the money line seems confusing, think of it as a simple pricing system. You want to win a certain amount of money on your bet. The home team is shown in capital letters. Bookies often adjust the spreads for their games, so they do a little oddsmaking, and oddsmakers work for casinos, which operate sports books that take bets. A bookie's job is purely mechanical. Oddsmakers don't actually take bets -- they study the games and set the lines. Action - Action is simply betting activity. {PARAGRAPH}{INSERTKEYS}Different sports have different systems for oddsmaking and betting. There are even different systems for the same sport, depending on what kind of game the bettor wants to play. Pick'em - Sometimes money line games will be listed as "pick" or "pick'em. Most bookies offer a dime line, although it can increase to a 20 cent line or greater if one team is heavily favored. Since betting on sports is illegal in many places, you can't always look up your local bookie in the phone book. The juice is also known as the vig , short for vigorish. Handicap - In sports betting, "to handicap" is to give one team a points advantage in order to level the betting field. The spread - The point spread is used in high-scoring sports like football and basketball. All the money is distributed to the winner or winners. Super Bowl betting generates the biggest handle of the year for most bookies. Sportsbook - An establishment that takes bets, also known as a book. The money line - In sports like baseball , scoring isn't high enough to use a point spread. He gets the line from Vegas or another source, offers bets at those odds, then collects money from the losers, pays out to the winners and keeps the vig. Pools, cards, and parlays - A parlay is just a combination bet. The payout is better for parlays, because the odds of successfully picking multiple winners are much tougher to beat [ ref ]. Phrases such as "I want in on the action" or "Show me where the action is" come from this term. If any one of the games is a loser, the entire parlay is a loser. Juice - This is the percentage of all bets taken by the bookie as profit. This is known as the dime line, because ten cents separate the favorite from the underdog. So if Buffalo was playing against Green Bay in Green Bay, and they were favored to win by seven points, it would look like this:. Sometimes bookies take a straight percentage of the handle, but more often the vig is figured into the odds. Standard notation for the point spread shows the favored team first, followed by a negative number the actual spread.