Who is a Bookmaker?
So, How Does Bookmaker Work you might wonder? A person whose main responsibility is to take bets, present and calculate the odds of all possible outcomes and markets, and of course pay out winnings to punters. The number of bookmakers and their presence on the streets is lowering every day. Online betting has become way more popular, even for a bit older bettors, and once you try the convenience of online operators, walking down the shop to place a bet is not going to make much sense. So, in order to join one of the bookmakers online, you will need an account with one of sportsbooks.
The registration process has been very simplified in the last couple of years, and everyone with a couple of minutes of spare time can complete it without issues. Bookmaker is obligated to let you know about their rules, bonus requirements, and all other important things every punter should be aware of. Terms and conditions files are usually lengthy but do have a lot of useful information, so we always advise our readers to check it out fully before making any big move such as registration or a first deposit.
Bookmaker is obligated to present correct odds to a customer, show potential returns and a stake placed by a player. Of course, in case you land the bet, the bookie is obligated to pay you out. There were many scam attempts by fishy websites in the past, so our warm recommendation is to always use trusted operators. There are options for everyone – low stake players, new punters, experienced bettors… On top of everything, you can always get a lucrative welcome package when joining a new company. Why would it go to waste? Try out as many top tier bookmakers as possible and try to get away with some decent bank. This pretty much explains How Does Bookmaker Work.
Where does the term bookmaker come from
The first bookmaker even was named Harry Ogden and he stood at the Newmarket all the way back in 1795, offering odds and accepting bets for horse racing. Gambling at race courses became the thing slowly after that. The term is coming from England. All classes of the English society at that time could place bets on racecourses across the country. It is interesting to mention that first bookmakers had special bodyguards to stop the gangs operating within the crowd. Illegal shops were not allowed, being usually closed or fined with a significant amount. One of the biggest shops closed was Bella Thomasson. She ran the business by bribing the local cops. Betting shops were finally legalized in 1961, but the measures were tough. This meant all bookies were playing a fair game, as the penalty could completely ruin their business. That industry has been on the growth since then. At one moment two decades ago there were over 15,000 betting shops in the country.
This number is significantly lower today. Millions were spent by bookies on advertising all across the country, TV, and stadiums. The first form of online gambling was registered in 1994 under the Antigua and Barbuda authority. They have passed the Free Trade and Processes Act, but still, a big chunk of bookies were not paying attention to that, at least in the start. The growth in online betting was recorded in 2001 when there were over eight million online players across the globe. This caused a massive launch of betting sites and independent bookmakers that don’t have any sort of physical presence in the country. Besides sportsbook, all these operators are also granting access to poker, casino, bingo games, live games and more.
The Internet Boom
Logically, the explosion of internet gambling has dramatically increased the gambling addiction in the reports. The recent technology also allowed several mobile applications to be developed, which means another commodity for the gamblers. Now they can actually place bets and play casino games on the move, from any place with an internet connection. The most massive televised sports events are now sponsored partially or fully by one of the bookmakers, who are attempting to get as many new customers to try out their product as possible. Big teams also have names of bookies on their shirts, for an exchange of a big financial fee of course.
When it comes to recent legal acts for gambling, we would like to take a reference to the Gambling Act from the United Kingdom from 2005. It is a great example of how one country can regulate gambling. It introduced a whole new regulatory system for gambling. There are new provisions to regulate the industry and marketing. The main governing body which is issuing permissions and licenses to bookmakers in the UK is called the Gambling Commission. No one even thinks of joining a bookie which doesn’t have their license. This body is making sure all games are fair both for the house and players.
How to become a bookmaker
Everyone who can afford a new website, new betting software and a registered company can become a bookmaker and offer services. Company’s location doesn’t have to be psychically present in a land where they welcome players, but in order to work, the operator will need to obtain the necessary license from a certain legal body. The process of obtaining the work permit can last a lot, depending on who is doing controls and audits. This process can also be very expensive, so only companies who are very serious about doing business in Canada are going to consider it. The number of great bookies available is growing every month because the Canadian market is very lucrative from the business perspective. How Does Bookmaker Work article was made to help our readers.