The Basics of Bookmaking
Gambling is not a new activity. Throughout time, people have proven that they will bet on just about anything. Betting on sports events like the WK Voetbal [http://www.weddenwk.nl/] or the Super Bowl is very popular. There are office pools for these events as well as election outcomes, and just about anything else. Betting on the outcomes of various events is a very popular activity, whether it is legal or not.
Many people place bets with organisations known as bookmakers. The practice was developed in the 1700s by a man named Richard Tattersall. The job of the bookie, also sometimes referred to as a Turf Accountant, is to take bets, pay the winner and charge a small commission to the losers. The bookie takes bets from different people who want to bet on the outcome of particular events. The bookmaker keeps records of the various transactions and tries to take bets in such a way that they balance out. There would have to be an equal number of bets for each outcome. If the event were a particular game like the world cup, there would have to be as many bets for a team as against the team.
Since it is impossible to balance the actual number of bets for and against an event, the bookmaker achieves this balance by adjusting the point spread or the amount of the wagers. The point spread more or less functions as a commission for the bookmaker. This commission is sometimes referred to as the vigorish. When the event is over and the outcome is known, the bookmaker pays the winners and collects from the losers.
Not all sports or events lend themselves to the point spread format of wagering. This is true of an event like a boxing match. In this situation, the money line system of betting is used. This is basically a form of straight up odds betting. The bettor has to risk say $150 for every $100 he hopes to win.
The individual who wants to engage in sports betting must have some knowledge of the basics of sports betting such as what odds are and how they are computed and used in wagering and payouts. The bettor also needs to understand the betting structure used in the different sports and events.
There are many online sports betting sites where bettors can open accounts and do their wagering online. Most of these sites have sections explaining the essence of sports betting for players who aren't familiar with it.
Many people place bets with organisations known as bookmakers. The practice was developed in the 1700s by a man named Richard Tattersall. The job of the bookie, also sometimes referred to as a Turf Accountant, is to take bets, pay the winner and charge a small commission to the losers. The bookie takes bets from different people who want to bet on the outcome of particular events. The bookmaker keeps records of the various transactions and tries to take bets in such a way that they balance out. There would have to be an equal number of bets for each outcome. If the event were a particular game like the world cup, there would have to be as many bets for a team as against the team.
Since it is impossible to balance the actual number of bets for and against an event, the bookmaker achieves this balance by adjusting the point spread or the amount of the wagers. The point spread more or less functions as a commission for the bookmaker. This commission is sometimes referred to as the vigorish. When the event is over and the outcome is known, the bookmaker pays the winners and collects from the losers.
Not all sports or events lend themselves to the point spread format of wagering. This is true of an event like a boxing match. In this situation, the money line system of betting is used. This is basically a form of straight up odds betting. The bettor has to risk say $150 for every $100 he hopes to win.
The individual who wants to engage in sports betting must have some knowledge of the basics of sports betting such as what odds are and how they are computed and used in wagering and payouts. The bettor also needs to understand the betting structure used in the different sports and events.
There are many online sports betting sites where bettors can open accounts and do their wagering online. Most of these sites have sections explaining the essence of sports betting for players who aren't familiar with it.
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