Bookmaker? Definition and explanation
Bookmakers are sports betting providers. They provide different outcomes of sporting events with specific variables, the sum of which depends on the probabilities of the outcome of a specific event (also called fixed odds).
Where did the term bookmaker come from?
The name comes from the fact that the sports betting providers used books to record their bets and odds. Today, of course, this name has nothing to do with modern digital practice.
What exactly do bookmakers do?
First of all, bookmakers offer online betting on sports events. Customers can then win money by placing bets on the outcome of a particular event.
Of course, the bookmaker sets the odds so that in the case of particularly probable outcomes, only a smaller profit should be paid to the client. Conversely, the more, the less likely it is that a certain (game) outcome will occur.
However, at this time, it is not enough to offer a simple rate. Most bookmakers offer many different forms and types of bets. There are also special categories of bets, such as Live Betting, where, as the name suggests, you can place bets on events in real-time.
What are a Sports betting bonus?
A bettor receives this sports betting bonus at online bookmakers as soon as a new betting account is opened. As a welcome gift, the betting provider gives the new customer a certain amount of the bet bonus.
In most cases, however, a sports betting bonus must be unlocked under certain conditions before being converted into real money.
While many online bookmakers focus on attracting new customers, there are also bonus promotions – also known as existing customer bonuses – for already-registered users.
Bookmaker tips: which bookmaker is the best?
To stay on track when looking for the right bookmaker, here are some tips on how to find the right online bookmaker for you:
4 tips on how to find the right bookmaker
- Ask yourself what is important to you when placing your bets; for example, do you enjoy betting on sports in the USA or betting live.
- Compare the odds to find out which bookmaker has the most profit.
- Pay attention to payment transactions: does the bookmaker offer free deposits and withdrawals? Which payment method do I prefer? What are the limitations?
- Is this a reputable bookmaker?
How to become a bookmaker?
Starting a bookmaker company from scratch is not an easy task. In addition to the necessary financial resources (and there are a lot of them), first of all, a license is required.
Due to the high costs, efforts, and strong competition, it is more than difficult and hardly possible for those interested in sports or betting to create such a company.
It is much more realistic to become a bookmaker – to open your own bookmaker office.
Many betting providers operate on a franchise basis; In other words, almost anyone can open a bookmaker’s office who can take on the investment costs.
If you want to become a bookmaker by profession, you usually start as a simple bookmaker at a bookmaker’s office.
They have an internship program in which interns learn the art of “quota setting” from scratch.
In addition to IT skills, sports knowledge, and basic bookmaking knowledge, you shouldn’t be afraid to get in touch with mathematics in the bookmaker profession.
What does the bookmaker earn?
The work of a bookmaker in the sense of a quota maker is usually paid in the amount of 2000-3000$. However, this is only an approximate amount of the reward.