Bookmaker

A bookmaker, bookie, or turf accountant is an organization or a person that takes bets on sporting and other events at agreed upon odds.

Range of events

Bookmakers in the United Kingdom focus betting on professional sports, especially horse racing and association football; however, a wider range of bets, including on political elections, awards ceremonies such as The Oscars, and novelty bets can also be placed.

Operational procedures

By adjusting the odds in their favour or by having a point spread, bookmakers will aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each outcome or (when they are offering odds) by getting the amounts wagered on each outcome to reflect the odds. When a large bet comes in, a bookmaker may also try to lay off the risk by buying bets from other bookmakers. Bookmakers do not generally attempt to make money from the bets themselves but rather by acting as market makers and profiting from the event regardless of the outcome. Their working methods are similar to that of an actuary, who does a similar balancing of financial outcomes of events for the assurance and insurance industries.