How bookmakers work, what bets they accept and how they pay
There are a lot of rumors about bookmakers or another BC, which are not always fair. Sports fans and those who are well versed in sports events and want to make money on betting should understand what a bookmaker is, what it does and how bookmakers work.
What is it
The bookmaker’s office provides players (betters) with services for making bets with each other and paying out winnings. Thus, this organization is an intermediary between the players. BC itself does not make bets with players.
Bets are usually placed on sports. But other events, including political ones, can also be the object of bets (for example, bets on the victory of a presidential candidate are very popular abroad).
BC’s activities are regulated by the regulator. For example, on the territory of the Russian Federation, the activities of betting shops are regulated by Federal Law No. 244. This law establishes the rules for the organization and conduct of gambling. Thus, the authorized capital of the BC should be at least 100 million rubles, and the value of net assets should not exceed 1 billion rubles.
The bookmaker must undergo an annual audit. In addition, such offices on earth are often checked by the tax and other services.
The betting business has a high entry threshold. A modern BC must necessarily have a high-quality, well-protected and attractive-looking website. She must constantly conduct promotions, including on social networks. The staff of BC technical specialists costs its owner very much. Usually the salary of employees is much higher than the national average. But BC also has a high income.
Now bookmakers work both online and offline (in PPS, betting shops). In order to attract customers, bookmakers often seek to equip the PPS so that players can relax comfortably while watching live sports broadcasts on the big TV screen.
Nevertheless, online bookmakers’ offices are becoming more and more popular. If they have a license, the winnings are protected by law. In case of violations, the client can file a lawsuit.
What does a bookmaker earn
Bookmakers receive a certain percentage (margin) from each winning bet. The margin is the profit of the bookmaker. The winnings are paid at the expense of the losing bets, minus the margin.
For customers, a lower margin will be a more profitable case. This factor should be taken into account when choosing a bookmaker.
It should be borne in mind that there are scammers among bookmakers (as well as among ordinary people). Therefore, you need to make sure that the organization has a license. Foreign BCS often operate under the jurisdiction of Curacao or Seychelles. Therefore, a lawsuit against them from the territory of other states will not be accepted. And the process itself, if it takes place, will be long and expensive.
What sports betting is offered by bookmakers
The main activity is the acceptance of bets on sports events. Sports can be diverse: not only traditional football and hockey, but also golf or cricket.
The betterer has the right to choose his own bets with the results of the previous sports competition. Bets can be made, for example:
- to win (for example, teams in football);
- number of goals in a match (bets on total);
- on the difference of goals scored and conceded (bets with a handicap).
The list of results that you can bet on is quite large.
Bets on the event can be placed before it starts (preg-match) or directly during the event (live).
Betting line and odds
A separate match is called an event. The set of events offered by the bookmaker is called a line. It is in the line on the bookmaker’s website that you need to look for bet sizes.
Each scenario is called an outcome. For example, the outcome may be a win or loss of a particular team, or a draw. The totality of outcomes forms a placer.
The bookmaker offers to bet on the outcomes. Each outcome is evaluated by a coefficient that is inversely proportional to the probability of the outcome according to the version of a particular bookmaker. The smaller, according to the broker, this probability is, the greater the coefficient will be. The winning amount is equal to the product of the coefficient by the bet size.
The following quotes are offered for a match between two teams: 1.65:4.45:5.55. They correspond to the outcomes: a victory of the first team, a draw, a victory of the second team. If you put 1000 rubles on the victory of the first team, then the potential profit will be 1000*1,65 – 1000 = 650 rubles .
How bets are accepted and winnings are paid
The BC client first needs to open an account and go through identification (identity verification procedure). In rare cases, identification is not necessary. You can complete the registration and identification procedure both online and in the teaching staff.
In case of winning, money can be received at the PPP by presenting the received offline receipt. If the BC works online, money is withdrawn to a bank account, card or e-wallet through the player’s Personal Account.
You can also place a bet online and collect your winnings in cash at the PPP. Now this method is very popular.
Having understood how bookmakers work, a betterer who understands sports events can place bets and earn real money on them.
Published: 28 March, 2022