Gambling Insights 101
We’ve all seen a movie or two related to gambling, most however only portray the industry from the player’s perspective, if you have ever wondered what the gambling industry is really like, well you might be surprised to learn that most pay per head owners and managers are workaholics, if you don’t believe me just ask anyone working at www.AcePerHead.com, and they will tell you I am right.
An Introduction to The Gambling Industry
In this business, there is always something going on, and you can’t take your eye off the ball for too long if you expect to succeed, although there is a certain glamour that is an integral part of the job, most of the time is spent working and working hard.
We will look at some key positions and their role in the gambling industry, we will start with some basic terminology, you might already know some of these terms but, if someone were to ask you what is a bookie in gambling, how would you answer? Here is how we would address the question.
What is a Bookie?
Bookie is a slang term for bookmaker, while the term seems to indicate a single person it is often an organization.
What Does a Bookie Do?
For a bookie to be able to accept bets, a line or betting odd must first be set, this is one of the most important tasks of a bookie. Setting the right line increases the chances of yielding high profits if the betting odds are not set correctly the bookmaker stands to lose a lot of money.
Bookies must adjust these odds from the moment they are made public right until the sporting event starts and the line is closed, the adjustments are done based on the number of bets and amount of money received. Having too many bets or too much money on one team increases the exposure or risk for the bookie, the ideal situation is to have as much balance as possible so regardless of the outcome of the event the bookie still walks away with a profit, even if it’s a small one.
Who is the Bookie When a Pay Per Head Service is involved?
There has been a lot of confusion when it comes to pay per head services like AcePerHead.com, who provide the service of posting sharp betting odds, and the technology necessary to accept bets online. Some people wonder if this makes them a bookie, the answer is no, and I will explain why.
Price per Head companies offer a service, they provide the software, the staff, the lines, and the network so bookies can manage their players, accept wagers, and settle them. So even though they are responsible for tasks usually allocated to bookies like setting up the betting lines, they are not in direct business with the players, nor are they responsible for paying and collecting any money from them.
They simply provide a service for which they get paid a set amount, the bookie will always be is the agent to whom they provide the service.
There you have it, the next time someone asks, what is a bookie in gambling? you can provide an accurate explanation to them.