Bookies and Oddsmakers are two of the most important parties involved in the world of betting. And although their roles are interrelated, they are far from being the same. An Oddsmaker studies games, players and game conditions, and then sets the betting lines, including (but not limited to) money lines, point spreads and game totals. A Bookie, on the other hand, gets the betting lines from the Oddsmakers and then offers bets on those odds, of course with relevant adjustments to ensure profitability for the betting house.`
What’s the Difference Between an Oddsmaker and a Bookie?
Essentially, a bookie’s job is mostly mechanical, offering bets and paying out to the winners, collecting money from the losers and keeping the vig. A Bookie, also called a Bookmaker or Turf Accountant, can do a bit of some oddsmaking, mainly in terms of adjusting the lines from Vegas. By adjusting the odds in their favor, the bookmakers aim to guarantee a profit for the betting house by achieving a balanced book.
Generally speaking, Bookmakers don’t attempt to make money from the bets individually, but rather by acting as conduits/ market makers and profiting from the betting event regardless of the final outcome. Bookies more-or-less work in the same way like an actuary, who does a similar job of balancing financial outcomes of events in the world of insurance.
In the United States, Bookies mostly focus betting on professional sports, particularly American Football, basketball, horse racing and soccer. In the United Kingdom, horse racing and soccer are the major areas of focus. Outside these sports-related bets, betting is often done on a variety of other areas such as political elections and awards ceremonies (such as the BET Awards and The Oscars), among others.
Oddsmakers and Bookies in Today’s Betting World
As per history, online betting first started in 1994 when the licensing authority of Antigua and Bermuda passed the Free Trade & Processes Act, but it was until 2001 that bookmakers began to get involved in online sportsbetting. With the constantly increasing popularity of betting, especially over the internet, the world has seen an explosion in the number of Bookies, both in brick and mortar casinos and online betting shops. When deciding on the bookie to be involved with, be sure to do a thorough background check on the individual or the company, checking aspects such as licenses, betting offers an house betting style.