For as long as there have been organized sporting events, there has also been a large segment of people who are interested in betting on their results. Whether as an attempt to turn a profit or merely as a form of entertainment, sports betting has remained popular for years, shows no signs of slowing. And, like any pastime involving money, the world of sports betting has spawned an industry which depends on a few people to oversee and regulate it: specifically, in this case, the bookmaker.
In the age of online gambling, many members of the younger generation are unfamiliar with the old ways of gambling on sporting events. Back in the day, if you wanted to place a bet on sports team, you had to go through a bookmaker, which meant a trip to his dingy office or perhaps even a telephone call. In this article we’ll take a look at the bygone days of the sports bookmaker. And please, if there are any ladies reading this piece, we hope you will excuse the use of male pronouns when referring to bookmakers but, really, if there is a profession which is still entirely dominated by men, then it is that of bookmaking.
A bookmaker (or more commonly referred to as a bookie) is an individual or an organization that takes bets on sporting events and then pays out the winner according to the odds, and, of course, minus an operating commission (called the vigorish, or, for short, the vig). The bookmaker lives and breathes sports, as it’s his job to provide punters with the opportunity to place bets on a number of different events. Depending on the laws of a particular country, bookmaking may be legal or illegal, and in the cases where it is legal, it is often regulated by the state.
It is the bookmaker’s aim to balance his book, thus guaranteeing a profit. He may adjust the odds to do this and make wagers at other bookies, all to ensure that he doesn’t lose any money, particularly if one or more of his clients pulls off a big win.
Additionally, the concept of vigorish (also called juice) ensures that the bookie will make money on each event regardless of the outcome. This is essentially the amount that is charged for each bettor to use his services. Due to the concept of vigorish, the bookmaker theoretically should have no preference for either side winning an event. However, many bookies are also habitual gamblers themselves, and may choose to place bets as they see fit.
As far as many people are concerned, the sports bookie is now nearly a relic of the past. The internet has ushered in a new age of sports gambling, which allows people to place bets with just a few clicks of the mouse. Gone is the need for a physical location and the hiring of staff, which of course means that overhead costs are much lower, and higher payouts may be made to the customers. Online sportsbooks may offer the same service, but the personal element is now removed, much like many of the other services of yesteryear.
The reputation of bookmakers has also been through many ups and downs. Barroom bookies are known for their high juice and surly attitudes, which is another reason why nearly everyone now visits online sportsbooks. Privacy and anonymity are attractive features for of many of today’s sports gamblers.
Also, using bookies hasn’t always been a risk-free endeavor. Placing bets through a bookmaker is an illegal act all across the United States, with the exception of Nevada, and this is yet another reason why bookies are becoming obsolete.
But the industry is still thriving is other parts of the world it would seem. In the United Kingdom, bookmaking is a legitimate and respectable industry. It has been legal since 1961, when Harold Macmillan’s Conservative government made it possible for private businesses to operate bookmaking agencies. The industry is closely regulated to ensure fairness, and at one point there were over 15,000 betting shops in the UK alone. Now, as a result of business mergers, there are close to 8,500. The main bookmaking companies are Ladbroke’s, William Hill, Gala Group, and the state-owned Tote Sport.
We hope you enjoyed this brief history of the bookmaking industry. And keep a look out for our upcoming piece on some famous (and infamous) bookmakers. It is sure to contain some more interesting bits of information!
