Recently, I was asked, 'What's the difference between a bookie and a sportsbook?'
It's a great question — a thoughtful question by somebody that was genuinely curious.
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This post aims to provide a definitive answer to that question.
The Sports Betting Boom
Nobody can deny the explosive growth of legal sports betting. In 2019, over $10 billion exchanged hands in the industry.
47 countries (out of about 200) had a GDP under $10 B.
Let's put that in perspective.
The genesis and rapid growth of online sports betting options have only added to the boom.
Fantasy sports sites are slammed in our faces during every commercial break on NFL Sunday, and the boutique market is on the rise.
Sports betting in the United States is sure to explode in the next 5 to 7 years, with many states working on legislation to legalize and regulate the popular form of gambling.
Bookies and sportsbooks are both poised to capitalize on the massive influx of cash brought on by the growing popularity.
In this post, I break down for you what each of the two is, what they do, and how that affects you.
What Is A Bookie?
Bookies accept bets on sporting contests or other events. Short for bookmaker, a bookie sets odds for an event before accepting any wagers.
So, bettors decide if the Rangers will win by 3 runs or more.
If the Rangers win by 6 runs, the bookie will pay out the set odds for the game.
- The winning bettor could get $1.50 for each $1.00 wagered.
- A $100 wager would then net gamblers that correctly selected the Rangers a $150 payday.
This comes straight out of said bookie's pocket.
Technology's Influence On Betting
The advent of online betting has made the job of the bookmaker more diversified than ever before.
Some operations even had large phone banks set up with eager representatives ready to take the action.
Things have changed. Tech makes it easier than ever to place money on any sporting event you could dream of — all right from the palm of your hand.
Gone are the days of calling in the action. Cell phone technologies changed everything for gamblers and bookies alike. Bookies don't have to spend any time at all meetings with customers. They can take action and pay winners all online.
Evening the Odds
Before a bookie ever takes the first bet, they must learn how to balance the books. If a bookie doesn't properly hedge against taking a significant loss on a single contest, they may be sunk.
This restricts how much a bookie can make off a single event, but it also serves as a sort of protection. A bookie could go bankrupt in one contest if they haven't hedged their bets.
Basically, this boils down to offering fair odds on both sides of the action.
Balancing the bets on both sides of the action acts as an insurance policy. This is Bookie 101. If you don't have action from both camps, you're either going to be very rich or completely broke.
How Much Danger Comes With Being a Bookie?
Hollywood has demonized the bookie, turning him into a ne'er-do-well gangster type out for some fast cash. That's just not accurate.
Anyone can become a bookie, but you must be dedicated to growing a solid customer base.
As you can probably imagine, being a bookie can be profitable.
There are a few more things you need to do consistently to stand out from the competition, especially from the real money online sportsbooks.
If you garner a reputation as honest, easy to work with, and, most importantly, quick to pay, you are going to set yourself apart as a premier choice.
Bookies must stay on top of their loyal customers. These are the gamblers that are betting several times a week. Gambling is a big business, and there is regular competition to leech customers from other bookies.
The key to success in sports gambling is protecting your bankroll by leveling equal money on both sides.
Remember, lots of cash gets tossed around, and clients won't hesitate to move their action elsewhere.
Now you should have a solid knowledge of what a bookie is and precisely what they do. Let's turn our attention to the sportsbook.
What Is a Sportsbook?
The term sportsbook refers to a company that takes bets on anything from sports contests to greyhound races to political races.
So, while we have the individual taking action called a bookie, a corporation doing the same thing on a larger scale, is a sportsbook.
How Do Sportsbooks Function?
Sports Bookie Site
Sportsbooks operate however they choose.
Some sportsbooks even give your wager back when a tie happens against the spread, and others call a tie a loss and keep your money.
Sportsbooks can set their own odds or lines and then adjust them as much as they like to avoid a huge loss.
Of course, they don't shift it so much as to avoid still drawing action on both sides. Every sportsbook strives to set itself apart from the others, but the similarities are apparent.
Pay attention to the difference in the vig — how much of your money they are going to keep on losing bets.
Choosing the Right Sportsbook
Shop around. Compare lines and weigh your options. The sportsbooks are setting their own odds at whatever they like.
If you are a fan of the parlays, you should find a sportsbook that has a good payout on parlays. There are even sportsbooks that will give you a percentage in addition to your win based on the number teams in the parlay.
Maybe you prefer to play the spread.
Then shop the lines until you find the most favorable. Find the book that offers what you prefer and narrow it down to what's best for you.
Sportsbook or Bookie?
Unfortunately, there aren't many places in the United States that allow gambling. Because of this, the largest sportsbooks are in Las Vegas. In fact, during the NCAA basketball tournament, you'll be hard-pressed to find a seat in one of the jammed sportsbooks.
You'll find a similar situation during the NFL playoffs. Fans flock to Nevada to watch the games they've laid action on. All are hoping for the same thing: to hit the airport with a suitcase full of cash.
Whether you go with one of the large sportsbooks or an individual bookie may depend mainly on where you live. If you're locked into middle America with no sportsbooks for hundreds of miles, you may choose to go with a bookie. Wsop past winners.
Regardless of which direction you go, do your research before making any bets. Sports betting already has a long list of pros and cons. Don't unnecessarily add to the cons list.
Sports betting in the United States is sure to explode in the next 5 to 7 years, with many states working on legislation to legalize and regulate the popular form of gambling.
Bookies and sportsbooks are both poised to capitalize on the massive influx of cash brought on by the growing popularity.
In this post, I break down for you what each of the two is, what they do, and how that affects you.
What Is A Bookie?
Bookies accept bets on sporting contests or other events. Short for bookmaker, a bookie sets odds for an event before accepting any wagers.
So, bettors decide if the Rangers will win by 3 runs or more.
If the Rangers win by 6 runs, the bookie will pay out the set odds for the game.
- The winning bettor could get $1.50 for each $1.00 wagered.
- A $100 wager would then net gamblers that correctly selected the Rangers a $150 payday.
This comes straight out of said bookie's pocket.
Technology's Influence On Betting
The advent of online betting has made the job of the bookmaker more diversified than ever before.
Some operations even had large phone banks set up with eager representatives ready to take the action.
Things have changed. Tech makes it easier than ever to place money on any sporting event you could dream of — all right from the palm of your hand.
Gone are the days of calling in the action. Cell phone technologies changed everything for gamblers and bookies alike. Bookies don't have to spend any time at all meetings with customers. They can take action and pay winners all online.
Evening the Odds
Before a bookie ever takes the first bet, they must learn how to balance the books. If a bookie doesn't properly hedge against taking a significant loss on a single contest, they may be sunk.
This restricts how much a bookie can make off a single event, but it also serves as a sort of protection. A bookie could go bankrupt in one contest if they haven't hedged their bets.
Basically, this boils down to offering fair odds on both sides of the action.
Balancing the bets on both sides of the action acts as an insurance policy. This is Bookie 101. If you don't have action from both camps, you're either going to be very rich or completely broke.
How Much Danger Comes With Being a Bookie?
Hollywood has demonized the bookie, turning him into a ne'er-do-well gangster type out for some fast cash. That's just not accurate.
Anyone can become a bookie, but you must be dedicated to growing a solid customer base.
As you can probably imagine, being a bookie can be profitable.
There are a few more things you need to do consistently to stand out from the competition, especially from the real money online sportsbooks.
If you garner a reputation as honest, easy to work with, and, most importantly, quick to pay, you are going to set yourself apart as a premier choice.
Bookies must stay on top of their loyal customers. These are the gamblers that are betting several times a week. Gambling is a big business, and there is regular competition to leech customers from other bookies.
The key to success in sports gambling is protecting your bankroll by leveling equal money on both sides.
Remember, lots of cash gets tossed around, and clients won't hesitate to move their action elsewhere.
Now you should have a solid knowledge of what a bookie is and precisely what they do. Let's turn our attention to the sportsbook.
What Is a Sportsbook?
The term sportsbook refers to a company that takes bets on anything from sports contests to greyhound races to political races.
So, while we have the individual taking action called a bookie, a corporation doing the same thing on a larger scale, is a sportsbook.
How Do Sportsbooks Function?
Sports Bookie Site
Sportsbooks operate however they choose.
Some sportsbooks even give your wager back when a tie happens against the spread, and others call a tie a loss and keep your money.
Sportsbooks can set their own odds or lines and then adjust them as much as they like to avoid a huge loss.
Of course, they don't shift it so much as to avoid still drawing action on both sides. Every sportsbook strives to set itself apart from the others, but the similarities are apparent.
Pay attention to the difference in the vig — how much of your money they are going to keep on losing bets.
Choosing the Right Sportsbook
Shop around. Compare lines and weigh your options. The sportsbooks are setting their own odds at whatever they like.
If you are a fan of the parlays, you should find a sportsbook that has a good payout on parlays. There are even sportsbooks that will give you a percentage in addition to your win based on the number teams in the parlay.
Maybe you prefer to play the spread.
Then shop the lines until you find the most favorable. Find the book that offers what you prefer and narrow it down to what's best for you.
Sportsbook or Bookie?
Unfortunately, there aren't many places in the United States that allow gambling. Because of this, the largest sportsbooks are in Las Vegas. In fact, during the NCAA basketball tournament, you'll be hard-pressed to find a seat in one of the jammed sportsbooks.
You'll find a similar situation during the NFL playoffs. Fans flock to Nevada to watch the games they've laid action on. All are hoping for the same thing: to hit the airport with a suitcase full of cash.
Whether you go with one of the large sportsbooks or an individual bookie may depend mainly on where you live. If you're locked into middle America with no sportsbooks for hundreds of miles, you may choose to go with a bookie. Wsop past winners.
Regardless of which direction you go, do your research before making any bets. Sports betting already has a long list of pros and cons. Don't unnecessarily add to the cons list.
Conclusion
Sportsbooks are really starting to take a stronghold in the gambling industry. This tremendous growth has undoubtedly placed a strain on the average bookie.
- However, you will surely have a choice in most metropolitan areas.
- Sportsbooks and bookies perform the same function and provide the same service to the betting public.
So, what's the difference between a sportsbook and a bookie?
Is Being A Sports Bookie Illegal
