A bookie is an individual or organization that accepts and manages wagers on sporting events and other outcomes. The term “bookie” originates from the handwritten or printed records, or “books”, that were traditionally used to track bets and payouts. Bookies typically set odds for events and determine the payouts for winning bets, aiming to make a profit regardless of the outcome.
Operating as a bookie can be a lucrative venture, but it also carries significant risks and legal implications. The primary source of income for bookies is the commission or “vigorish” charged on losing bets. This commission is usually expressed as a percentage of the wagered amount and can vary depending on the event and the bookie’s pricing.