It's a simple enough question and one every bookie gets asked. How do we set the odds on Inter not losing at home again or Wigan sneaking victory over title-chasing Arsenal. Free bar poker. Well it goes a little like this.
Job Title Bookie Employee Duties & Responsibilities 1) Manages establishment to receive pay off bets placed by horse racing patrons. 2) Prepares and issues lists of approximate handicap odds on each. Alternative titles for this job include Bookie, turf accountant, betting shop manager. Bookmakers organise gambling activities in betting offices, at racetracks and online. Two hawala traders, several punters spread across the city, bookies operating from central Kolkata and outskirts of the city and a detective departmen. Kolkata bookies doing ‘backroom job'.
There are a team of people employed by any bookmaker, usually referred to as Traders, Risk Analysts or Odds Compilers. Their job is to produce odds that closely represent the chance of an occurrence.
It's a tough job to account for all the variables in any event. If you take the chance of Manchester United winning at home for example the trader has to account for the form of the teams, injuries to key players, influence of the crowd, the referee and many others.
In addition to the chances of a team winning, they have to account for the money that is likely to be placed. In the Manchester United example, most people would back the Red Devils to to win at Old Trafford and therefore the odds will be shorter than perhaps the precise chances of victory.
Also like any other business a bookmaker has to make money so the Trader will add a small percentage to a ‘book' in order to generate this profit. In a match between two evenly matched teams on a neutral ground the odds might look something like the following:
7/4 (2.75) | Team A | 36.36% chance of winning |
13/5 (3.60) | Draw | 27.7% chance of winning |
7/4 (2.75) | Team B | 36.36% chance of winning |
This adds to approximately 100% and trading books like this, the bookmaker should break even over a period of time. So what they have to do is skew the odds slightly in their favour:
6/4 (2.50) | Team A | 40% chance of winning |
12/5 (3.40) | Draw | 29.4% chance of winning |
6/4 (2.50) | Team B | 40% chance of winning |
Now the bookmaker has a 9.4% profit margin and should make a profit over time although to the punter of course it's all about making a profit on the game itself! A bookmaker will trade a market at anywhere between 101 and 120% profit depending on the market and competitor activity.
That means that in a perfect world (which doesn't exist) the bookmaker should make between £1 and £20 for every £100 that are gambled on the market. What happens in reality however is that most money is gambled on the favourites and it's when the favourites fail to win, that the bookmakers make their money.
David Mole is Goal.com's Betting and Odds Expert. He has previously worked for Betfred, Victor Chandler, William Hill and Totesport.
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What Is A Bookies Job Interview
A bookie in sports is someone who accepts wagers on sporting events based on specific odds for each game. When a player wins a wager then the bookie is the one responsible for paying out the winning amount to the player, and when a player loses a wager then the player is the one responsible for paying the losing amount of the wager to the bookie.
So bookies essentially will always have or need the opposite of what each player wagers on. So for example, if the LA Lakers are -4 point favorites against the LA Clippers and a player bets the Lakers -4, then the bookie would either need the Clippers to win the game outright or for the Lakers to win the game by only 1 to 3 points in order for the betting agent to earn money on that wager. The opposite is needed by the player in order to win the wager, meaning the Lakers have to win the game and win by 5 points or more for him to win the wager.
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Profitable Biz
Booking action on sports is a very lucrative business, because in the world of sports gambling players always lose over the long term. Just look at any Casino, they are generally luxuriously built and very successful because people come and gamble and the majority of the people walk away losing a lot of money. Casinos are not built and stay in business because players are winners.
So if you are looking to be a bookie and accept action on sports then the easiest way to do that and be successful at it would be to sign up with a pay per head service. These services provide a bookie with everything they need, plus you as the betting agent do not even need to know all the technicalities of the making of the odds and moving of them.
A bookie in sports is someone who accepts wagers on sporting events based on specific odds for each game. When a player wins a wager then the bookie is the one responsible for paying out the winning amount to the player, and when a player loses a wager then the player is the one responsible for paying the losing amount of the wager to the bookie.
So bookies essentially will always have or need the opposite of what each player wagers on. So for example, if the LA Lakers are -4 point favorites against the LA Clippers and a player bets the Lakers -4, then the bookie would either need the Clippers to win the game outright or for the Lakers to win the game by only 1 to 3 points in order for the betting agent to earn money on that wager. The opposite is needed by the player in order to win the wager, meaning the Lakers have to win the game and win by 5 points or more for him to win the wager.
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Profitable Biz
Booking action on sports is a very lucrative business, because in the world of sports gambling players always lose over the long term. Just look at any Casino, they are generally luxuriously built and very successful because people come and gamble and the majority of the people walk away losing a lot of money. Casinos are not built and stay in business because players are winners.
So if you are looking to be a bookie and accept action on sports then the easiest way to do that and be successful at it would be to sign up with a pay per head service. These services provide a bookie with everything they need, plus you as the betting agent do not even need to know all the technicalities of the making of the odds and moving of them.
Why Us?
Instead with the use of top pay per head services such as www.AcePerHead.com we provide you with a website and we´ll put up thousands of sports betting options each day and all the odds will be updated by them up to the second. In addition, all grading of wagers and the accounting into each account will be handled directly by Ace, and everything will get immediately updated into each player account and bookie account.
Since Ace will handle the technical side of the bookmaking part of the business, you as the betting agent can focus on just building up your new sportsbook business and acquiring more people that want to bet with you. This is simple and fun and is best accomplished by the old fashioned way of word of mouth. You can reach out to all your friends, family, coworkers, classmates, neighbors and social media friends and see if they have any interest in making wagers on sports. You will quickly see that many people from all walks of life have some type of interest in betting, whether they bet occasionally, multiple times a day, or just on major sporting events.
What Is A Bookies Job Openings
So give Ace Per Head a call today at 1-800-909-5193 and get set up immediately so you can start making money from booking action on sports.
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