Bookmaker: Meaning and Definition
A bookmaker determines and offers odds for various betting markets, primarily in sports. They accept bets from customers and pay out winnings on successful wagers.
Summary
Every land-based and online sportsbook provides odds on sports, esports, special markets and other betting options it offers. Sportsbook and bookmaker are practically synonymous, especially in online betting, where the odds are calculated by computer software.
What Is a Bookmaker?
A bookmaker is a person or company that sets the odds for betting markets offered to sports bettors daily. Nowadays, a bookmaker is usually a company (land-based or online) which offers sports betting services to its customers.
Back when online betting didn’t exist or was not so widely spread, bettors had their bookies who operated land-based betting establishments. They set their own odds, accepted bets, and settled them in accordance with their policies.
Why It's Important
For your own protection and peace of mind, it is essential that you place your bets with a licensed bookmaker. Before setting up an account, check the website for licensing information, betting bonuses, the quality of odds on offer, betting markets, and accepted payment methods.
Make sure to also read the terms and conditions first to know what to expect from the bookmaker.
How It's Used
Here’s a brief guide on how to get started with a new bookmaker:
- Opening an account: After following the instructions from above and finding a suitable bookmaker, a user can open an account.
- Claiming a welcome bonus: These typically come in the form of a deposit match bonus or a free bet.
- Locating favourite sports: Sports offerings are usually vast, with many sports and betting markets to choose from for the wager.
- Placing a bet: Once a user selects markets to bet on, the next step is to set the amount, place the bet, and wait for the outcome.
