Bookmaking basics - Entertainment Article

By:Mansi gupta

The role of a 'bookie', the common name of the person involved in bookmaking, is quite important in the world of gambling. The bookie is responsible for keeping track of all the bets in the game.
The bookie can take bets on any professional events - election, races, college sports.
Bookmaking has been prohibited been prohibited in the past. Even now it is illegal in certain states. Its legal status being in controversy, the job is considered a shady one.
In Europe, licenses were required in the past by those who wished to bet or involve themselves in bookmaking. Now, the event is illegal and betting on the election results is quite popular in Europe. Almost all sports event attract wagers in the State, especially soccer.
In USA, bookmaking is illegal in almost all the states. The only exception is the gambling hub, Nevada. However, illegal betting exists, giving the bookmakers a profitable business. The common betting events include sports. Bookmaking in Canada is state owned and operated. Bookmaking is a part of country's lottery program- sport select.
Sports remain the evergreen area for betting and bookmaking. The bettors are usually young or middle aged people. Sports being an year round activity which is mostly unpredictable attracts a lot of bookmakers who are keen on making quick money.
A less likely, but extremely popular betting event is elections. Political election being a nation wide phenomenon attracts a lot of bets. Even papal elections have not been spared by this game of luck. As the authority of the office involved in the election increases, the number and the amount of wagers also show an increase.
Horseracing is one of the most popular wagering event. The fact that makes this event so popular among the bettors is its randomness. Even the most consistent of the winners stands a chance to loose the race. Other races like grey hound races also attract wagers.
These are a few conventional areas popular for betting. But bookmaking can be involved in almost any event that lacks certainty. For example, bets can also be placed on whether it will snow on the Christmas day!
The bookie stands to profit by balancing the book i.e. making sure that he has equal number of bets for all eventualities, so that he does not run out of money. A threat to the bookmaker's business is betting exchanges. These are one to one bets where the persons choose to forgo the bookie while making bets. Few betting exchanges sites have also cropped up, which enable this affair while charging a commission out of the bet.
Betting, like any other job, is not devoid of corruption. Some bookmakers can invite bets and later siphon away the entire money. This is usually the case when one involves in illegal betting. The principle of caveat emptor is forcefully applicable here.
Bookmaking is a competitive industry, with everyone willing to make fast money. However, it does involve a certain amount of skill to balance the book and earn the maximum profit out of the entire event. In countries where bookmaking is banned, people resort to online bets which are equally simple and profitable. For those who involve in illegal betting, it is advisable not to indulge in it as a small mistake can land one in deep soup.

Digg del.icio.us Blink Stumble Spurl Reddit Netscape Furl

Article Source: http://www.articles2k.com

Mansi gupta writes about bookmaking topics...

Top Entertainment Articles
1). Above the Ground Pool - the Right Choice By : Ethan Bailey With summer fast approaching, many families will be making the decision to finally get the pool they have been dreaming about for so many years. W
2). Marble And Granite – What Produces The Shine? By : David Andrew Smith Many people make the assumption that marble, granite and other finely polished natural stones shine because a ‘polish’ has been added to them. Nothing could be further from the truth. Natural stones are made of crystals. The crystals are made up of different minerals. Each mineral forms a different crystal shape. These different crystals interlock together to make up the stone.
3). Ticket Tips on how to buy tickets from Premium Online Ticket Brokers By : Twister One of the best ways to secure a quality seat for an event is by using a ticket broker. Ticket brokers specialize in obtaining premium seats, but also at a premium price! •Always use an established ticket broker that is a good standing member of the BBB or other professional industry organization such as the NATB (National Association of Ticket Brokers).
4). When is it appropriate to contact a sweepstakes sponsor By : Dave Carter When you enter a sweepstakes, you won’t gain any extra chances to win by sending a note to the sponsor. “Just wanted to know how the contest is coming along” notes quickly make their way to the trash can. The same is true for notes asking how the entries are coming in, how many have arrived, etc. However, there are appropriate times to contact your sweepstakes sponsor.
5). Wind Chime Trivia By : Stephen Betzen Wind chimes have been around since prehistoric times, when strings of shells were strung from trees near dwellings. They were a crude form of home decorating that may very well have been man’s earliest attempt at beautifying his environment. As we enter the spring season many people will be enhancing their environment with the addition of wind chimes.
6). Defend us from our defenders By : Glenn Brigaldino A critical look at the erosion of political freedoms in the so-called free world In defense of a plutocratic definition of democracy, the se
7). A Beginner’s Guide to Billiards By : Reno Charlton Billiards is a universally popular indoor game that is enjoyed by people of all ages and both sexes. Traditionally, billiards is played in bars, clubs
8). Make Sachets With Potpourri And Essential Oils By : Katelyn Thomas Do you have potpourri and essential oils coming out your ears? If so, you may want to consider using them to make simple sachets as gifts. Sachets are great for tucking into bureau drawers to make your clothing smell wonderful and also can be used in closets. To make a sachet, you will need muslin, ribbon, and some potpourri. Cut a four inch by eight inch piece of muslin.
9). Planning a Spectacular Christmas Party By : John Lenaghan Planning a Spectacular Christmas PartyThe holiday season is typically filled with large fancy parties, small intimate gatherings, and extravag
10). Enjoy Driving With Audio Books By : Paton Jackson Did you know that A trucker working to the legal limit in the U.S. can rack up to 3,432 driving hours a year—nearly 10 times that of the average New York commuter or enough to listen to the unabridged audio book version of Bill Clinton’s My Life 77 times? (Publishing Trends, Market Partners International, September 2005). Think of the way audio books could optimize your time management.

New Entertainment Articles
1). Video Duplication - Share Your Memories or Your Business By : Anna Woodward Whether you want to share the birth of a child with your extended family, or your business environment and philosophy with international client prospects, Video Duplication gives you the ability to replicate your experience or knowledge for your neighbor down the street, or for a prospective investor twelve time zones away.
2). Home Theatre Speakers By : Jon Arnold Your home theatre system is not complete without adequate speakers to enjoy the total experience, so understand your options here.
3). Magic - Entertainment For Children and Adults By : NamSing Then Do you remember growing up watching magic occasionally, in your life, as an art of entertainment and how simple prestidigitation has transported you to an unknown world where it was all mystery, illusion and entertainment?
4). The Next Generation: Xbox 360 By : Ken Snow The new Xbox 360 game console from Microsoft is a videogame system that puts users at the center of their entertainment experience. It combines games, entertainment, information, community, and innovation.
5). Organising a Christmas party By : Jon Stebbings A ballpark price per head for a professionally organised Christmas party in the UK would be between £65 to £100 per head plus VAT.
6). Discover Sintra with ARTEH: Romance Lives in Portugal By : Jose Felix The Sintra Mountains, only thirty minutes, by car, from Lisbon, is a natural Paradise, ideal destination for romantic stroll with Castles, Palaces and Mansions at every corner.
7). Funniest Clown Stunts in Clown Party By : Mitch Johnson Do you want to know what the funniest stunts of clowns are? It is easy and fun. Find out in this article and apply it in your next Clown party.
8). Are You A Taurus? By : Charles Kassotis The zodiac Taurus, can be seen during the winter and the early spring in the northern hemisphere and from November to February in the southern hemisphere...
9). Explore Every Resource for Great Ticket Buys By : Ray La Foy When a fan knows where to look, there are bargains to be had without having to resort to nosebleed sections.
10). Party Planning Ideas for Teenagers By : Christine Harrell Planning a party for a teenager can be a difficult balance of finding something they deem ‘cool’ and something parents feel is safe and appropriate. Teenagers, regardless of how much they want to be adults, are still big kids at heart who love to laugh, act silly, and burn off energy.