A bookie, also known as a bookmaker, is an individual or organization that accepts and pays out bets on sporting events, horse races, and other contests. Bookies establish odds, manage wagers, and settle winnings. They operate legally in some jurisdictions, often subject to strict regulations and licensing, while in others, they may operate underground, managing bets without official oversight. The primary goal of a bookie is to generate profit by setting odds that attract wagers on both sides of an event, ensuring a margin regardless of the outcome, also known as the 'vig' or 'juice'. Technology has significantly transformed the bookmaking industry, with online platforms and mobile apps becoming increasingly prevalent, allowing people to place bets remotely with ease and expanding the reach of bookmakers significantly.
Bookie meaning with examples
- My cousin, a seasoned sports fan, often consults his bookie to get the latest odds before placing a bet on the big game. His bookie offers him favorable lines, leading to both exciting wins and frustrating losses, yet he considers the bookie an essential source of information for his betting strategies, offering him constant access and immediate updates.
- During the horse racing season, the local pub transforms into a buzzing hub, with patrons eagerly gathering to place bets with the on-site bookie. The bookie, a cheerful and friendly man, manages the bets efficiently, ensuring everyone's wagers are recorded. The bookie then keeps track of the race results and dispenses winnings.
- In a fictional crime novel, the detective's investigation leads him to a shadowy bookie operating out of a back-alley office. The bookie, a gruff and intimidating figure, is revealed to be involved in illegal activities beyond sports betting, making him a key suspect in the murder case. His clandestine activities are part of the intricate plot.
- The rise of online bookies has revolutionized the way people bet, providing convenience and accessibility to the market. These digital bookies provide a vast array of wagering options, from conventional sporting events to even political elections. The bookie is accessible on all mobile devices to all clients, increasing revenues across the board and attracting a wider range of participants.