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A bookmaker , bookie , or turf accountant is an organization or a person that accepts and pays off bets on sporting and other events at agreed-upon odds. The first bookmaker, Ogden, stood at Newmarket in Bookmakers in many countries focus on accepting bets on professional sports, especially horse racing and association football soccer. However, a wider range of bets, including on political elections, awards ceremonies such as the Oscars , and novelty bets are accepted by bookmakers in some countries.
By "adjusting the odds" in their favour paying out amounts using odds that are less than what they determined to be the true odds or by having a point spread , bookmakers aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each possible outcome or when they are offering odds by getting the amounts wagered on each outcome to reflect the odds.
Bookmakers do not generally attempt to make money from the bets themselves but rather by acting as market makers and profiting from the event regardless of the outcome.
Their working methods are similar to those of an actuary , who does a similar balancing of financial outcomes of events for the assurance and insurance industries. Depending on the country, bookmaking may be legal or illegal and is often regulated. In the United Kingdom, since 1 May , bookmaking has been legal and has even been a small contributor to the British economy , with a recent explosion of interest with regard to the international gaming sector industry.
However, gambling debts were unenforceable under British law until the Gambling Act Many bookmakers are members of IBAS , an industry organisation used to settle disputes. Bookmaking is generally illegal in the United States, with Nevada being an exception due to the influence of Las Vegas.