Laying off has led to the creation of several large and heavily capitalized bookmaking organizations that accept only bets laid off by other bookmakers. To protect himself, therefore, the smaller bookmaker will either limit the total amount bet on a favourite or will “lay off” (re-bet) with a larger bookmaker such bets as he is not prepared conveniently to pay if he loses. The vagaries of individual bettors and special information acquired by certain large bettors often make a truly balanced book impossible. For example, if one bettor bets 6 to 5 on A and another bets 6 to 5 on B in a situation where only one can win, the bookmaker will collect 12 units and pay only 11 units no matter which bettor wins. The bookmaker seeks in every case to achieve a balanced book-one in which bettors are competing against one another-so that he will profit whatever the outcome of the event. Before 1950, illegally operating bookmakers established a national organization of expert observers who transmit their odds through a network of clearinghouses to individual bookmakers. ![]() Morning-line odds, established by legal bookmakers, are printed in the sports sections of newspapers throughout the United States. In addition to horse racing, in which the track odds form a basis for bookmakers’ odds, legal bookmaking concentrates on professional sports such as baseball, American football, basketball, and boxing. A number of casinos in the United States operate as bookmakers in accepting bets on primarily sporting events this section of the casinos is usually called the sports book. In the United States there are probably several hundred thousand bookmakers, only a few thousand of whom (in Nevada, New York, and New Jersey) operate legally. Some Commonwealth countries (including the United Kingdom, Australia, and New Zealand), Belgium, and Germany permit the open operation of bookmaking organizations. The gambling industry's national trade group predicts that 1 in 5 American adults will make a bet on Sunday's Super Bowl between the Philadelphia Eagles and Kansas City Chiefsīookmaking, gambling practice of determining odds and receiving and paying off bets on the outcome of sporting events (particularly horse racing), political contests, and other competitions.
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