5 Facts All Bookies Should Know – How To Take Bets As A Bookie
Figuring out how to take bets as a bookie is fairly simple. These days, most bookmakers will accept bets through text, phone call, email, or if they’re using an online betting platform, they can accept bets through the portal as well. When it comes to operating a sportsbook, there are usually two main roles that must be fulfilled: the bookie is responsible for balancing the book, collecting bets, and disbursing payouts, while the oddsmaker determines the lines and spreads of each event.
Below, you’ll find some more commonly used lingo and concepts that all veteran bookmakers, and those looking to create a sportsbook, should know.
- Point Spread vs Moneyline: Typically, modern sports betting will use one of these two systems when determining event odds and lines. The point spread method is usually chosen for games that record high scores, like football and basketball. This system isn’t about betting on the perceived outcome of the game, but by how many points each team receives. With this method, bettors who wager with the losing team won’t necessarily “lose” the bet. With moneyline odds, reserved for lower scoring sports—bettors solely wager against each other over the outcome of the game. Unlike the point spread method, the scores do not matter except for determining the winner of the game.
- Handicap: This is a fairly simple concept to grasp. Sometimes the underdog odds are so skewed, or the favorite is predicted to win by such a large margin, that it’s clear which way bettors will lean. When this happens, an experienced sports bookie will then apply a handicap to one side’s odds which will then level the betting field.
- Handle: Another simple, but very important key term to know. The handle is the total amount of money wagered on any single sporting event. For a majority of large-scale bookmakers, the Super Bowl game generates the largest handle of the year.
- Juice: This term refers to the commission that the bookie takes from the betting pool for each sporting event. Veteran bookies must adjust odds and lines in such a way to guarantee that for each wager laid, they’ll make a small percentage of that bet. When combined for the total event, it’s known as the juice. Other names include the vig, or vigorish.
- Parlays: Simply put, a parlay is a combination bet. Sometimes extreme bettors will want to lay wagers for multiple, separate events. Rather than having to place all separate bets, they can instead choose to place a single parlay bet. In order to win the bet, the outcome of each event must be favorable, and any single loss will result in losing the entire bet. It’s high risk, high reward betting.
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