Can you Legally be a Bookie?
July 17, 2021
A bookie is someone that takes action in the form of bets on sports betting events, such as a football or basketball game. The person making the wagers on the game is the player, and the bookie will pay the player when he wins his wager, and collect money from the player when he loses his wager.
A bookie can either give a player a credit limit, meaning an agreed-upon amount that can be used each week to make wagers, without the player having to pay any money upfront. Then the balances of the wins and losses can be settled up at the end of the betting week by the player and bookie, or they can settle up when the player wins or loses a specific agreed-upon amount.
Another option is for a bookie to collect the money upfront from the player before he even makes a wager, which is known as posting up, and then that money is used to make as many wagers as the player desires. If the player loses all the money he posted up then he would need to post up more money if he wants to continue to play. If the player wins money from his bets then he can ask the bookie to cash him out and pay him a part of his balance and leave some in the account so he can continue playing, or he can get all the winnings cashed out.
Being a bookie is simple because all you need to do is know people that want to wager, and just make sure you are in-country or state that it is legal to be a bookie. It is legal to be a bookie in many countries around the world. In addition, if you live in the United States, the law in regards to gambling is determined by each state. There are already various states that have legalized gambling, and there will be many more in the future. To determine if you live in a state that is legal to book action or not, it is best to speak to a local attorney.
If you are fortunate to live in a state or country where it is legal to be a bookie, then the most efficient and profitable way to do it is by getting set up with a pay-per-head service. These services provide bookies with a ready-to-use sportsbook website where they post hundreds of thousands of betting options for players to bet on through the site every day. All the odds and lines are updated up to the second and directly by the pay per head provider, which enormously minimizes the amount of work needed to be done by the bookie.
All the bookie needs to do is just pay his players when they win and collect from his players when they lose. They don’t have to worry about managing lines, grading wagers, and calculating wins and losses and balances for players. That is all done by the pay per head provider at a small active player per week fee. Then you as the bookie get to keep 100% of the profits from all the wins and losses, which in the world of gambling could easily be hundreds and thousands of dollars a week per player that bets with you.
So if you are fortunate to be living in a place that it is legal to be a bookie, then the next step is finding players that want to bet with you and finding a pay-per-head service that can handle all the bookmaking aspects of your legal bookie business.