what is a bookie 
a bookie short or slang for bookmaker is someone who facilitates gambling most commonly on sporting events a bookie sets odds accepts and places bets and pays out winnings on behalf of other people understanding bookiesbookies do not usually make their money by placing bets themselves rather they charge a transaction fee on their customers bets known as the vigorish vig for short bookies may also lend money to bettors a bookie can be an individual or an organization although the term bookie has been associated with illegal activity with the expansion of sports betting being a bookmaker has become a legitimate occupation however bookmaking and placing bets through a bookmaker can still be illegal the legality of different types of gambling is largely determined by state governments 1in 2018 the supreme court gave states permission to legalize betting on sports if they wish to do so a landmark ruling that paved the way for bookies to make lots of money without running afoul of the law 2history of bookies and sports bettingthroughout most of the 20th and 21st centuries sports betting in the u s was only completely legal in nevada though it was legal in certain forms in delaware montana and oregon as a result a black market developed for the rest of the country whereby illegal operations of bookies provided opportunities for betting some bookies were involved in organized crime while others operated independently simply taking bets for a few friends family members or colleagues 3however in 2018 the u s supreme court struck down the professional and amateur sports protection act which was a federal law preventing states from deciding on their own whether to allow sports betting the ruling opened the door for its practice throughout the country if states decide in favor of it 2 previously nevada was the only state to offer comprehensive legal sports betting 4since that ruling many states have moved to legalize sports betting 5 this has prompted record gambling revenues throughout the country with combined revenue from traditional gambling sports betting and igaming amounting to 52 99 billion in 2021 the highest grossing year ever and an increase of more than 21 from the previous annual record in 2019 6 according to reporting by forbes in august 2021 sports betting companies have been announcing a flurry of acquisitions seeking to capitalize 7the amount the american gaming association estimated that americans illegally wagered on sports each year before the 2018 supreme court ruling 8bookies and setting the oddsone of the crucial ways bookies ensure their winnings is by calculating the odds that they will win an event sometimes by employing teams of statisticians and developing complex models the terms lines short for money lines and spreads as in point spreads are critical factors for bookies sometimes these calculations are based on those developed by casino actuaries or those who deal with risk calculations typically they underscore which sports team the bookies believe will win a game or match the lines and spreads can be adjusted in the time leading up to the event based on various bets made in their books and fluctuations in vegas casino bets other unexpected events might impact the odds such as poor weather player injuries and doping scandals the bookie s goal is to maintain balance in the books by adjusting the odds as much as possible so that there s an even amount of people betting on a win or loss if the book is balanced the bookie in effect earns just the vig however if there s a one sided bet on a particular team or outcome the bookie takes on an increased risk of losing money gambling always involves a negative expected return the house always has the advantage 