Online entertainment is no longer unfamiliar to anyone, and bookmakers have been established to meet the entertainment needs of many people. However, many people still wonder: What is a bookmaker? What is the meaning of a bookmaker, and how do these bookmakers make money? To get the most comprehensive answer, let's join Win Tips expert to find out in the following article.
What is a bookmaker?
A bookmaker is simply an organization, business, or even an individual specializing in betting, especially in sports. In addition, there are also bookmakers for lottery, online casinos, and other games.
In betting games, many people often mistakenly think that bookmakers are the entities that calculate the odds of the bet. However, in reality, they are only intermediaries that integrate the online betting tips products of game providers on their website platforms.
This means that the odds of the game will be calculated by the providers of that game and continuously updated on the betting boards of bookmakers. As for sports bookmakers, such as those in football, bookmakers set the odds for all bets, collect money for placed bets, and pay winnings to players.
Bookmaker classification
Currently, there are two types of bookmakers in the market: legal and illegal bookmakers.
- Legal bookmakers are those that are government-backed, with a certificate of establishment and permission from international betting organizations to operate. They must always disclose a clear address and ensure safety, credibility, and transparency in all transactions. Additionally, all odds offered by legal bookmakers must be regulated.
Some popular legal bookmakers today include Fun88 (based in the Philippines), BK8 (based in Curacao), VN88 (based in the Philippines)...
- On the other hand, illegal bookmakers, also known as black market bookmakers, are not recognized or licensed to operate. These bookmakers may have low transparency in their operations, which could lead to players losing money or being scammed. All odds offered by bookmakers are sourced from reputable legal bookmakers.
The meaning of online bookmakers
Perhaps many of us think that bookmakers are just intermediaries in the betting process. However, their real significance is much more than that. Nowadays, leading bookmakers, in particular, have a significant influence on the global betting industry.
- Creating a playground and a bridge:
If betting is a football match, bookmakers are the organizers. They create a common ground for all participants regardless of gender or background. As long as participants meet age and identity requirements and have a desire to try their luck, they can register to play.
From another perspective, bookmakers allow you to "borrow money" if your betting budget is not enough, with corresponding interest rates.
- Role of an important referee:
Bookmakers are not only the organizers but also very special "referees". They provide odds based on factors such as weather, player fitness, substitutions, and complex calculations that not everyone can understand. Nevertheless, as long as you accept those odds, the whistle will blow.
- Investment and Accumulation role:
Bookmakers are truly economic giants. In addition to running betting businesses, they also invest in many projects, construction works, and especially many big football clubs. Behind clubs like Man City and Liverpool, we still see the support of bookmakers like W88 and FB88.com,...
What does a bookmaker do and how does it work?
The operating model of the bookmaker
A bookmaker operates similarly to a company with the following departments:
- Finance department: responsible for receiving and paying money to players.
- Marketing department: responsible for promoting the bookmaker to the community and building brand awareness.
- Customer service department: often referred to as CS (Customer Service), responsible for resolving customer betting issues.
In addition, larger bookmakers will have more specialized departments, such as:
- Telesales department: specializes in calling customers directly and introducing products.
- Technical department: responsible for checking customer data, equipment, and IP addresses.
How the bookmaker works
Sportsbooks usually offer betting odds and then collect bets from players. After that, winning bets will be paid to the players. And players with losing bets will lose their initial stake.
In addition, sportsbooks profit not only by collecting bets from customers but also by offering loans to players who have run out of money to bet. This not only allows the sportsbook to earn interest on the debt but also to generate additional profits from transaction fees on subsequent bets.
Strategies to attract players?
Strategies to attract bettors depend on many factors that influence the outcome of the match. For example, factors such as player injuries and weather conditions. Football bookmakers usually rely on this information to offer attractive odds.
When this happens, they will continuously offer odds on many different matches. This helps maintain a fixed volume of bets and ensures profitability. If the bookmaker offers only one betting level for a particular match or team, they risk losing money.
Bookmaker's legitimacy
- Legal and reputable bookmakers:
Legal bookmakers have clear headquarters in countries such as Cambodia or the Philippines and are licensed to operate in these countries. Therefore, they are reputable bookmakers and operate by international betting laws. These bookmakers operate without a license and often hide under an unrelated industry to betting.
- Illegal and unreliable bookmakers:
These bookmakers operate without a license and often hide under an unrelated industry to betting. The betting odds of these bookmakers are relatively higher than legal ones.
However, whether they pay you when you win a bet is another matter. These bookmakers often operate for a short period and then disappear, taking with them a large amount of members' betting money. Of course, you will lose your money because there is nothing you can do since you have put your trust in the wrong place.
Profits earned back
On betting websites, signing up as a member is completely free of charge. On the contrary, many bookmakers offer bonuses to new players who try placing bets. If you win with this bonus amount, your winnings will still be counted as normal.
However, this amount is usually not much. On the other hand, for inexperienced new players, winning a bet while playing is extremely difficult. Therefore, you will quickly spend this amount.
No one creates an account just to play with the initial bonus. Therefore, bookmakers have established their currency system for each website, where players can deposit real money to exchange for accumulated points and start playing. The act of depositing money by these players is a significant win for bookmakers.
In addition to how much money members deposit, how they use that money also greatly affects the bookmaker's income. Ignoring the ability to control the match results, bookmakers can win bets from members in the following ways:
- Odds: The more members place bets, the more bookmakers can adjust the odds, increasing the chance of losing. Bookmakers directly benefit from this.
- Bet amount: For many inexperienced new players, their losses often become the bookmaker’s profit. Experienced players typically win less often or lose more due to the odds.
- Changing odds: During a match, you will see your chances of winning change. At the same time, the probabilities are adjusted accordingly. This is another important source of income for the bookmaker.
The most reputable bookmaker today - Top 5 picks
The Bookmaker W88
W88 is a well-known name among bettors and is ranked among the most reputable bookmakers in the world. Even those who don't gamble are familiar with the brand. W88 is an online casino with decades of experience in the industry. The company is licensed by the reputable First Cagayan Leisure & Resort Corporation (CEZA) and operates its main headquarters in the Philippines.
Since its establishment, W88's goal has been to become the most trusted bookmaker in the industry and maintain its position for many years. To achieve this goal, W88 has continuously improved the quality of its services, providing attractive and easy-to-play betting games that offer customers the most enjoyable entertainment experiences.
Bookmaker BK8
BK8 was established in Curacao and is licensed by the Gaming Curacao Association. The company entered the betting market in 2015 and quickly established its reputation by providing reliable and high-quality services. BK8 has successfully gained a foothold in major countries such as China, Thailand, and Cambodia.
Bookmaker FB88
FB88 is one of the most trusted bookmakers in the betting community, operated by YRB Corporation. As of now, FB88 has more than 10 years of experience in the betting industry. Launched in 2011, FB88 has been continuously striving to become a famous bookmaker worldwide.
According to the official information provided by the company, FB88 has a wide range of operations and is recognized by many gambling organizations, such as PAGCOR (Philippines), GamCare (UK), and the Isle of Man Gambling Supervision Commission.
Bookmaker M88
Next up, the M88 bookmaker is also considered one of the hot names, attracting many bettors. Established in 2004 and having gained its reputation many years ago, M88 is one of the leading reputable bookmakers in Asia, licensed by the Economic Zone Authority.
M88 has its headquarters in the Philippines with a large staff across countries all over the world. It can be said that M88 is a pioneering bookmaker in the field of online betting. Operating in Vietnam for more than 10 years, M88 has earned much praise and trust from the betting community. Up until now, M88 has remained a beloved and preferred name for many players.
Bookmaker FUN88
Dubbed the 'Paradise' of betting, Fun88's achievement of such recognition is the result of ongoing efforts. Despite numerous rumors of Fun88 being a scam, the truth of the matter stems from rival bookmakers who are envious and resentful of Fun88's development.
Fun88 has been granted certification to ensure compliance with the standards set by the online gaming management agency and has been recognized as a safe and stable platform for bettors. Therefore, you can trust and choose Fun88 as a place to satisfy your betting needs and earn money through online gambling.
Conclusion
We hope that through our article, you now understand what bookmakers are. In summary, whether a bookmaker is good or bad, legitimate or fraudulent, depends on the perception of the players. Major bookmakers are licensed and regulated by reputable inspection organizations, which greatly reduces the likelihood of fraud. The main issue is that players may not fully understand their rights with football bookmakers, and each person may have their own perceptions. We wish you a fun and lucky experience while participating in betting!
See more: Top 5 Best Betting Apps on Mobile Phones
