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In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The phrase originates from the practice of recording such wagers in a hard-bound ledger (the 'book') and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'.
By "adjusting the odds" in their favour (paying out amounts using odds that are less than what they determined to be the true odds) or by having a point spread, bookmakers aim to guarantee a profit by achieving a 'balanced book', either by getting an equal number of bets for each possible outcome or (when they are offering odds) by getting the amounts wagered on each outcome to reflect the ...
For the place part of the bet to give a return, the selection must either win or finish in one of the predetermined places for the event, such as first place or second place. The odds paid on the place part of the bet are usually a fraction (commonly 1 ⁄ 2, 1 ⁄ 3, 1 ⁄ 4 or 1 ⁄ 5) of the win odds. The trade-off being that one has a ...
The extra $10 per person is, in effect, a bookmaker's commission for taking the action. This $10 is not in play and cannot be doubled by the winning bettor; it can only be lost. A losing bettor simply loses his $110. A winning bettor wins back his original $110, plus his $100 winnings, for a total of $210.
The use of odds in gambling facilitates betting on events where the probabilities of different outcomes vary. In the modern era, most fixed-odd betting takes place between a betting organisation, such as a bookmaker, and an individual, rather than between individuals. Different traditions have grown up in how to express odds to customers.
Any 12-year-old school pupil knows that a percentage may be REPRESENTED by a decimal, and vice-versa. Thus, odds of 2.3611-1 are shown as a percentage by calculating 1/(1 + 2.3611) to give a decimal answer of 0.29752. But as these 12-year-olds know, to change a decimal to a percentage one needs to multiply by 100.
Her expertise has been featured in NerdWallet, Forbes Advisor, MarketWatch, CNN Underscored, USA Today, Money, The Balance and Consumer Affairs, among other top financial publications.
In 2011, William Hill sold its remaining betting shops in Ireland to BoyleSports because of what a William Hill employee described as "the restrictive nature" of the laws governing retail betting in Ireland. [55] William Hill had pulled out of Italy in 2008 after just two years, a failure which cost the company £1m in wasted investment. [56]