Bookie is the term, or short variant, for a bookmaker. The term seems to mean that a bookie is a single person or individual; however, it can represent one person, a group of people, or an entire organization that accepts places, and pay per head sportsbook for gamblers.
When bettors make wagers on sporting events such as horse races or football games, they do so through the assistance of a bookie. The bookie reports and places the bets wanted, and payment is obtained and given from defeated to victors after the end of the event.
There’s no flat-out response to “How much can you earn from a bookie?” It depends on 3 variables, which we’ll get onto. We’ve loosely discussed on this subject before, but the question deserves its own post.
The 3 variable which determines what you earn from a bookie are:
Anyone looking to take competition betting sincerely will want to know how much they can gain from it. Your total approximated PnL over any given period is determined from 3 variables:
- Edge (positive or negative %)
- Turnover (total number of bets)
- Stake size (average)
If you have a plus edge (plus EV) in your betting approach, then the more you risk, the more you’re supposed to receive. Therefore a minus edge (minus EV) means the more you risk, the more you’re supposed to fail.
Your entire stake makes up the turnover. The turnover is used to determine how much you’re supposed to win or lose over any period. You just need to multiply collectively the turnover and the edge. What this figure is the Expected Value (EV).
The average stake size determines how big the fluctuations in your results are likely to be for the period. How big the PnL differs from the mean (average), is known as the variance.
The term bookie brings a somewhat negative essence, specifically when linked to organized crime. However, people who enjoy betting see nothing wrong with their existence.
You can earn an amount equivalent to whatever you turn over, provided you have a plus EV betting tactics.So there you have it — skies the end.
Unfortunately, it’s easier said than achieved. If you’re using Bookmakers they’ll be sure to cap how much you can stake, and therefore gain. On the betting market(Betfair), the rates are very clear, so finding plus EV odds is hard.