A bookmaker is someone who establishes the odds primarily on sporting events but they also could include odds on other events of interest to the public such as elections for example. The bookmaker, or “bookie” as they are commonly called, publishes these odds on a website with online bookmaking software that enables their clients or “players” to place wagers.
The bookie provides each of their “players” with a dedicated username and password which is specific to that individual player. This username and password allow the player access to the odds on current and future events 24 hours a day 7 days a week. They can place wagers as they so desire within the pre-established limitations of their personal account. The software then tracks and automatically logs the wagers into their individual account.
Prior to the emergence of the internet and sportsbook software a bookie had to be available to take the phone calls from their players wanting to place bets and then manually keep a written record of the bets placed by each player.
Now, with the advancement of technology and the internet, at any time a player can log in to their account using their laptop, tablet, smart phone or any device that can access the internet. They can then make bets and view their current and future wagers which are called “open bets” and the results of their previous wagers on events that have been completed or what is called “graded bets”. Generally, they can view the current week and at a minimum the two previous weeks in the history section of their account. Then player and the bookie, as a rule, meet on a weekly basis the first part of the following week. At this time, they settle the account by paying or collecting the balance due of the balance payable from the previous week.
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