When bettors want to place stakes on sporting fixtures, they go to a bookmaker either online or in a brick-and-mortar establishment. A bookmaker or ‘bookie’ is an organisation that accepts and returns on bets decided by agreed-upon odds. With bookmakers being both physical and available online, it is almost impossible for bettors to miss them as they are advertised across plenty of different sports events and competitions! Here at OddsMonkey, we will go through all the details that bettors will need to know about bookmakers!
Sometimes known as a turf accountant or a sportsbook, bookmakers will allow bettors to place bets on a great range of different sports and even other events such as political elections! Traditionally, they were found on high streets and racecourses. However, most modern bookmakers can be found online. Some of the most well-known high-street bookmakers include:
- Ladbrokes – Established in 1902, Ladbrokes has one of the highest numbers of high street physical bookmakers.
- Coral – Established in 1926, Coral is one of the most popular bookmakers in the UK.
- William Hill – Known as one of the biggest and best bookmakers for horse racing, the company was established in 1934.
Whilst these are only some of the bookmakers, there are also others, such as Betfred and PaddyPower, which come with different offers and promotions. When looking at promotions, OddsMonkey has guides, such as our free bets guide, that can be incredibly helpful for those who want to make the most of the available promotions.
The History of Bookmakers
In the late 18th century, a man called Harry Ogden was the first person to make a profit as a bookmaker in the UK. Although gambling and betting were illegal at this point, he had set the foundation for many of the modern-day bookmakers throughout the market at the moment! The innovator would stand close enough to a racecourse to take bets from punters, yet would stay clear of sight from any officials and would distribute winnings to those who placed their bets correctly, not before he took his cut of profit first!
Over the next couple of years, more bookmakers were set up, and bookmakers began to create strategies to create odds for the horses, such as recent results and form!
In 1845, a law was passed to restrict all betting at a racecourse in hopes of tackling illegal betting operations, and it was seen as the first official regulation of gambling. With the punishment being two years in prison, illegal gambling was driven into the ground.
In 1960, the government decided to legalise and fully license the use of purpose-built betting shops. This allowed the previous bookmakers to operate under strict gambling regulations and also benefited the government massively, as they would receive funds from tax charges that were imposed on the industry to license and operate on their premises.
With many more gambling laws and regulations coming into the industry, the UK now has one of the most regulated betting industries in the world, which is completely different from the early days of bookmakers.
Bookmakers allow bettors to place stakes on a wide variety of different sports, and if bettors are looking for tips on different sports, then make sure to check out OddsMonkey’s football betting guide and horse racing betting guide.
Bookmakers Offers
As bookmakers began to develop, they created their own offers, which were used to try to generate loyal customers. From first-time offers and promotional clubs, bookmakers these days are usually filled with a huge range of bonuses that players can take advantage of. For example, some bookmakers have bonuses such as Bet X Get X offers, which will return the player with betting credits or funds if they place a certain stake in the bookmaker.
With bookmakers designed to make a profit, the offers are usually only available for a certain amount of time, during certain events or for first-time users. This means when using these different offers, players want to make sure they understand what they are betting on and how the offer works.
With these offers available, some savvy bettors are able to use them to create matched betting opportunities, which allows bettors to remove the risk of loss by placing a back bet at a bookmaker and a lay bet at a betting exchange! OddsMonkey is the place to be for anyone who wants to learn more and develop their matched betting knowledge as the site is full of guides, yet we also offer some fantastic calculators, such as the matched betting calculator, which can ensure users know exactly what each bet outcome will be!
