Individuals interested in starting a bookie business must become familiar with popular betting sports and common betting practices and be able to collect money. They also need to have a shrewd business mind and a reliable information network about the most common betting sports. Living in one of the four states that has legal gambling and bookmaking also aids someone becoming a bookie.
Some of the most common betting sports including those that are traditionally associated with gambling, such as boxing, UFC fighting and horse racing. However, gambling also occurs around other professional and even collegiate sports.
For anyone interested in bookmaking, it is important to understand the difference between a gambler and a bookie. Gamblers put their money at risk for the possibility of a much greater return if they win the bet. Bookies, however, make money off of gamblers' losses. There must be two sides to every bet; therefore, no matter who wins or loses the bet, a bookie always makes money. This advantage seems attractive to many would-be bookies. The difficulties that appear include the illicit nature of the business and the difficulty of collecting dues from gamblers. Because bookmaking is illegal in every state except Nevada, Delaware, Oregon and Montana, bookies cannot turn to law enforcement to ensure collection of their monies. As an alternative, many people choose to undertake bookmaking only with friends or acquaintances.