Is the idea of becoming a bookie piquing your interest? A bookie or turf accountant is someone who accepts bets on a sporting event. They are also the one who pays off the winners depending on the odds the bettors agreed upon.
However, there is one big myth that often revolves around bookies. Is being a bookie illegal or not?
Interestingly, half of Americans live in states where sports gambling is or is soon to be legal. Thus, the potential to enter the industry as a bookie seems promising. Still, certain myths may cast doubts in your mind.
Continue reading below for six common myths about being a bookie that you should stop believing right now.
Is Being a Bookie Illegal? The Straight Answer
Dispelling some of the most common myths about bookies begins with answering the main conundrum: is being a bookie illegal? The simple answer is: no.
This is because certain states already offer legalized gambling. Thus, a person or an organization can file a license to become a legal and regulated betting entity or venue. This is true for states like Delaware and New Jersey.
However, not all bookies are legal. Bookies become illegal if they start to operate in states that still consider sports betting illegal.
Furthermore, sports betting in the United States is continuously evolving. More people are spending on legal online and mobile betting. Moreover, 25% fewer Americans paid for illegal bookies in 2019 than in previous years.
So, is it legal to be a bookie? Yes! Now, we can proceed in debunking six popular bookie myths.
Sports Bookies Shoot for 50/50 Action
A common notion about bookies is that they try to strike a 50/50 balance between sides and totals. This means they don’t aim for 50/50 to earn their 10% earnings in the end.
This myth stems from the idea that bookies do not want to overexpose themselves. Overexposure means having excessive amounts of bets on one side that may lead to a massive loss that will put the bookie in a financially compromising situation.
These people who bet massive amounts are what the industry calls sharp bettors. Incidentally, sportsbook managers either reduce the size limit of the sharp bettors’ bets or ban them from wagering once they reached a certain amount of winnings.
The Bookie Will Hurt You if You Don’t Pay Up
This is one of the funniest bookie myths out there. A bookie will hurt you with a baseball bat or with the help of some mafia goons if you can’t pay on time.
This myth is prevalent, especially in states that don’t have licensed sportsbooks. This is one of the most common misconceptions, particularly regarding local bookies.
However, the reality is different than the myth. If you can’t pay the local bookie on time, the worst thing that may happen to you is the bookie will give you an earful over the phone. Of course, the bookie will calm down once you set up and agree on a payment plan.
Inflicting physical harm on bettors will not bode well for any sports-booking business. On the side of the bettors, there are online betting options like pay per head services as alternatives. Refer to this web page for more info on pay per head software and its benefits.
Bookies Have Insider Information
Another common misconception that needs demystification is that bookies have insider information. This means bookies have information about the winning odds.
In truth, bookies don’t have any insider information. If ever they did, they would certainly not share it with any of the bettors.
However, bookies can get information faster than bettors. This is because it is part of their job to always be aware of what’s happening in the sport. Nevertheless, whatever information they collect will likely be the same information you get, should you decide to do the research.
Bookies Hate Underdogs
If you think bookies hate it when underdogs win, then you better rethink that notion.
For starters, every time an underdog wins, the bookie gets free publicity. This is because a winning underdog means a bettor winning big. As long as the bookie does their job well, they shouldn’t have any reason to hate on the underdog.
Virtual Bookies Will Suspend You if You Always Win
People who are looking to try online bookies hesitate because of this myth. They think that the bookies will suspend their accounts if they win too often. However, the truth of the matter is they will not suspend you for being lucky.
This applies, of course, if you’re dealing with a decent online bookie. Yes, bookies hate losing money. If they could have the tide go their way all the time, they would.
However, they will never ban or limit you if you win. They will only do so if you cheat. If a bookie catches you cheating, you may face a permanent suspension of your account.
It’s a You vs Bookie Thing
Last but not least is the “you vs the bookie” myth. The fact is, the bookie is not your enemy. Instead, they serve as the middle person. Their function is to collect bets from opposite sides and make sure the bets are even.
If they fail to get an even amount of bets, they need to adjust the line. Hence, betters need to bet 110 to win 100. On the other hand, the losers lose 100 while the house gets the extra 10 on the losses.
Learn More About Online Betting
Now that you know the answer to the question “is being a bookie illegal,” you can now explore further the idea of becoming one. By debunking all these myths, you will have a better appreciation of the dynamics of becoming a bookie.
However, there are many other things to learn about online sports betting.
Check out our other articles and expand your knowledge on online betting before you go.