Bookmaker termsGlossary
Bookmaker
Also known as: Bookie
A business that accepts bets at fixed odds and pays out winnings. Bookmakers profit from the overround built into their prices — the structural advantage that makes the average bet a long-run loser for the punter. In the UK, bookmakers are licensed by the UK Gambling Commission and must comply with advertising, KYC, AML, and responsible-gambling rules.