Business & Money • Gambling

Bookmaker (gambling)

A bookmaker is a person or organisation that accepts bets on events, sets odds, and pays out winnings on winning wagers.

By Ethan Anderson| Reviewed by Olivia Bennett, Standards & Fact-Checking Lead| Updated July 26, 2026|2 min read| Fact-checked

A bookmaker is a person or organisation that accepts bets on events, sets odds, and pays out winnings on winning wagers. The term is most commonly used for sports betting, especially horse racing, and the informal term *bookie* is widely used for a person who does this.

Definition

A bookmaker is a gambling operator that determines odds for events and takes bets from the public. If the bet wins, the bookmaker pays out according to those odds.

How bookmakers make money

Bookmakers aim to set odds so that the implied probabilities include a built-in margin. That margin, often called the overround or vig, helps the bookmaker remain profitable over time.

*Bookie* is the common informal term for a person bookmaker, while *turf accountant* is a more traditional term, especially in the United Kingdom and Ireland. *Sportsbook* can refer to the company or platform operating the betting market.

Use in gambling markets

Bookmakers are central to sports betting markets and may handle wagers on horse racing, football, rugby, political contests, and other events. Their role is to set prices and manage risk across outcomes.

Key facts

A bookmaker accepts bets and pays out winnings based on agreed odds.
Bookmaking commonly involves sporting events, especially horse racing.
The informal term *bookie* is a common synonym for a person bookmaker.
Bookmakers profit by building a margin into their odds, often called the overround or vig.
In some contexts, the term can also mean someone who makes or binds books, but the gambling meaning is the relevant one here.

🍁

Canadian context

Bookmakers are relevant to Canadian readers through legal sports betting, horse-racing wagering, and online sportsbooks operating under Canadian gambling laws and provincial regulation.

Frequently asked questions

What is a bookmaker?

A bookmaker is a person or organisation that accepts bets, sets odds, and pays out winnings on events such as sports contests.

What is another name for a bookmaker?

A common informal term is *bookie*; *turf accountant* is also used, especially in the UK and Ireland.

How do bookmakers make money?

They build a margin into their odds, so the total pricing of bets slightly favours the bookmaker over time.

What kinds of events do bookmakers cover?

They commonly cover sports, especially horse racing, but may also take bets on political contests and other competitions.

Is a bookmaker a person or a company?

It can be either. The term applies to an individual or an organisation that accepts bets.

Does bookmaker have another meaning?

Yes. In another context, it can refer to a person who makes, prints, binds, or publishes books, but that is a separate meaning.

References

Wikipedia — https://en.wikipedia.org/wiki/Bookmaker
Supports: Basic gambling definition; synonyms such as bookie or turf accountant.
Encyclopaedia Britannica — https://www.britannica.com/topic/bookmaking-gambling
Supports: Definition of bookmaking and common event types, including sports and political contests.
Dictionary.com — https://www.dictionary.com/browse/bookmaker
Supports: Definition as a person or institution accepting bets; etymology of 'book'.
Longman Dictionary of Contemporary English — https://www.ldoceonline.com/Gambling-topic/bookmaker
Supports: Definition of bookmaker/bookie as someone who collects bets and pays winners.
Britannica Dictionary — https://www.britannica.com/dictionary/bookmaker
Supports: Definition of bookmaker as a person who accepts and pays out bets.
BettingTracker — https://www.bettingtracker.net/en/glossary/bookmaker
Supports: Licensed company definition; margin/vig explanation.
bettingexpert — https://www.bettingexpert.com/academy/glossary/bookmaker
Supports: Odds-setting role and overround explanation.
Dictionary.com — https://www.dictionary.com/browse/bookmaker
Supports: Bookie as informal synonym and 'book' etymology.