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What is a Bookmaker?
A bookmaker (often called a bookie) is a person or business that offers fixed-odds betting on horse races and other sporting events. Unlike the totalisator (tote) system — where odds are determined by the betting pool — a bookmaker sets their own odds, accepts bets from punters, and pays out winnings directly from their own funds.
Some of the key responsibilities of a Tote Operator include:
- Set Odds
- Accept Bets
- Manage Risk
- Pay Out Winnings
A bookmaker is a betting provider who sets fixed odds, takes bets, manages risk, and pays out winnings from their own or companies balance. Bookmakers operate independently of the tote and are central to fixed-odds betting markets in Thoroughbred racing and beyond.
Steps to becoming a Bookmaker
- Skilled in mathematics
- Good communication skills to handle customer complaints and queries
- Familiar with gambling regulations
- Good record keeping
- Follow ethical code of conduct in gambling
- Assist and maintain excellent customer service
- Maximise sales revenues
- Adapt to digital tools
- Good analytical skills