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BOOKIE- Responsibilities of bookies. Is it legal?: Easy explanation. [Video]

BOOKIE- Responsibilities of bookies. Is it legal?: Easy explanation.

In the second video of the 2 part video series on bookies, you will learn about the responsibilities of bookies and whether they are legal or not.

Chapters:
00:00 – Introduction
00:24 – Responsibilities of a bookie
01:45 – Examples
02:18 – Are bookies illegal?

Responsibilities of a bookie
Bookies have to determine the events’ true odds and make sure that bettors get to see these odds.

Bookies must collect bet money, keep it safe until the match goes on, and settle the amount.

They also must constantly update the odds and ensure everything is working fine.

(Explained in detail in the video)

Finally, bookies must look out for any malpractices by bettors and keep underage gamblers away from their platform.

(Explained in detail in the video)

Examples
In the 2020 US Presidential elections, people were betting on who’d be the next US President.

Sportsbet, an Australian bookmaker, paid $16.5 million on 100,000 bets on Joe Biden winning the elections.
(Explained in detail in the video)

Are bookies illegal?
The legality of bookies depends on the jurisdiction of the country. If the country has laws that make bookmaking illegal, then bookies cannot operate in those countries.

But if bookmaking is not made illegal, then bookies need to have a license for bookmaking to operate.

(Explained in detail in the video)

This was all about bookies in this 2 part video series. Subscribe to the channel, so you don’t miss out on the content we regularly upload.

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