A cricket bookie is a slang term short for ‘bookmaker'. A person or an organization that accepts cricket bets is called as a cricket bookie. In India, the bulk of the betting takes place offline and so cricket bookies can actually some pretty shady elements of society. Now, however, as the advent of online betting grows, the terms cricket bookie is being used to talk about sites like Betwinner, 22Bet, and 1xbet. How do cricket bookies make money? Let us explain how.
How do cricket bookies make money?
Cricket bookies accept bets and offer odds. They obviously make money when you lose a bet since they do not have to pay you back. This used to be a hit or miss kind of thing when things were done offline but nowadays, cricket bookies offer bets using a complicated system of statistics.
The odds for the matches are calculated using mathematical models that take into account a variety of factors. once those odds have been calculated, the bookies add in a margin of about 10-20% each way so that they are covered. Then as the bets start coming in, the odds keep getting dynamically adjusted so that the cricket bookie always ends up on the winning side.
The idea for a cricket bookie is to end up with around 20% profit for each betting market that it offers. That may not always work out that way for each bet but the law of averages tends up to equalize things over time.
The term cricket bookie has become a disparaging one in India because of all the unlawful activities committed by such people in the past. Thankfully, now a person looking to place a simple cricket bet to enjoy his or her favorite sport can just do so online in a safe and fair environment.