Bookie

AAA

DEFINITION of 'Bookie'

Someone who facilitates gambling, commonly on sporting events, by setting odds, accepting and placing bets, and paying out winnings on behalf of other people. "Bookie" is a slang term for "bookmaker." Bookies do not usually make their money by placing bets themselves, but by charging a transaction fee on their customers' bets known as a "vigorish," or "the vig." Bookies may also lend money to bettors.

INVESTOPEDIA EXPLAINS 'Bookie'

The types of gambling enabled by bookies are not always legal. Bookmaking and placing bets through a bookmaker can also be illegal. The legality of different types of gambling is determined by state governments. Some people have referred to their broker as their bookie due to large commissions and the broker's insistence on trading with regularity.

RELATED TERMS
  1. Gambling Income

    Any income that is the result of games of chance or wagers on ...
  2. Gambling Loss

    A loss resulting from games of chance or wagers on events with ...
  3. Gambler's Fallacy

    When an individual erroneously believes that the onset of a certain ...
  4. Jackpot

    The top prize in a game of chance. Jackpot prizes can be anything ...
  5. Risk Of Ruin

    The probability of an individual losing sufficient trading or ...
  6. Hot Hand

    The notion that because one has had a string of successes, he ...
Related Articles
  1. Are You Investing Or Gambling?
    Investing Basics

    Are You Investing Or Gambling?

  2. Winning The Jackpot: Dream Or Financial ...
    Taxes

    Winning The Jackpot: Dream Or Financial ...

  3. Going All-In: Comparing Investing And ...
    Options & Futures

    Going All-In: Comparing Investing And ...

  4. Learn How To Invest Defensively From ...
    Investing News

    Learn How To Invest Defensively From ...

comments powered by Disqus
Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  3. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The ...
  4. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer ...
  5. Floating Exchange Rate

    A country's exchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that ...
  6. Underwriting

    1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments ...
Trading Center