How do Bookies Make Money on Horses?
Bookies make their money by taking wagers on sports. Then, if the player picks a team that loses, the bookie will collect the loss amount. This is his profit. Bookies have many other betting options available to their customers in addition to traditional sports bets, like virtual casinos and horse racing.
The best way to offer online casino and horse racing is through a pay-per-head website that offers these betting options. A PPH website like Pelican PPH offers bookies a PPH Sportsbook platform and website that allows them to offer betting options for a variety of sporting events.
Pelican lets you offer more than 80 tracks around the globe if you’re interested in making money with horses. Horse bettors can log in to their account to choose any race or track they wish to wager on without actually having to travel to each track. This is an excellent feature for horse bettors.
Horses and Odds
A bookie who takes part in horse racing betting will have his odds capped. The payout will also be capped to ensure that he is not able to win on exotic horse wagers such as pick 3, trifecta, or superfecta, which could potentially pay out thousands of dollars. These default limits are in place to reduce the risk for agents, but also because the bookie does not control the racetrack. The payouts for each race are determined by the amount of betting received. A racetrack is obviously larger than a local betting house, so the racetrack determines the payouts based upon the total money received for each race. This can be highly variable, resulting in long odds in exotic wagers that pay out large sums of money. Because they don’t have the same pool as the racetrack, it is common for bookies to offer capped payouts when accepting bets on horses.
The capped payouts reduce the bookie’s exposure and allow him to make more horse racing bets. The more horse-betting players there are, the more money you’ll make. Horse racing bettors have a lower win rate than those who bet on sports. This is due to the fact that it is not one horse versus another, but rather a team of 5–15 horses. Because it’s harder to win, it’s more profitable to have horse-racing players than those who bet on sports.
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