People began to bet very long time ago. Over time, the intermediaries who wished to make profit by it had appeared. They represent totalizator and bookmaker office. What are the main differences between it?
Very often, two or more people bet for money in real life. It is a totalizator itself. Thus, totalizator is the judge and the guarantor of the payments at the same time. So, the main function of totalizator is to collect the money (player’s bets) and to distribute the winning money. Some percent from this amount charges to the organizer of the totalizator as a commission rate.
It is necessary to say that totalizator was found in England in the same time of the horse racing betting. Modern totalizator is everywhere today: in all kinds of sport, political struggle, Eurovision contest, beauty contest and lots of others social and cultural events and TV shows.
The main difference of totalizator in compare with bookmaker office is the clients bet with each other but not with a bookmaker. So, the bookmaker office has bigger risk than totalizator when it accepts the bets from the players.
One more function of bookmaker office: it determines coefficients for the bets on sport. The interest of coefficients is made by bookmaker according to the probability of certain result of the sport event and ratio of the bets to this event. More clear result of the event, the little winning prize. By the way, if the honest bookmaker will make a mistake when he counts the probability he can lose not only his percent but also the part of his assets.
But, bookmakers as other people don’t want to lose by showing their coefficients in advance. That’s why they have to limit the maximal payments of the bets. High professional bookmakers risk when they take bets for sport and announce their coefficients. They change it permanently before the beginning of event according to the demand. If bookmaker will manage this task he’ll get a good profit. However, the players who have made right bet, also can get a huge prize.