$/€ Betting Shop: What Is It & How Does It Work
Lina Almans
24 May 2023
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In the Picture: The Betting shop at Westgate (Las Vegas) is a 30,000 square foot monstrosity, complete with a massive 220-foot-long by 18-foot-tall 4K video board.
Are you curious about betting shops? Maybe you’ve seen one tucked away on a quiet street corner, or heard stories from a friend. While they’re not as common as they used to be, betting shops still offer a unique experience.
What is a Betting Shop?
A betting shop, also known as a sportsbook, is a physical location where you can place a wager on various sports events.
| Advantages | Disadvantages |
| Get real money in hand | Not as accessible as online betting |
| Interact with other players | Slower than online betting |
| Can ask staff for assistance | Minimum bets can be higher than online |
| Access to exclusive broadcasts | No registration bonuses or free bets |
| Physical location available | Cannot compare odds between different bookies |
| Participation in exclusive promotions | Security risks with large winnings |
| No bonuses for new players or free bets |
Nowadays, bookies position their betting shops as an entertaining and multifunctional environment.
Betting Shop Basics
In a betting shop, you can pay in cash and make a wager in two ways:
- with a cashier;
- using betting terminals.
Betting shops accept bets before and during events in real-time. Besides wagering, you can also register with the bookie, verify your account, and watch live sports events.
And yet, despite the comfort the bookies strive to provide, the popularity of online bookies – those that accept wagers via the Internet – continues to grow year after year.
How Betting Shops Make Money
Betting shops make money by taking bets on various events and ensuring that they always profit, regardless of the outcome. They do this by setting odds that are slightly in their favor, known as the bookie’s margin.
To calculate the margin, use the following formula:
(1 / O1 + 1 / O2 + … + 1 / On — 1) x 100
Where O1, O2, On are the odds on an event, and n is the number of outcomes on this event.
For example, in a basketball game between the Los Angeles Lakers and the Golden State Warriors, the bookie’s analysts gave 40% chance of winning to the Warriors and 60% to the Lakers. Let’s say the bookie sets the margin at 5%. They’ll add 5% proportionally to the probabilities of both teams.
| Teams | Probability | Odds without Margin | Margin (5%) | Adjusted Probability | Adjusted Odds |
| Lakers | 40% | 2.50 | 2% | 42% | 2.38 |
| Warriors | 60% | 1.67 | 3% | 63% | 1.59 |
Without the margin, the odds would be 2.50 for the Warriors to win and 1.67 for the Lakers to win. After adding the margin, the odds change to 2.38 for the Lakers to win and 1.59 for the Warriors to win.
What is a betting shop?
A betting shop is a place where you can legally wager on various sports, races, and events. These shops offer a range of services, such as accepting wagers, providing odds, and paying out winnings.
What Kind of Bets Can I Place at a Betting Shop?
Betting shops offer a wide range of bets, including straight bets, parlays, teasers, and more. You can bet on sports like football, basketball, baseball, and hockey, as well as events like horse racing and boxing.
How Do I Claim my Winnings From a Betting Shop?
If your bet is successful, you can claim your winnings by presenting the receipt given to you by the cashier at the time of your bet. The shop will verify the winning bet and pay out your winnings in cash.
