Why are betting shops called bookmakers. When did the first betting shop open.?

Question

Why are betting shops called bookmakers. When did the first betting shop open.?

Answer 1

They used to make books when the shop was quiet!

Answer 2

They used to write the bets down in a ledger book.

Answer 3

Legally, in UK, 1961, although I used to go in one before that time.  However you were always at risk of being raided by the police. They are called bookmakers because they "make a book", which is merely a list of bets taken on each horse or other possible outcome of an event.  The idea is to fix odds so that each possible outcome of an event will be attractive to some punters in sufficient proportion so as to eliminate the risk to the odds layer. Typically for every £105 to say £145 taken he would pay out £100 - in theory. On the 2008 Grand National the figure was £144. The same risk aversion strategy is practised by investors on stock markets.

Answer 4

I think Bookmakers kept the books of your bets/wiinings/debts and all was settled up after a given time, i.e a weekly basis or a monthly account. I've often wondered when the first Bookmaker opened! It must have been going on way back in ancient Greece and Rome! They liked their bloodsports and probably bet a few Gold coins on the outcome of the Gladiators for example. I'm sure they had professional Bookies back then!

Answer 5

The first betting shop actually started in a bar. You told the br tender how much money and who to bet it on, and they wrote it down in a book (hence, bookteller). Eventually, bars became overcrowded, and betting shops started opening, also called bookmakers.