i know this might seem dumb, but ive read so many articles about bookmakers or “bookies” (handling bets for horse races and stuff like that) who get arrested for what they’re doing. Are the bookies stealing money? Or are they not placing the bets? I have no idea how this works and have always wanted to know how they steal money or what exactly it is that theyre doing thats illegal?
In: Economics
In the United States, gambling is heavily regulated. Meaning that people who are allowed to take bets must obtain official government permission and then follow a number of rules (regarding their location, and what bets they are allowed to make).
Bookies are the slang term for people who will take bats without getting the official government permission. That’s a crime, and they can be arrested for “bookmaking” without permission, even if they are operating in an otherwise legitimate fashion with regard to their clients.
Because they’re operating without government permission, they can’t use the legal system to settle disputes, so they usually turn to organized crime to settle their disputes, which often involves them in other activities that are profitable for organized crime, like point shaving, but that’s more of a different topic.
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