The bookmaking industry has undergone drastic changes over the years due to the advent of the internet. While traditional underground bookmaking operations still exist, they have been supplemented by more modern forms of bookmaking such as offshore sportsbooks and regulated sportsbooks.
This article examines the industry structure, advantages and disadvantages of underground bookmaking, and its future outlook. It explores how underground bookmaking operations have adapted to the changing landscape and how they may continue to exist in the future.
It also discusses the implications of underground bookmaking for the industry as a whole.
Industry Structure
The industry structure of underground bookmakers involves an oddsmaker setting the odds. A manager oversees the bookmaking action, while bookies deal directly with the gamblers. The oddsmaker remains separate from the bookies.
Individuals can also operate underground betting operations. However, they must possess clients, capital, and the ability to collect money.
Pay-per-head operations enable bookies to run online operations. They send customers to a betting site and collect losses in person.
Offshore sportsbooks in countries like Antigua, Belize, and Costa Rica provide services to the US and other countries.
Regulated sportsbooks offer safety and are run by local gaming governing bodies.
Underground bookies offer credit and develop relationships with customers. On the other hand, offshore and regulated sportsbooks offer advantages like lower vig and more promotions.
The internet has altered the bookmaking industry. The convenience of online betting has diminished the underground bookmaking industry. However, illegal bookies still exist.
Advantages and Disadvantages
Advantages and disadvantages of underground bookmaking operations remain a key factor in the continued existence of this industry.
Illegal bookmakers offer credit to average bettors, as opposed to legal betting sites, making them attractive to some.
Similarly, underground bookies may take lower vig on bets, and can develop personal relationships with customers that regulated sites cannot.
However, the convenience of online betting and smartphone apps diminishes the underground bookmaking industry, and some operations have set up websites, but lack mainstream attention.
Offshore sportsbooks offer certain advantages like lower vig and more promotions, and have good reputations.
Ultimately, underground bookies should continue to exist into the foreseeable future, as long as they are able to offer credit and maintain personal relationships.
Future Outlook
It is likely that underground bookmaking operations will continue to exist into the foreseeable future, given their ability to offer credit and maintain personal relationships with customers.
While online betting services offer convenience and lower vig, illegal bookmakers stand out by providing credit and developing personal relationships with customers. This makes them a viable option for bettors in unregulated markets, despite the risks associated with dealing with underground bookies.
In addition, many online bookies are not licensed or regulated, and may not offer the same level of security as regulated sportsbooks. This provides an incentive for bettors to continue to use the services of illegal bookmakers.
Furthermore, the internet has changed the way bookmaking operates, and the convenience of smartphone apps has diminished the underground bookmaking industry.
Nevertheless, it seems likely that underground bookies will remain a part of the sports betting industry for the foreseeable future.
