A process of placing money on the outcome of an event is called as betting. Betting is the method of earning money without work and also harmful. Betting is the method of selecting an event which occurs at first place. A bookmaker is the person organized the event where betting take place. A bookmaker is also called as bookie or turf accountant who regulates and controls the gamblers. A bookmaker is an organization responsible for sports betting, horse racing, football match, award ceremony and election voting. In some countries bookmaker are legally permitted by government and are called as legal act. Singapore, Sweden, Canada and Japan are the countries which allow betting to occur legally with the knowledge of government. In some countries the government is not permitted to run betting by bookmaker but without government knowledge if they organize to run then it is called as illegal act. The United States does not permit bookmakers to organize betting. There are many strategies and practice followed in betting and is controlled by bookmaker.
The types of betting are fixed odd betting, pari-mutuel betting, sports betting and arbitrage betting. Odds are the pair of numbers used in gambling which is the important term while playing gambling. There are different type of odds they are fractional odds, decimal odds and money line odds. Fixed odd betting is the type betting which form of gambling which is also called as SP betting. Fixed odd betting is the process of betting on the television channels like reality and also election voting. In fixed odd betting the bookmakers offers odds to the gamblers. Pari-mutuel betting is the process of betting on sports like horse racing. Horse race betting had become popular among the gamblers since they gain more money and are addictive. Sports betting are the process of betting on sports industry such as football, basketball, cricket, etc. Many people in United Kingdom weekly bet on football which is popular among the gamblers. There is both legal and illegal activity followed by sports betting which may be permitted by government or may not be permitted. Arbitrage betting is an ancient art of betting on the event of trading. It is the combination of betting on event trading and gambling. Hence the bookmakers created a large organization in the market for arbitrage betting.
Other type of betting is statement betting. Statement betting is held between two people who are held outside the casino. The statement betting is the event depends on true or false. The common betting strategy includes card game, sports, roulette, martingale, split martingale, anti martingale and Kelly criterion. There are different type of bet they are single bet, multiple bet and full cover bet. Betting should be played legally and with self control and not to be addictive since it may lead to loss of wealth and sick. The people who lost the game will lose their valuable wealth and the winning is depending on the luck. Generally betting is described as the gambling activities. The strategies of betting are mainly aimed to maximize the profit of the game. Hence betting should be played legally and to have self control while playing.