Bookmaking

Bookmaking is a term with at least two distinct meanings. In publishing and printing, it denotes the process of creating a book from manuscript to finished product, including editing, design, typesetting, printing, binding, and distribution. In betting markets, a bookmaker or bookie is an individual or firm that accepts and calculates bets on outcomes, then pays winnings according to stated odds.

In traditional publishing, bookmaking involves stages of editorial refinement, layout, typography, cover design, and proofing, followed by printing and binding. The physical assembly of a book has evolved with digital typesetting, print-on-demand, and electronic formats, enabling smaller print runs and broader distribution. Production decisions affect print quality, editioning, and inventory management, while distribution channels include bookstores, libraries, and online retailers. Roles include authors, editors, designers, printers, and distributors.

In gambling, bookmakers risk financial exposure by offering odds on events such as sports competitions, elections, and entertainment outcomes. They set odds to attract bets on all sides and aim to balance the betting book so that winnings and liabilities are covered regardless of the event result. The bookmaker earns a margin, often called the overround or vigorish, embedded in the odds. Bets can be placed on a fixed-odds basis or via more complex markets, and many bookmakers operate online or through traditional betting shops. Regulation varies by jurisdiction and commonly includes licensing, consumer protection, anti-money-laundering, and responsible gambling measures.

Historically, bookmaking in the gambling sense arose in eighteenth-century Britain and later expanded with racing, football, and other sports as regulated industries. Publishing bookmaking has older roots in manuscript culture and evolved alongside printing technology, though the term is less commonly used in everyday modern publishing, where 'publishing' or 'production' is preferred.