A bookmaker is a person or an entity that takes bets on sporting events and settles them with the winning ticket. The bookmakers are regulated by the government. In United Kingdom, there are around a hundred of such bookmakers, who are generally registered with the government or the Gambling Commission. There are many other bookmakers in the world, who take bets on events in different countries or continents.
Every bookmaker processes the bet for the customers through a computer system. The details which have to be provided by the customer during registration form are called as the entries in the pool, which are executed by the bookmaker once the form has been approved by the government. Once the details have been verified, every participant is given an entry in the pool and these are distributed amongst the participant based on the winnings, which he receives. The basic conditions available in a pool are the minimum amount the each participant is allowed to win, duration of the pool, number of players allowed in the pool, types of bets that can be placed in the pool, and finally, the name of the game which is to be played in the pool. Apart from these conditions, there are some additional conditions available, which are put forward by the bookmaker, when it comes to provide betting options to the customers.
When a bettor wins a bet, then he is awarded a winnings check. The bet is considered a win, when the bettor wins the whole bet, with or without the commission earned by the bookmaker. This means that the bookmaker adds the commission earned by him with the winnings of the bet, hence making it a winnings bet in every sense of the word. The bookmakers are fully liable for the complete amount of the winnings, irrespective of whether any win has been made or not. However, they are not liable for losing any part of the bet.