Total bookings is a term used in betting where all your bets are placed at one time and the bookie then deducts the amount of each bet from the total that is left to be placed. The bets are kept separate and there is no ‘wager board’ which would show how much was wagered on what. As a result you can never have any discrepancies in your betting and you can rely on the total bookings when making your bets. You may also hear the term ‘all bookings’ referred to when talking about sports betting.
When making a bet, the first step is to place a stake and then make your total bets. In betting this is termed as ‘staking’, ‘investing’ or ‘writing’ the bet. The second step is to make your total bets and place your bets in what is called the ‘shopper’s notebook’. This notebook is basically a tabular or graphical representation of your betting total. So when making your bet you can check the value of your stake, the maximum you are willing to stake and the minimum you are willing to stake for that win.
Once you have made your bets in the shopper’s notebook and they have transferred the money from the bookmaker to you, that is the end of your betting activity for the day. The amount of money that you will win or lose will then be posted to your account by the betting company. For your betting activity to continue betting you must then call up the company that issued the bet and give them your information so that they can transfer the money from the bookmakers to your account. This is known as your ‘receiving end’ or your ‘stake receiving end’.
Now when you have made your total bookings for the day and you have given your ‘receiving end’ the money that has been debited from the account of the bet, your next step is to ensure that your bets for the day have been paid off. You can do this by writing a cheque to the company that issued the bet. This cheque will show up in your statement as a win and will be recorded on your tax return. The amount of money that you win may also be subject to the Sports Betting Regulations.
If your bet for the day has been paid off, then congratulations! You are officially part owner of the bet. There is one small caveat however, and that is if you are not paying out you are still the winner, but you are now part lender instead of sole owner. The company that issued the bet still owns the asset that you had put up, so ensure you pay it off in full at the end of the year.
The reason for this is to protect the bookmaker and ensure that he has enough money left on his books to pay you your winnings. Many bookmakers will try and avoid the Total Bookings concept as it is quite a high risk for them and to their clients. The best way of reducing your risk is by reducing the amount of bets you place. For example, if you only bet a thousand dollars on a weekend race then you are placing a very small amount of money. Therefore if there is a big windfall, say a hundred million pounds, then the odds of winning that would be pretty low. However if you have a lower capital then you would be able to get a much bigger payout should the company you placed your bet with allow you to take a larger profit down the line.
One final thing that you need to understand about betting is that your chances of winning may reduce if you use any automatic software that is programmed into your computer to try and aid your betting strategy. These types of programs are often referred to as “robot” or “self-help”. They take the burden off you and they can often outperform you when it comes to deciding which games to bet on and what to do with your winnings. So be sure to check this out if you are serious about making a living from betting and gaming.
One last thing that you need to understand is that total bets are the total amount of money that a bookmaker has on a particular game and it doesn’t include any other wagers you have made on that particular game. If you are playing a game for money and you lose the bet, then all you’ve lost is the initial betting deposit. If you are playing for fun then the total betting amount is the amount of money that you are all risking on the game. It is important that you realise that when you are placing bets, it is not just about the win or loss, it’s about the entire betting experience.