Bookmakers are people or companies who take bets and pay out winnings depending on the results of events. They take bets a fixed odds. Bookmakers will adjust the odds they give to gamblers as they go along so that whatever the outcome of the event they still make a profit, but whatever odds you are given when you place your bet will be the odds you are paid out at. However some bookmakers may try to maximise profits by "inflating odds" to encourage bets on events that are unlikely to occur. Bookmaking is now illegal in the US and is strictly regulated elsewhere and often state owned.

At racecourses (not US racecourses) bookmakers will all stand in a line next to boards showing the odds of the horses running in the next race. It is usually only possible to make win or each-way bets with them. When you place a bet with a bookmaker they will give you a ticket with the bookmakers name and a number on it. This will not have any information about the bet you have made rather it will tally with an entry in the bookmakers ledger that is filled out by their assistant. Make sure that the bookmaker knows exactly what your bet is, also it is a good idea to make a note of it yourself.

There are several advantages by using bookmakers at the racecourse as opposed to betting shops. As betting shops take there starting prices (odds) from the odds being given at the racecourse it enables you see the odds as they change and can enable you to obtain better odds than would be possible in a betting shop. Also with bookmakers at the racecourse you can negotiate better odds with them which is not possible to do in a betting shop. Betting with a bookmaker at the racecourse is also more fun than using a faceless multi-national company.