In order to be involved in most betting scenarios, gamblers must get involved with a bookmaker. A bookmaker is a person who basically acts as middle man for players looking to wager on a given event. They are also responsible for calculating the odds for the results of the given event and adjusting the payouts accordingly.

In the past, the bookmaker was often an individual or small group of people who worked directly with the gamblers but, as the internet has increased in popularity, much of the bookmaking has gone onto the internet. As a result, some of the basics of dealing with bookmakers has fundamentally changed. One of the big changes is that arbitrage is much more difficult to accomplish now that complex computer algorithms are adjusting the odds continuously and errors are recognized and corrected quickly. Another big change is that now one bookmaker can manage many more events than individuals could in the past.