subs. (common).—A professional betting-man. [English Encyclopædia:—In betting there are two parties—one called layers, as the BOOKMAKERS are termed, and the other backers, in which class may be included owners of horses as well as the public. The backer takes the odds which the BOOKMAKER lays against a horse, the former speculating upon the success of the animal, the latter upon its defeat; and, taking the case of Cremorne for the Derby of 1872, just before the race, the bookmaker would have laid 3 to 1, or perhaps £1000 to £300 against him, by which transaction, if the horse won, as he did, the backer would win £1000 for risking £300, and the bookmaker lose the smaller sum. At first sight this may appear an act of very questionable policy on the part of the bookmaker; but really it is not so, because, so far from running a greater risk than the backer, he runs less, inasmuch as it is his plan to lay the same amount (£1000) against every horse in the race, and as there can be but one winner, he would in all probability receive more than enough money from the many losers to pay the stated sum of £1000, which the chances are, he has laid against the one winner whichever it is.]
1862. London Review, Aug. 30, 188. Betting there seemed to be none … we could not perceive a single book or BOOKMAKER.
1880. W. DAY, The Racehorse in Training, xxiv., 245. BOOKMAKERS pursue a legitimate and lucrative trade by laying against all horses as they appear in the market.
1883. HAWLEY SMART, Hard Lines, iii. Finding … that the BOOKMAKER whom for once they have landed for ‘a thousand to thirty’ is hopelessly insolvent.
