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LSDefine
Simple English definitions for legal terms
bookmaking
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A quick definition of bookmaking:
Bookmaking is a type of gambling where people place bets on events like horse races. The person taking the bets records them in a book.
Book of original entry is a record where a business writes down all its daily transactions. It's like a diary where they keep track of everything they buy and sell.
A more thorough explanation:
Bookmaking is a type of gambling where people place bets on an event, like a horse race. The person taking the bets records them and keeps track of who wins and who loses.
For example, if you wanted to bet on a horse race, you would give your money to the bookmaker and tell them which horse you think will win. The bookmaker would record your bet and the odds, and if your horse wins, they would give you your winnings.
Another example of bookmaking is sports betting. People can bet on the outcome of a game or match, and the bookmaker keeps track of all the bets and payouts.
Bookmaking is often illegal in some places, so it's important to check the laws in your area before participating.