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The Secret Life Of A Bookie

Not All the Big Bets Are on Wall Street
Marvin R. Shanken
From the Print Edition:
James Woods, May/Jun 97

(continued from page 5)

CA: And I guess it's standard that the bookie's take...

Pete: We don't use "take" anymore, we use "commission."

CA: ...that the commission is 10 percent commission.

Pete: Yes.

CA: So if your handle on a given weekend is a quarter of a million, and your books are balanced, then you're going to gross $25,000?

Pete: That's correct. However, you really don't get that much balance anymore.

CA: Really? Does that mean that some years you could be proportionally a big winner or a big loser?

Pete: That's correct. The past few have been very good. This past year has been a little rough, believe it or not.

CA: And why is it rough this year?

Pete: Just the way it falls.

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