Bookmakers are individuals or companies that accept bets on various events, primarily in sports. They set the odds for each outcome, which helps determine how much money a bettor can win if their prediction is correct. For example, if you bet on a football game, the bookmaker will provide odds based on the teams' performances and other factors. When you place a bet, the bookmaker takes on the risk of losing money if your prediction is right. They use their knowledge of the sport and statistical analysis to manage this risk and ensure they make a profit over time.