Bookmaking

A form of gambling, and involves the business of establishing certain terms and conditions applicable to given bets or wagers, usually called a line or odds, and then accepting bets from customers on either side of the wagering proposition for the purpose of making a profit, not from the betting itself, but from a percentage or commission collected...
Found on http://www.lectlaw.com/def/b049.htm

bookmaking

gambling practice of determining odds and receiving and paying off bets on the outcome of sporting events (particularly horse racing), political ... [1 related articles]
Found on http://www.britannica.com/eb/a-z/b/93
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