How do casinos and "bookies" make money on sports betting?

Do they take a cut of the bets and winnings, or do you really double your money on a winning bet? If you really do double your money, how does the casino make money? Do they just hope people make bad bets? They do their best to come up with spreads to make the same number of people bet both ways, so don't... show more Do they take a cut of the bets and winnings, or do you really double your money on a winning bet? If you really do double your money, how does the casino make money? Do they just hope people make bad bets? They do their best to come up with spreads to make the same number of people bet both ways, so don't they end up not making any money?
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