Bookmaking, also known as illegal or underground gambling, involves accepting bets on horse races, sporting events, and other games of chance. Synonyms for bookmaking include sports betting, wagering, gambling, laying odds, and handicapping. Sports betting is the act of placing a bet on a particular sporting event, while wagering refers to placing bets on any type of event or game. Laying odds is when bookmakers offer odds against an event occurring, such as a horse winning a race. Handicapping involves assigning points or odds to teams or horses to level the playing field. All of these terms describe the illicit activities of illegal bookmakers, which are prohibited in many countries.