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What does bookmaking mean?

Looking for the meaning or definition of the word bookmaking? Here's what it means.

Noun
  1. The art or profession of determining odds and receiving and paying off bets, especially bets on the outcome of sporting events.
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I guess it must just be a classic case of great bookmaking minds thinking alike.
Then opportunity knocks when he and his penny-ante friends decide to go into the bookmaking business.
The bookmaking company is also on the pig's back, having donated all profits from the betting to the appeal.
He earned his keep in university by running a bookmaking operation out of his back pocket.
Yet still the internet and telephone bookmaking pirates get away with plunder from their very lucrative business.
The ground floor of the building is presently occupied by both a taxi and a bookmaking business.

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