besides the cash payouts and no taxes, the main reason that people bet with a bookie is to lay their sports action. If you want to bet on football,basketball,baseball,hockey,etc (both pro and college), and you don't live in Nevada, the only way to go is with your neighborhood bookmaker. I know you can do the offshore online route,but it's very risky. The US Gov't can shut down their operations,freeze their assets,and put your money in the phantom zone.

If the US ever legalized sports betting,the bookies would take a hit on their operations,but it would be comparable to the legalization of state lotteries. There would still be enough left over to make a nice living.