What is the name of an organization or a person that accepts and pays out bets on sporting and other events?

Correct answer: Bookmaker

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Paulus of Tarsus
Paulus of Tarsus
Bookmakers essentially function as market makers for sports wagers, aiming to make a profit regardless of the game's outcome by balancing bets on opposing sides. How it's done is: they achieve this balance through methods like adjusting odds and employing a "vigorish" (or "vig")which is a small percentage charged on each bet. If a bookmaker successfully balances the wagers on both outcomes of a game, they are guaranteed a profit from the vigorish.