In Britain, bookmaking (as in taking bets) is legal, so yes, it's a shop that takes bets.
At least it's not as bad as an experience I had once in Philadelphia, taking a shuttle bus to the airport. I was the only person on board, except for the driver. After a few miles, the driver stopped behind a building, muttered something, and got off. Just as I was wondering if I had been completely abandoned, a completely different man (not in uniform) boarded the bus and drove it away.
Until I had been safely delivered to the airport, I wasn't sure if I was on the scheduled run, or was now on someone's getaway bus.