Gambling is fun and it can be quite profitable if you are a skilled gambler that stays on top of the games, but have you considered the possibility of becoming the bookie?
Why settle with what you can win in a few bets if you can use your skills and knowledge of sports and wagering in getting a piece of every wager your clients’ place? Especially when it is known that the majority of gamblers play for entertainment purposes only and therefore lose the majority of the time.
Being a bookie can be profitable, yes, but it involves risks and a lot of work, it is important to know your limitations, you can start small and run a very tight operation to test the waters, make sure you know what you are doing and that you can handle the pressure that comes along with it. Remember you must have funding ready to be able to pay your clients when they win, the only way your business is going to grow is if you are reliable, professional, and pay quickly.
Things to Consider Before Becoming a Bookie:
- To run a successful bookie business you must be good with numbers and balance your risk. Don’t make the mistake of getting greedy and biting more than you can chew. Knowing your bankroll is crucial.
- You need to be very organized, keep tight records, and make sure you have the ability to collect and pay.
- Take into account that gambling never stops, there’s always something to bet on, and games run on holidays and weekends with no distinction, make sure you are considering the pros and cons of this business.
- Once your business starts growing there will come a time when you’ll have to decide on whether you establish your limit and play it safe or if you take the next logical step which is taking your company to a digital level; you can do this by setting up your own operation, which is great, but requires a large investment and time; or you can opt for getting a pay per head service which offers the advantage of giving you a turnkey solution from which your clients will have a variety of services available to them, and will give you the possibility of growing your business at a healthy rhythm and with full control.
- Keep learning, keep growing. To be a bookie you have to know your business and your clients better than anyone. Working with a PPH service makes this step easier since the betting software will give you different reports to work with and analyze. The more you know about your clients the more control you’ll have of your business and the more profit you will make.
If you follow the above steps and show commitment, your bookie business can be very successful; it is also crucial to pick the right pay per head service, there are many PPH companies in the market, but only a handful are able to deliver on their promises.
I personally recommend AcePerHead.com since to my criteria it offers the perfect combination of a professional and reliable service at an affordable price; the level of security and stability in their systems are also big pluses.
The Top Tips and Tricks for Becoming a Sports Bookmaker
Are you interested in becoming a bookie but aren’t sure where to start? Here are our top tips and tricks for becoming a sports bookmaker in 2021.
Did you know that 85% of American adults have gambled at least once in their lifetime? This news is not that surprising when you consider the number of sports betting that goes on in the world.
If you once thought gambling was a bad thing, that’s not the case, and many can actually make a career out of it.
If you are interested in becoming a bookie, you’ve come to the right place. Read on to learn a few tips and tricks to becoming a sports bookmaker in 2021.
Take the Right Route for You
There are different avenues open for a sports bookmaker, which means choosing the right one is essential to becoming successful. The four options for sports bookmakers are:
- Online bookmaker
- On-course bookmaker
- Having a betting shop
- Combination of two or all of the above
Online sports bookmakers are probably the most popular option, but the market is filling up. This means that you need to bring something different to the table to attract business.
Having promotions or sign up offers is a sure way to keep people coming back to your business. However, this may not be enough to stand out in the marketplace.
For those who enjoy horse racing, becoming an on-course bookmaker is a great option. The downside to this option is that additional costs are necessary, and that it can be hard to attract large crowds.
Making money through on-course booking is not easy, but is still worth a shot for those ready to take on a challenge.
The third option is to open a betting shop. You will need a license to operate and buy real estate to set up a shop. You may also need to hire staff to help run the place, which means paying extra costs out of pocket—until the shop is up and running.
Consider a Partnership
The top sports bookmaker companies may be an option to partner with. Keep in mind that this means you will have to represent that company. Technically, you are considered an employee of the organization.
As an employee, you are not owed all of the profits, so a percentage of your pay gets taken out. The benefit of having a partnership is that you have a better sense of security.
Being an independent bookmaker for sports betting is a great option, but you must pay overhead costs. This could be rent and other wages if you decide to run your own shop.
For on-course bookies, there are renewal fees each year for the trackside pitch. An online business also costs money because of licensing and server fees.
Get the Proper Licenses
The best sports bookmakers are those who have the proper licensing. The gambling industry has become stricter because of state regulations. These regulations are in place to ensure fair treatment and ethical practices.
There are multiple licenses you may be required to obtain depending on the type of bookie you want to become. You may need to obtain some or all of the following:
- Operating license
- Personal Functional License
- Personal Management License
- Premises License
These are more expenses you have to take into consideration if you want to be a bookie because the licenses do come with a fee. When you fill out a license application, you are not guaranteed to become a bookie.
Even if you paid to fill out the application, your money is not refunded if you get turned down.
Along with the initial fee to get the right licensing, each has its own annual renewal cost. The prices tend to get based on your location.
This is especially true for the Premises License. It is also a possibility that the real estate you want to purchase won’t work out because of opposition about turning it into a betting shop.
Know the Skills It Takes to Succeed
Each type of bookie will have its own skillset. In fact, certain skills may be needed for a certain job. The best traits to have no matter which route you choose include negotiation skills, numeracy, leadership and management skills, flexibility, solid decision-making skills, and the ability to provide good customer service.
Negotiating skills are essential because you may have to negotiate with betting partners, authorities, or even your staff. With your staff, you will also have to use leadership and management skills.
Having the skill of numeracy means understanding odds and financing. This is a trait that cannot get overlooked. If you aren’t good with numbers, this career path may not be right for you.
Flexibility and decision-making go hand in hand in this process, especially for an on-course bookie. These traits will come in handy when you are deciding on a horse race.
Customer service may be the last thing on your mind when you are trying to become a bookie, but it is necessary. You need good customer service because you won’t make money unless people keep coming back to your service.
Know the Misconceptions
One of the best tips and tricks you can follow is learning the most common misconceptions about becoming a bookie. When you understand what isn’t true about this line of work, you can tell if it really is the right path for you to embark on.
Some believe that becoming a sports bookmaker is easy, but there is more to it than meets the eye. Online gambling has taken off the past few years, but that doesn’t mean you are a shoo-in for success. As mentioned before, you have to really put yourself out there in the market to gain trust with potential betters.
Because the world of online gambling is so strong, gaining clients as a betting shop or on-course bookie also takes a lot of hard work. Another thing to consider is that you may fail in your applications and not have the opportunity to become a bookie. For this reason, it is recommended not to put all of your eggs in one basket until you have that confirmation.
The biggest misconception out there is that this is an easy life. Don’t go into the process thinking it will be easy because you will be highly disappointed. Every success story takes work to get there.
Understand Risk Management
Managing your risk and exposure is key to becoming a successful bookie. One way to do this is by lowering the wager limits, but it may not be something you want to do. Always keep in mind that it is an option.
As a sports bookmaker, you may run into people who can’t pay you in full. Be wary of this because it can cause slow pay or no pay in a particular week. You could cut-off this customer for next time or adjust if they are someone you want to keep around.
For example, you can adjust what events they can wager on and how much money they can wager. The easiest way to do this is by working with a pay per head service that provides you with the necessary software.
If the shoe is on the other foot and you cannot pay your customers, this can cause you to lose them for good. To keep customers, you must pay your dues on time.
This can also help you earn customers in the future because people will know that you pay on time.
This tip goes along with customer service—you should always remain authentic and transparent to keep people coming in. The last thing you want is to be considered a scummy sportsbook owner. Always be upfront to your business partners and clients by making reasonable claims.
It may seem beneficial to trick people in this business to create your own gain. This is unethical and can hurt you more in the long-run. Don’t use bonuses that have hidden fees and rules.
When you stay upfront and transparent, customers will continue to ride with you.
Become a Successful Sports Bookmaker Now!
Becoming a sports bookmaker in 2021 is a great opportunity no matter the route you decide to take. The market for online sports betting continues to grow every day as more people get comfortable with gambling.
Get ready to make your mark online in the sports betting industry with Ace Pay Per Head.
What can we do for you? We specialize in helping bookies grow their business in a variety of ways. Sign up now to learn more about how we can help.
Can you Legally be a Bookie?
A bookie is someone that takes action in the form of bets on sports betting events, such as a football or basketball game. The person making the wagers on the game is the player, and the bookie will pay the player when he wins his wager, and collect money from the player when he loses his wager.
A bookie can either give a player a credit limit, meaning an agreed-upon amount that can be used each week to make wagers, without the player having to pay any money upfront. Then the balances of the wins and losses can be settled up at the end of the betting week by the player and bookie, or they can settle up when the player wins or loses a specific agreed-upon amount.
Another option is for a bookie to collect the money upfront from the player before he even makes a wager, which is known as posting up, and then that money is used to make as many wagers as the player desires. If the player loses all the money he posted up then he would need to post up more money if he wants to continue to play. If the player wins money from his bets then he can ask the bookie to cash him out and pay him a part of his balance and leave some in the account so he can continue playing, or he can get all the winnings cashed out.
Being a bookie is simple because all you need to do is know people that want to wager, and just make sure you are in-country or state that it is legal to be a bookie. It is legal to be a bookie in many countries around the world. In addition, if you live in the United States, the law in regards to gambling is determined by each state. There are already various states that have legalized gambling, and there will be many more in the future. To determine if you live in a state that is legal to book action or not, it is best to speak to a local attorney.
If you are fortunate to live in a state or country where it is legal to be a bookie, then the most efficient and profitable way to do it is by getting set up with a pay per head service. These services provide bookies with a ready-to-use sportsbook website where they post hundreds of thousands of betting options for players to bet on through the site every day. All the odds and lines are updated up to the second, directly by the pay per head provider, which enormously minimizes the amount of work needed to be done by the bookie.
All the bookie needs to do is just pay his players when they win and collect from his players when they lose. They don’t have to worry about managing lines, grading wagers, and calculating wins and losses and balances for players. That is all done by the pay per head provider at a small active player per week fee. Then you as the bookie get to keep 100% of the profits from all the wins and losses, which in the world of gambling could easily be hundreds and thousands of dollars a week per player that bets with you.
So if you are fortunate to be living in a place that it is legal to be a bookie, then the next step is finding players that want to bet with you and finding a pay per head service that can handle all the bookmaking aspects of your legal bookie business.
6 Simply Awesome Perks
Are you wondering what the perks of being a bookie can be? It’s hard work, but it’s also a job that offers you perks that are only limited by your ambition.
Gambling has been a part of human culture for thousands of years. It’s linked to the history of humanity going as far back as ancient Greece and Rome. And as long as there’s been gambling, there’s been bookies there to keep the score.
Obviously, the bookies of today’s world and the bookies of yesteryear operate very differently. If you’re interested in becoming a bookie but aren’t sure if it’s for you or not, keep reading to find out why being a bookie is simply awesome.
1. It’s Easier Than Ever to Start
Thanks to the introduction of sports betting software, it’s easier than ever to becoming a bookie. A bookie used to need a fair amount of mathematical prowess in order to create odds for different bets. But now, all the calculations are done through a computer program.
The software can even pay out the winners without interference. This means all the bookie has to do is calculate the profits or losses.
2. Customers Come to You
Nowadays, you don’t need to have a huge social network in order to succeed at being a bookie. Online sports betting means that you can reach your customers through a variety of different channels and advertising means.
Coming up with a solid social media strategy can be difficult, but it’s something you can get help with.
3. You Don’t Have to Be a People Person
One of the best parts about being a bookie in the digital age is that you don’t have to have incredible social skills in order to succeed. There’s virtually no face-to-face contact with your client base, so there’s no need for you to adopt a personality that isn’t true to you.
Even if you’re an introvert with trouble speaking to people outside of your circle, you’ll be able to make it work through the power of social media.
4. Your Operating Costs Are Low
Another thing that sports bookie software has done for the business of gambling is that it’s brought down the costs of operating dramatically. You can run a business that used to take the help of dozens of people by yourself if you have the right software.
The sports betting software does the calculations for you. It keeps up with your clients and their bets so you don’t have to worry about someone to help keep you organized.
5. There’s Less Footwork
Overall, having the ability to use sports betting software means that you have less work to do as a bookie. This means you have more time to grow your business (or relax!)
6. You Make More Money
All of these things add up to more money in your pocket as a bookie. It’s a lucrative career field with lots of money to be made.
Being a Bookmaker Is Simply Awesome
Clearly, there’s never been a better time to be a bookmaker. Gambling websites’ advertisements make it easy for you to reach your target audience and sports gambling software makes it easy to do the rest. Being a bookie is simply awesome.
If you’re interested in learning more about how sports betting can be a profitable business, check out this article next.
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