The average American’s salary is about $51,000. This rather low sum is liveable, but why settle for it when you have the chance to earn more while engaging with your passion?
Becoming a bookie is a great way to rake in way more cash and make it big. Read on to learn how to maximize your bookie agent profits and grow your business!
How Much Can Bookies Make?
You likely won’t be surprised to know that running a sportsbook can be extremely profitable. Small budding bookies can even rake in about $30,000-$40,000 per year. That’s a decent salary to live off of, especially if you make your sportsbook a side gig.
However, if you’re dedicated to being a full-time bookie, there are opportunities to make more.
How Do Bookmakers Make Money?
For the sake of example, let’s imagine that there’s a 50% chance that the Red Team will win and a 50% chance that the Blue Team will win. The odds are even. Neither bet is better than the other.
A gambler may place a $110 bet on this game with the hopes of winning a $100 payout. This bettor will win half of the time.
The bookie will retain the $10 commission whether or not the player wins, so a player win will mean $200 is returned to them. A player loss means that the bookie retains the full $110 as a profit.
Imagine now that instead of one gambler, you have 10 that each bet $110 on this game. Statistically, 5 of these bettors will win and the other 5 will lose.
You will make $550 from the losers and give the winners each $100. Since you will keep the $10 commission from each player, you turn a guaranteed profit of at least $50 from the winners. You also keep $50 from losing bettors since you only will need to pay $500 total to the winning bettors.
Therefore, an even bet will leave you with a $100 profit.
How Can You Increase Earning Potential?
As you can see, bookmaking is an inherently high-risk business. However, the above example doesn’t reflect most real-life betting scenarios. No game is truly 50/50, so you can maximize your earning potential by setting accurate betting lines.
Since sports bettors accept their risk as well, you can charge a higher commission for some games. In some cases, you may take a $200 bet for a $100 payout. This will give you an even higher pay rate.
Another way to increase your earning potential is to place limits on certain gamblers. Professional gamblers will make huge bets months before a game and drain you dry. You can stop them from making enormous bets with a betting limit.
Rake In Bookie Agent Profits ASAP
Now that you know how much you can make as a bookie, it’s time to increase your bookie agent profits.
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