Bookmaking is the process of accepting wagers on various sporting events. The actual making of the lines is set by huge casinos and pay-per-head services around the world that post lines for various people to bet on. The idea is to make a line for a game that will get action or bets as evenly as possible on both sides. Balancing the book is the general goal, however, that rarely ever happens, and most games get lopsided action. However, the public is usually wrong most of the time, especially on lopsided games, which creates even larger overall profits for bookmakers.
A pay-per-head company provides a turnkey sportsbook solution to local bookmakers, where they post thousands of betting options each day and update all odds up to the second. Then once each game is complete they grade all wagers and all balances get automatically updated in each player and agent account. The services handle all the technical bookmaking aspects for the local bookmaker.
Giving Credit or Doing Posts Up with Players
Bookmakers are the people who take bets on sporting events and pay out when players win the wager and collect when players lose the wager. Bookmakers can give players a credit limit, where the player would not have to pay upfront and then be able to use that money to bet, and then would be required to settle up on the balance after the week ended or when the player wins or loses a certain amount that was previously agreed upon.
The other option is for a bookmaker to give a player a post-up account which means the player will need to pay first and then use that money to make wagers. If the player wins and wants to cash out then the bookmaker would just pay the player the amount that the player wants to cash out. If the player loses all the money in his account, then the player would be out of funds and need to make another deposit in order to resume betting.
For people that you know and trust, giving a credit account is the best option, since it’s a nice perk to players because they don’t need to pay upfront. In addition, the benefit to the bookmaker is that players that bet on credit tend to lose a lot more money. Since it’s on credit they often bet larger amounts and bet more frequently when they don’t have to put up the money on the account first.
If trust is a factor, or you are just concerned that a player will lose a lot more than they can afford to pay, then making them pay upfront is a good option for both parties. That way a player can only lose what they already paid upfront, and you as the bookmaker are guaranteed to get paid since you have their money from the start.
You as the bookie can also use different options with different players, based on how well and how much trust you have in that individual player. Whichever option you choose you as the bookmaker are running this business for the purpose of earning profits.
So if you want to be a bookmaker, then get set up with a top-rated pay-per-head bookmaking software provider.
Is Bookmaking a Job?
A bookmaker is someone that accepts wagers on various sporting events, and it is an extremely profitable business to run. Whatever a person bets, then you as the bookmaker would need the opposite side to win or cover for the bookmaker to earn money on that specific wager.
For example, if a player bet the Kansas City Chiefs -3.5 against the LA Chargers, then you as the bookmaker would need either the Chiefs to win the game by 3 points or less or for the Chargers to win the game outright for you as the bookmaker to earn money on that wager. In addition, on every wager, there is a vig or a surcharge that is generally around 10% but it can vary depending on the line movement of the game. This 10% vig simply means that if a player wanted to win $100 on the Chiefs at -3.5 then they would have to risk $110, with that extra $10 being the 10% vig.
It is hard enough for players to pick winners, but once you factor in the vig, breaking even requires a player to win at least 60% of the time. Most bettors actually lose over 60% of the wagers and with the vig added on, this adds up to players losing around 70% of what they overall risk over time. This would be the bookmakers’ profits, which become exponentially higher, with each additional player they have betting with them. In addition, the more players risk or bet on each game, then the more overall profits the bookmaker will earn over the long term.
The Most Efficient Way to Run a Bookmaking Business
Nowadays it is super easy to become a bookmaker and operate a profitable local bookmaking business as a job. There is an entire industry that is dedicated to providing sportsbook software for bookies to offer to their players and help manage all the technical aspects of taking action on sports.
These providers are called pay-per-head businesses, and they offer a ready-to-use professional sportsbook website where they post thousands of betting options each day and update all lines on these games up to the second. Then after each game concludes all wagers are graded immediately, and all player and agent balances are updated up to the second on each account. These services do all the work for local bookmakers, which not only means bookmakers do not need to have experience accepting wagers, but also do not need to spend a lot of time operating their book of players.
Instead, bookmakers can focus on growing their business, which will only help them earn more money each week. One of the best ways to acquire more players is through word of mouth, and just reaching out to all friends, family, coworkers, social media friends, and schoolmates, and seeing if they have any interest in betting on your sportsbook. Offering a small free play bonus is a great way to get people to try it for free, and then eventually get them hooked on the thrill of betting on games.
So if you are looking for a lucrative job opportunity, then being a bookie could be the perfect opportunity for you.