There is a certain stereotype associated to bookmakers that have been reinforced by how they are portrayed on screen. When someone mentions bookie, the image that first comes to mind is the tough mafia-like boss that orders his goons to break someone’s legs for being late on their payments.
The Art of Being a Bookmaker
But what is bookmaking in real life? The definition of a bookmaker is someone who makes money by offering odds that are not necessarily the real probabilities of the outcome of an event, a bookmaker is also in charge of receiving and paying off bets. This is an oversimplified definition, and the way the industry is evolving the owner of an online sportsbook may not necessarily be a bookmaker.
Here is why, pay per head services like www.AcePerHead.com, are providing services that have traditionally been assigned to bookies, like setting up lines, and accepting bets on behalf of bookie agents. This leaves the bookie with the responsibility of paying and collecting money from his players.
Running a successful sportsbook requires a lot of knowledge, dedication, and technical expertise, that is what the pay per head company offers. They can be considered specialists in the art of bookmaking.
This leads us to the question what is bookmaking and how do you succeed at it. The way bookmakers make a profit is by charging a fee on almost every bet they accept. This commission is called juice and in the old days, it was referred to as vigorish or vig. The tricky part of this equation is balance, balancing the money from bets that are accepted on an event is the real art of bookmaking.
You see, the only way a bookie stands to make money is by collecting more money than he needs to payout. Therefore, a line manager needs to set up odds that will create interest amongst players on both sides of the game, the goal is to create a scenario where bettors are competing against each other and not against the house so the agent will profit regardless of the outcome of the event.
Creating lines that generate interest on both sides of the aisle key to a bookie making a profit, but the other part of this equation is posting odds that will compel the most people to place a bet on it. This is the value of working with the experts over at Ace Per Head, they know every trick in the book to generate interest and compel people to bet on both sides.
Because agents can now work with the most experienced line managers they no longer have to worry about not being proficient at the balancing act game, that is a vital part of bookmaking. Instead, they can concentrate on acquiring new players and keeping the ones they already have happy. And because AcePerHead.com offers the most robust betting software, managing the accounting has never been easier, all agents need to do is run a couple of reports and they have all the information they need.