About half of American adults in their 20s actively bet on sports. If you’re enthusiastic about athletic events while being business-minded, becoming a sportsbook agent may be the right choice. You can even keep your day job and make it a side hustle!
Here, we’re going to talk about how much small bookies can make when they take up bookmaking as a side gig. Read on to learn why choosing bookie services and launching a sportsbook is a good idea in 2023.
How Much Do Small Bookies Make?
When you launch your online sportsbook, you may only have one bettor for your first games. Even if he places extremely small bets of $50, you can still turn a good profit.
Let’s say that this player makes a modest 10 bets a week. He will likely win 5 of these games and lose the other 5. He is going to lose all the money on 5 games, giving you $250 flat.
However, you also turn a profit on all of the original wagers. Your online sportsbook fees will likely be around 10%, so you collect at least $50 from all the original wagers. Even when the player splits, he will still wind up losing money that you can collect.
If this exact scenario persists for a year, you’ll have wracked up $2600.
This is also the smallest sportsbook imaginable. Most small-time sports bookies are going to work with at least 10 players. Multiply the $2600 you get from a single modest bettor and you’re going to get $26,000 annually.
That’s over $10,000 more than a minimum-wage employee’s salary. Pretty awesome for a simple side hustle that consumes very little time.
Where Does This Income Come From?
Most of your income is going to come from the 10% fees that we discussed earlier. This fee is called the vigorish, and it’s just the price that you charge for using your services. It’s also colloquially referred to as the “juice” or the “vig.”
While bigger bookies can sometimes offer lower juice, small bookies will almost always take the standard 10%. You will put this on your website as -110 for each side of the wager. This figure means that the bettor can win $1 for every $1.10 wagered.
This is one way that all types of bookies can turn a consistent profit. However, it’s far from the only way. You need to set the best lines if you want to maximize your income, too.
First, decide what sports to take bets on. You can choose events and teams that you personally like so that you have a good time. However, make sure that you also choose things that are popular with your target audience so that you can turn a profit.
Then, determine which teams are favored vs which ones are underdogs. You’re going to consider each team’s odds of winning. Calculate them appropriately.
You can then decide on the payout. Make sure that favored teams have a lower payout to make up for the higher odds. You can encourage underdog betting with a high payout (that people will probably lose if the underdog is extremely far below par).
Set these payout sums based on how far apart the odds are. This will give you the best chance of getting as much money as possible. So, a team that has lost every game in a season will have a higher underdog payout than one that has a 40% W/L rate.
How Can You Make More as a Bookie?
It may be tempting to take a higher vig when you’re just starting out. After all, this would get you a higher profit… right?
Unfortunately, going over 10% is a bad idea. You need a competitive vig if you want to get any players. If it’s too high, potential bettors will walk away from your online sportsbook and to competitors that take a lower vig.
Still, there are ways that you can maximize your profits as a small bookie.
In addition to setting the best possible lines, you’ll want to customize limits on players. This is especially easy when you only have a few bettors that you need to monitor. However, you can also easily take advantage of Ace Per Head’s player watch reports if it becomes overwhelming.
If someone is a loyal bettor, you might reward them with higher limits. This encourages repeat bets and might also drive others to your sports betting website.
However, limiting professional gamblers is critical if you want to turn a profit. These bettors tend to place enormous bets months before a game, so that’s a surefire sign to set limits.
You can also clearly restrict professional gamblers from participating on your website and refuse to serve them. This will stop them from draining your small sportsbook.
Make sure to constantly monitor trends, teams, and events. This keeps you in the know so that you can always stay competitive with your bets, lines, and limits.
You also should take advantage of Ace Per Head’s top-notch customer support. We’re excited to talk with you about how to make more from your small online sportsbook. This is a great way to get expert help while boosting your business!
Launch Your Online Sportsbook Right Way
While bookmaking is a great full-time job that will let you make bank, it also is an awesome side hustle. Small bookies can make a lot of money even when they only have a few bettors.
Now that you know why offering bookie services is a great choice even when on a small scale, it’s time to get started. Ace Pay Per Head is committed to offering top-notch services to small bookies so that they can succeed immediately. Get a six-week promo of our services to see how we can help you start making money with the best side gig out there.