Are you looking to join one of the most fun and profitable industries in the world? Then this topic on how to be a bookie is for you. While the title states 20 points on becoming a bookie, it should not intimate you.
Instead, this guide takes you through every detail other reviews leave. By the end of this read, you should be able to start and run your book successfully.
Understanding What a Bookie Is And Their Roles
A bookie is another word for a bookmaker. It refers to the person, group, or company that offers sports betting, casino gaming, and horse racing bets.
A bookie can take the long shot of developing a sports betting platform from scratch and getting licensed to operate in various jurisdictions before they can start taking bets. Alternatively, they can seek pay per head services from providers such as Power Pay Per Head and avoid all the laborious processes that would make them quit their dream of becoming a bookie.
Having What It Takes to Become a Bookie
Do you have what it takes to become a bookie? If you have watched a movie featuring a sportsbook owner, you see how good their lives are.
If you have not seen such a movie, you probably heard or have seen the lives of sportsbook owners in the country. They live in good houses and have what most people call a soft or luxurious life.
However, it takes hard work for these operators to be that rich. Before we dive into uncovering how to be a bookie, here are the characteristics you need to become a successful one:
- You are good with math
- You understand and are ready for risk, just like those in the stock market
- You love sports and keep up with the news in the field
- You know that you need to work hard even when everyone is resting
- Have some cash to cover some initial expenses
- Understand sports betting and are ready to expand the knowledge
If you possess any of these characteristics, you can continue reading. You might not need all of these at the beginning. But, once you are ready to grow your book, you will need all these characteristics.
How Bookies Make Money
You must have heard that bookies make money from the money lost by bettors. That is not true. Most of the money lost by bettors goes to those that won bets which means a bookie is left with little profit.
Instead, bookies make money from juice, also known as vig. This is a commission taken from each bet placed on the betting platform. The minimum could be 3 percent, while the maximum can go up to 13 percent depending on the pay-per-head provider a bookie is partnering with.
That is why bookies must continue adding clients to their portfolios. With more active bettors, the more money a bookie makes.
But, you have to remember one thing. A bookie has to create odds that attract bettors to wager on both sides. This theoretically means that 50 percent of bets are placed on Team A while the other 50 percent are placed on Team B; otherwise, you will have to pay wins from your pocket.
Practically, it is impossible to get 50 percent bets on each side. Thus, a bookie has to set other odds to even out teams by using the point spread. Alternatively, you can make it more expensive to bet on one team that most people are likely to bet on.
For example, your odds suggest that a bettor needs to wager $100 to get a $20 profit if their team wins. The odds on the other side would bet $20 to win $100. Below are more points that will help you get up to speed.
Honing the Right Skills
In our previous discussion, we highlighted the essential qualities required to become a bookie. Many of these attributes can be acquired and developed through skill enhancement. For instance, you can sharpen your abilities in book management, odds creation, and probability mathematics.
By investing time and effort into learning these skills, you can enhance your effectiveness as a bookie. Managing a book involves organizing and balancing wagers while creating accurate odds and requires a deep understanding of the sport or event. Additionally, proficiency in probability math enables you to calculate probabilities and assess potential outcomes.
Acquiring these skills will not only contribute to your overall expertise as a bookie but also enhance your decision-making capabilities. Continual learning and improvement are key to staying competitive in the industry and increasing your chances of success.
Securing Funds
To establish a business, having sufficient funds is essential. However, when it comes to running a pay-per-head bookie, the initial investment required is relatively low. This is because you pay for the services based on the number of players who place wagers. As the operation progresses over a few weeks, you can generate operational funds from the money wagered by players.
The pay-per-head model offers a cost-effective approach to running a bookie business. Instead of hefty upfront expenses, you have the flexibility to scale your operation based on the number of active players. This allows you to allocate resources efficiently and optimize profitability. As more players engage in wagering, the revenue generated can be utilized to cover operational costs and further grow your business.
This dynamic funding approach provided by the pay-per-head model enables aspiring bookies to start their ventures with minimal financial barriers and gradually build their operations with the funds generated from player wagers.
Choosing the Right Pay-Per-Head Software
Pay-per-head software is a betting platform designed by a third party that bookies subscribe to, import their players, and offer better sports betting services to them. It is like using someone’s platform to sell your services and pay them.
Instead of spending an upfront fee, you will pay each week or as agreed for every player that uses your platform. Fortunately, you do not have to search for one because already, you know about the #1 rated Power Pay Per Head.
Test the Sportsbook Software
Before subscribing to the services, ask for a demo account to test the software as an agent and gambler. While at it, discover everything that comes with the software and how much it would cost you per player.
Launching Your Book
Once you confirm the software is right for you, you can launch your book. If you operate offline, you will need to transfer your clients to the online platform.
Finding and Choosing the Right Clients
The type of clients you choose to work with determines how much you make and how much time you require to make it. You can work with clients that wager $50 each week and take years to reach your preferred profit. You can choose to work with clients that wager $1000 every month and get your financial target quicker.
Find the right clients through marketing and referrals. Once your brand is big, it will advertise itself.
Tap Into the Market
The sports betting market is worth over $150 billion every year. While most bookies are moving online and dropping a personal touch, do not follow suit. Your book will perform better when you tap into the market with a personalized touch.
Sign Up Process
You do not want to register each player on your platform because it is tiresome, and you have to be online throughout. Instead, ensure there is a sign-up form on your forum that takes players a maximum of two minutes to register.
Have a Payment System
Today, you do not have to send someone to pick wagers from bettors. Instead, bettors can deposit money thanks to an agent payment system that allows players to deposit or withdraw through e-wallet, credit/debit cards, and crypto-methods.
Customer Support
Suppose you needed help but did not know where to get it. Eliminate such a possibility by ensuring that your customers have a way of finding help whenever they need it. A PPH bookie has a call center; hence there is no need to worry about that.
Keeping Your Players Happy, So They Stick With You
Remember to keep your players happy throughout. Offer them their needs, respond to their personal betting concerns, and offer several rewards throughout the year.
Follow Your Pace
Some sportsbooks will launch after you and do well. However, remember to follow your journey. Do not jump into offering exotic bets if your business is not there yet.
Take Control of Your Book
The Power Pay Per Head sportsbook software has customizable features that allow you to control your book. You can set bet limits, max payouts, and other actions that fit your business.
Take Advantage Of Your Layoff Account
Your PPH service provider offers a layoff account to help you make profits consistently by cutting your risk exposure. If one player wagers on Kansas for $5000 to cover the spread and another player wagers $2500 on Oakland, a bookie gets a $2500 spread deficit.
You can cover this deficit by betting $2500 on Kansas with another sportsbook. If they win, you win and get money to pay the bettor that placed a bet on your platform. If Kansas loses, the bettor on your platform covers the loss.
Protect Your Profit on Moneyline and Future Bets
Since there is no spread on Moneyline and future bets, you need to protect your profits on these bets using mass editing tools to set a maximum betting limit. This limits players to the money they can bet, setting the maximum you can pay out without risking your business.
Wash, Rinse, Repeat
This point is more of redoing the same thing until you succeed. All the points above guarantee your success. If you do as these points illustrate, you do not have to wash, rinse, and repeat. Instead, you can sit and enjoy the fruits of your hard work.
Start Now
See how easy that was after breaking it into smaller pieces? You now know how to be a bookie and have no excuse that it is complicated. Take each step at a time. You can even give yourself 20 days to expand your knowledge on each point.
Once you are ready, contact us at Power Pay Per Head, and we will take it from there. We will help you customize a website and offer your first bet the same day you reach us.
