Have you hit a wall on launching your bookie or becoming the best? There is valuable information on how to be a good bookie out there. But, all this information is overwhelming and might halt your goals.
That is why it is important to take one piece at a time and follow through. This guide on how to be a good bookie has everything you need to excel in your business. With this, you do not have to go looking for other resources. We cover every detail in five steps, laying out everything you need to become a successful bookie.
Understand the Ins and Outs of the Business
The first step in how to be a good bookie is understanding the whole business. It would be unwise to enter into a business you know nothing about. Therefore, learn everything there is to know.
You can start by learning how to operate a bookie. While at it, remember to cover various topics, including creating odds, incorporating vigorish, and balancing your bookie.
Learn why oddsmakers create lines in a certain way. Find out what they consider and why.
Discover all the sports you could offer bets on. You can watch a football game. Find out all the wager options that can be offered for the game.
For example, watch out for all prop bets you can offer in live betting. Be a fan of various games. But, remember not to let your love for a specific team affect how you set lines.
Partner With a Pay Per Head Service Provider
The pay per head has revolutionized bookmaking. Years ago, bookies could not launch an online platform because they had limited capital. Today, anyone willing to put work into it can become a bookie with a pay per head (PPH) service provider.
PPH is an industry that has existed for over 20 years. Minimal people knew about it until recently. Usually, the PPH provider is somewhat of a sportsbook. So, you can launch a white-label sportsbook with the company or use its pay per head business model.
When you choose the first option, you share your profits with the site and pay an additional commission for using the site’s brand name to market your services. This type of business model gives you little control over your bookmaking services.
But, you can get complete control with a pay per head business model. You get a customized website, sports betting software, call center, bet markets, payment methods, and other tools.
A pay per head concept will put your bookie on the same level as prominent sportsbooks. For starters, it will provide you with over 15 sports markets. Then, it will offer bets in over 100 leagues.
You can find a platform covering the English Premier League, La Liga, UEFA, and several other soccer leagues. When it comes to American football, you can get the National Football League, United Football League, and others. Ideally, you can offer as many bet markets as possible.
Pay per head concept also has a customer support system. That way, you do not have to hire customer representatives to address your client’s needs.
A good bookie must offer customer support to its clients. Moreover, you should be available 24/7. With the best pay per head provider, you can get a 24/7 call center for your clients.
Address the Legality of Your Business
Another example of how to be a good bookie is to understand the legality of your business and protect your clients from repercussions. Every jurisdiction has its set of laws that you must follow.
Breaking some of these rules could be fatal for you. Therefore, you need to understand every legal bit about your bookie.
If you are running an offshore bookie with a pay per head service provider, you might not need to address the legal bit yourself. But, it is essential to understand several things about it.
So, you can talk to a local attorney to understand the legality of your business. Some people advise that you should distance yourself from the word bookie. Ideally, your name should not come up when people talk about bookmaking.
But, your bookie’s brand can come up. If anything, you should be known as the person that knows a platform that can take players’ action.
Most states with legalized betting activities allow operators to partner with local casinos to offer sports betting. Unless you are one of these bookies, avoid exposing your bookie.
You can use a pay per head service to limit your exposure to your local area. Meanwhile, your pay per head service provider will address the legality of your bookie as it is already licensed by offshore jurisdictions such as Malta Gaming Authority, Curacao, Gibraltar, Isle of Man, and others.
Your clients will use your platform like they do any other offshore sportsbook or casino. You will not expose them to legality, nor will your business be exposed.
Have Enough Bankroll
Suppose you accept big bettors. If several of them happen to win a bet, can you pay the winnings comfortably? You cannot be a good bookie if you have to go into hiding every time you have to pay a large winning because you cannot afford it.
Your business reputation is crucial to the future of your business. If one or two players have something bad to say about your business, you have everything to lose. When players can verify that you cannot pay their winnings, others cannot risk placing bets with you.
They fear that you cannot afford even their small bets. Remember, a bookie business makes profits when players bet. This means you need all the clients you can get to make good profits.
Therefore, ensure you have enough bankroll. Look at the size of your target to determine how much money you need in your bankroll.
Also, you can control how much clients bets to prevent them from overexposing your bankroll. While taking risks is ideal, do not take a risk with your bankroll. Do not assume that bettors will lose and allow them to place big bets.
There are several ways of increasing your bankroll. First, use some of your savings. This might not be enough, though, so consider other alternatives.
You can borrow from your friends or family or ask them to invest in the business. Lastly, use some of your profits from the bookie to top up your bankroll.
Be Passionate About Your Work
If you do not love your job, do not do it. Being a good bookie requires you to be passionate about it. That way, you can put in all the work needed to become a successful bookie.
Suppose you want to offer competitive odds. If you are passionate about your business, you will find out more about creating odds. You can visit various sportsbooks and find out how they make their odds.
You can also approach various oddsmakers and learn how to create better odds for your clients. Once you acquire the knowledge, you can apply it to your bookie. This is something your clients will notice.
Another thing you need to be a good bookie is spending more time on it. If you are not passionate about your betting services, your time into it will feel like a sacrifice. You will feel tired and stressed when you think about returning to work.
But, if you love your job, the time you put into it will feel like enjoying your hobby. You will spot what your business needs the more time you spend running it.
A passionate bookie is able to find more clients quickly. Have you met people that sell insurance or houses? Some of them are not passionate about their business, which is why they fail to close the deal.
But, if you are passionate about your business, everyone you approach about it will see the sparkle in your eyes. They can tell you are passionate about your business and interested in knowing more about it.
Being a Good Bookie
Being a good bookie requires you to do all the right things for your business. From choosing the ideal pay per head service provider to everything else, the choices you make will determine whether you are a good or average bookie.
Therefore, understand the qualities of a good bookie. For example, the best bookie should offer bets in over ten sports to address many players’ needs, have a sleek and user-friendly betting platform, and have safe payment methods.
All these will be provided by your pay per head service provider. Thus, it would help if you verified the provider has all these qualities before subscribing to their services.
If you are ready to become a good bookie, take your first step in learning the ins and outs of the business. You can visit the Power Pay Per Head blog to learn everything there is to know. Then, you can ask the site to give you a trial period to test the pay per head software and services.
