The overall demand for betting services has increased. This makes the perfect time to become a private bookie and join in the action. As an industry worth billions of dollars, you certainly have a chance of making a significant profit.
This guide will help you launch your bookie business. We will also share things to consider before becoming a private bookie.
What Is A Private Bookie?
A private bookie operates under a slightly different model compared to online sportsbooks or traditional bookmakers. The term “private bookmaker” typically refers to an individual who accepts bets exclusively from a select group of clients and does not cater to random bettors or the general public.
These private bookies establish their client base through referrals, often relying on word-of-mouth recommendations from existing clients. For example, if a private bookie has five clients and wishes to expand their circle, they may request each existing member to refer one or two close friends or acquaintances.
Another common scenario is a private bookmaker providing betting services to a specific group, such as a fraternity or social club. This niche approach allows the bookie to build a close-knit and trusted betting community.
One characteristic that sets private bookies apart is their operation on a credit basis. In this arrangement, players place their bets using credit provided by the bookie rather than using cash. The players then settle their losses or collect their winnings on an agreed-upon date, which is often referred to as “settlement day.”
On settlement day, the bookie and players reconcile all the bets placed during the agreed period. If a player has earned a profit, the bookie pays out their winnings accordingly. Conversely, if a player has incurred losses, they settle their debt with the bookie.
This credit-based approach fosters a level of trust and camaraderie between the private bookie and their clients, as it allows for a more personalized and flexible betting experience. It also facilitates easier tracking and management of bets and payments within the closed group of clients.
Becoming A Private Bookie
Becoming a private bookie requires careful planning, adherence to legal regulations, and a willingness to invest time and effort into building your betting operation. Here are some steps to guide you on how to become a private bookie
Deciding What Type Of Services To Offer
The betting industry is enormous; there is sports betting, casino playing, horse track betting, live dealer games, and esports. So, it would help if you chose a niche to focus on. You can still offer all forms of gambling, depending on who your target is.
Considering you are a private bookie, your clients would probably want one gambling-stop platform. Therefore, it is advisable to venture into all gambling forms.
Another thing you need to decide is whether to take your business online or operate offline. Remember, you are working with a private group that does not want to meet you when they want to place a bet. People might assume you are friends or collaborating in a business.
But, you do not want to raise eyebrows. So, you can always take your business online. This is especially important because private groups prefer anonymity and privacy. They can log in to their online accounts and place bets without meeting you.
Finding Clients
Now that you know what you want to offer, it’s time to find your clients. Consider everything you want for your business as you look for clients. For example, if you’re going to offer sports betting, find clients willing to wager on sports.
Ensure your list of players comprises bettors in all areas. So, you should have football, bettors, basketball, baseball, hockey, tennis, golf, and others. You can always find a way of compelling your existing bettors to wager on all sports.
Having bettors in all areas ensures constant income throughout the year. But, if you want to become a seasonal private bookie, you can pick a sport like American football and find clients interested in wagering on football events.
Choosing A Partner
One of the mistakes that private bookies make is working alone. They buy sportsbook software and go solo with operations. But, you can always choose a partner that respects your privacy.
A pay per head (PPH) solution provider is the best partner you could have. A PPH is a business concept ideal for private bookies. The service provider gives you a betting platform and everything you need to run a successful private bookie.
Therefore, choosing the right PPH shop is a crucial process. Here are some of the things you should look for:
Comprehensive Package
The first thing you need to look for in your potential partner is comprehensive services. So, ensure the package includes sportsbook software, customer support, multiple revenue sources, IT experts, reports, player management tools, and other bookmaking features. Ideally, the products and services you get from a pay per head shop should help your bookie thrive. The services should be efficient and cost-effective. Moreover, they should make running your business as easy as possible.
So, ensure the tools provided by the software simplify your operations. For example, the software should automate booking and grading bets.
Custom Website And Latest Technology
Each private bookie should have a custom website. You can also get your unique domain name.
PPH shops have many unique betting templates to choose from. You can still pick one and launch your bookie instantly. But, if you want to add several things to your platform, you can ask your
PPH provider to customize your site to meet your private group needs.
You also need the latest technology in regard to security. Ensure your PPH provider uses DDOS protection on the server and encryption technology to protect personal and financial information for you and your players.
Another thing you should have is daily backups to maintain your site’s integrity. Also, look for tools to help you minimize your business liability. For example, look for an auto line mover that automatically updates your events to keep you ahead of any moves.
Support
One of the advantages of partnering with a reputable pay per head service provider like Power Pay Per Head is customer service around the clock. Your clients might need to contact you from time to time.
So, being available around the clock is important. Unfortunately, you might not be able to afford to hire customer support experts around the clock. This would mean that you need to be available around the clock, resulting in less rest and personal time.
But, when you partner with a PPH Shop, you get customer support at no extra cost. That way, you can rest when you can and work on your scheduled time.
Therefore, find out the quality of customer support provided by your PPH partner. The customer representatives should be experienced and knowledgeable about your services. That way, they can respond to your clients’ queries efficiently.
Payment Methods
Considering that you do not have to interact physically with your private clients, you need convenient payment methods. Fortunately, many payment processors are willing to process money for private bookies and bettors.
So, find out which payment methods your PPH partner has. These should include credit/debit cards, e-wallet options, and cryptocurrencies. Your clients might not want to transact using an e-wallet or credit card option.
Instead, they might prefer an anonymous system such as cryptocurrencies. Therefore, ensure it is a payment option on your bookie software.
Pricing
Lastly, you should consider the pricing. This is the amount you pay for the products and services you get from your PPH provider. Most shops charge a weekly fee of between $3 and $30. The charges depend on what services you get.
For example, you can pay $3 per player. But, this could mean that the bet markets are few. Also, the shop might not include customer service in the fee.
So, ask about the charges and find out what they cover. Remember, you need extensive bet markets, customer service, an IT team, oddsmakers, and other bookmaking tools. Do not sacrifice some features or services to pay less.
Acquiring Capital
You need capital to start a new business. But, you might be wondering why you need money when working with a pay per head partner.
For starters, most bookies prefer to pay the fee upfront. Then, the PPH service provider can deduct weekly fees depending on the number of betters that wagered that week.
But, this is not the only reason you need capital. You need money to top up your bankroll. As a private bookie, you need to know that it is impossible to balance the book at all times. Sometimes, bettors will wager on the favorite over the underdog no matter how much they try to adjust the odds.
If the favorite team wins, the amount wagered on the underdog might not be enough to cover winnings. So, you need to take some of your money to pay the winners.
But, using your money to cover winnings does not happen often. Usually, you can use a layoff account to recover your losses.
Dedicate Some Time To Running Your Business
Another thing you need to consider to become a private bookie is your time to run it. Working with a price per head solution eliminates the need to spend 24 hours operating your bookie. But, the time you sacrifice for your business will determine how much more you can earn.
Considering you are dealing with a seclusive group, you need ways to encourage them to bet more. So, you could use the time to customize your services for each bettor to encourage more betting. Also, you ask your clients to refer their friends, and you work on signing up more of your friends.
Launch Your Private Bookie Today
Launching your pay per head private bookie today is easy. You only need to gather your capital, and a few friends, and contact your PPH shop. The pay per head shop will deal with the other steps of launching and running your bookie.
First, they will customize your betting platform and incorporate bookmaking tools and bet markets. Then, your clients can sign up and place bets. So, Contact Power Pay Per Head to launch your private bookie today.
