How many times have you wagered in the past and won? We guess that you have wagered more times than you have won. But, when you become a bookie, you join the team that always wins. Most gamblers lose bets over 90 percent of the time throughout their lives. Some bookies dare say that when a gambler wins, it is like they loan them the winnings. Often, the gambler will use the won amount to wager more and end up losing it and more. So, when you become a bookie, you are guaranteed to win consistently. But, you have to become a sportsbook the right way to make money consistently. With this guide, becoming a successful bookie should be easy.
Things to Consider Before Becoming a Bookie
Becoming a bookie agent today is easy. You need to partner with a pay per head service provider, find clients and have enough funds to bankroll your operations. Apart from that, you need to consider several things before you become a bookie, including;
A bookie has to follow various gambling rules and regulations depending on where they are operating from. So, if you are in New Jersey, understand the gambling regulations and see how you can adhere to them. For example, if you need a license to operate in the state, apply for one before you can launch your bookie. Otherwise, you will operate your bookie in the dark, hiding it from gambling regulators and the consequences of breaking the laws.
Money Collection and Payout Methods
The other thing you must consider is how you will be receiving wager money and paying out winnings. If you want to become a bookie online, you need online transaction methods such as gift cards, e-wallets, credit/debit cards, and cryptocurrencies. With these options, you provide your clients with convenient payment methods. When you choose to become a paper and pen bookie, you can send someone to collect money from bettors or via post. So, you can communicate over the phone with your clients and agree on how you will exchange money depending on who is receiving and paying up. While several bookies are running offline operations, few clients are still stuck offline. Now, they love the convenience of depositing, withdrawing, and betting over the internet. So, partner with several payment methods or one pay per head service provider who takes care of the payment system.
Limiting how much your players can bet is important. Unfortunately, most new bookies allow bettors to wager as much as possible. When bettors realize this weakness, they are likely to take advantage. They will bet more to win bigger payments. Consecutively, you will lose a lot of money paying huge winnings. There are two advantages of setting betting limits. The first is to prevent players from losing a lot of money. Look at it this way; if you lost a lot of money to a bookie today, you would feel like you have been conned. The truth is, you made the wrong prediction and lost the bet. You might even quit placing your bets with the bookie. Unfortunately, you cannot afford to lose clients. So, you need to set a bet limit to prevent players from making excessively huge bets that would pinch if they lost. The other advantage of setting betting limits is to reduce a bookie’s liability. If clients can place big bets, it would be impossible to pay all of them if they won. This would create a bad reputation for your bookie business.
Whether You Have Funds
Another factor you need to consider before you become a bookie is funds. Already, you know the maximum you can let your clients wager. Now, you can have a bankroll, enough to pay all the winnings in case all your bettors won a bet. Suppose you have ten clients who can wager $100 each. If all the ten players wagered $100 and won, you must have enough money to pay out winnings. So, consider the number of players you have and their bet limits. Then, create a bankroll to cover their winnings on a bad day. You also need start-up capital. You need a website, sportsbook software, and money to pay for other services to become a bookie online. The size of the capital depends on whether you want to become a traditional bookie or a pay per head sportsbook. If you choose the first, you need more than $1000 to launch your bookie. But, the latter option is better because you only need a few dollars. In fact, you might not need any initial capital. You can get a few free weeks if you work with Power Pay Per Head sportsbook software. You can gather your funds during the trial period to pay the weekly fee once the free weeks of service are complete. Fortunately, the pay per head fee is not expensive. It could be anywhere between $5and $30 depending on the service you get and the PPH shop providing it.
How Much Time You Can Give Your Business
Do you work elsewhere? If you are employed or working over 60 hours a week, you have little time to run your bookie. This is not an issue considering that some bookies operate part-time. But, you have to put in more work as a start-up bookie if you want to get significant income. A pay per head bookie has better chances of doing well even with little time than traditional bookies. So, consider launching with a PPH shop that helps in business operations while you are working. Then, you can use whichever time you get to sign up new clients.
How to Become a Bookie
Now that you know what you need to become a bookie, learn how to become one and run a successful betting business.
Find Your Ideal Clients
The sports betting industry already has many clients looking to place bets. But, not all clients are right for your business. For example, if you are running a geo-locked betting site in New Jersey, you cannot recruit clients from Nevada because they cannot access your site. So, recruit clients that can access your site. Also, you need to consider whether your clients are high rollers, half-full glass, or half-empty glass type of bettors. In other words, consider your bankroll while recruiting high rollers, standard, or budget players. Remember to consider their needs too, such as their preferred bet markets.
Choose Betting Markets for Your Clients
Considering you know the betting markets that your clients prefer from your recruiting process, come up with a list of them. For example, if your potential clients suggested that they love wagering on soccer, American football, baseball, hockey, ice hockey, tennis, golf, or any other market, ensure your sportsbook has these sports.
Collaborate With the Best Pay Per Head
You can become a bookie with pay per head service. This is where you partner with a pay per head company to launch your bookie in minutes. Usually, the PPH site has a ready betting site. So, if you choose to use it, the PPH shop will take it online. It features all sports betting markets your target clients will love. Some pay per head sites ask for a specific deposit amount to use their platforms. But, others allow you to offer sports betting services a few weeks before you can start paying. Whichever site you choose to use, ensure it has many betting markets, is user-friendly, and is accessible online. Also, confirm that the backend is embedded with crucial features and tools for running a bookie efficiently.
Create an Unbeatable Customer Service Experience
Your clients should feel like they are in good hands, contacting customer service providers for your bookie. If they do not, they will spread the word, discouraging other players from wagering with you. Therefore, create unbeatable customer service. Ensure the representatives are educated, professional, friendly, and polite.
Create Accounts for Your Players
Some bookies allow clients to create their betting accounts while others have to create them themselves. So, depending on how your website is designed, create betting accounts for your clients. Then, send them login links to access their accounts.
Launch Your Bookie Business
The other step is to take your platform online. This is a simple process involving something like clicking a “launch” tab. Once you do, clients will be able to find you online. If they know the name of your website, they can look it up on their browser and create their betting accounts. If you have marketed your site, new clients will come across it and create their accounts.
Manage Your Bookie and Players
The last part on how to become a bookie is managing your sportsbook and players. Managing your bookie is like activating various betting markets, creating betting lines, and so forth. As for managing clients, you need to set bet limits and maximum wins. Your pay per head partner can do other technical aspects of running a bookie.
Become a Bookie Today
Do you know it would take a few minutes to become a bookie today with a pay per head platform? A PPH service is always ready to launch a new bookie in minutes. Once you submit your preferred bookie name, email, and phone number, your pay per head will set up a bookie in minutes and launch it. Contact power pay per head to become a bookie today. Take advantage of the trial period to familiarize yourself with the site’s services.