So much happens during the college years that leave you with a lifetime of memories. On the one hand, you will be pledging loyalty to various fraternities. On the other hand, you will live a perfect social life while balancing all of them with completing professors’ homework.
At the end of your period at the campus, you will have accumulated so much debt you will not know where to start with paying it.
You can get ahead of this by starting a college sportsbook with a pay per head bookie software. This will help in sustaining your social life and paying most of the college fees. This guide will uncover what pay-per-head sportsbook software is, how to start one, and every detail.
What Is Pay Per Head?
If you have been thinking of starting a college bookie, you must have heard about pay per head. This is a concept that makes running a bookie easier as it automates most tasks. This includes balancing accounts, offering 24/7 customer support, inbound calls, setting betting lines, and recording players’ activity.
Without this service, you would have to hire a team to respond to all customer queries or do it yourself. You would also do all other managerial tasks of a bookie agent. With pay per head, you get all these actions done by the sportsbook software for a specific fee per player.
For example, a PPH service provider can charge $10 per player per week. This means you have to pay $10 for every player that wagers on your bookie.
Notably, pay per head bookie software can comprise a sportsbook and a live casino, a racebook, and a digital casino. With these multiple gambling products, the chances of collecting more revenue while the PPH price stays the same increase.
Power Pay Per Head has state-of-the-art software, an award-winning customer support system for your customers, top-notch IT infrastructure featuring high-level network security, and expert line makers. All these features match what a college bookie needs.
While all the operations go to the service provider, you will remain with manageable work, which means you will have enough time to catch up with your social life and study for your degree. Thanks to the pay per head concept, you will only need to actively look at your bookie when paying up players, and PPH service providers, and reviewing reports.
What Is a Bookie?
Now that you know what pay per head is, you can learn what a bookie is. A bookie is someone that manages sports betting. While some stick to sports betting, most agents grow their portfolio by offering other forms of gambling, including casino gaming and horse racing bets.
A bookie can use bookmaking software to take bets and perform other managerial duties. Various sites provide this bookie software, including Power Pay Per Head, in return for weekly or monthly payments.
How Much Will It Cost to Run a Pay Per Head College Bookie?
This is probably the best thing you will read today. We will start by telling you that you do not break the bank to start a college bookie. If the stars are on your side today, you can start a bookie with several weeks of a free trial.
Yes, we can give you a betting platform with all the features and qualities you see on top online sportsbooks globally. The difference is that you will not need to spend thousands of dollars, and you will earn some profits.
With pay per head bookies, you do not have to pay an upfront fee. Instead, you pay a set fee for each customer each week or as agreed by your PPH service provider. To put this in numbers, it would cost you $100 every week if ten players placed bets during the week and the PPH price is set at $10 per week.
Dealing With Risks
While gambling looks like a risk for players, bookies also face the same risk. This is because bettors will win huge profits now and then. You can find a bettor placing a parlay bet, choosing 14 games for $10, and are likely to get over $100,000 if their predictions go right.
If several of these players placed such bets yet you are a starting business, you might not be able to pay out the winnings. This could lead to your business losing credibility.
Some ways of dealing with this risk are learning how to lay off bets to evade bookie’s losses, checking your bankroll to see if you can manage the action, and setting betting limits.
1. Laying Off
Laying off is reducing exposure to a game by placing a similar bet on another sportsbook. Doing this is crucial when you feel paying out winnings would threaten your business or crash your entire operation.
For example, many people will bet on the favorite in a popular game between a favorite and an underdog that is nearly sure to lose. As a private bookie, you might not have a huge bankroll to pay all the winnings.
In that case, you can place the bet on another bookie and use the winnings to pay winners on your bookie. If the favorite team fails, you will lose your bet, and so will your clients. When this happens, you can take the winnings to cover the stake money you wagered.
2. Managing Your Bankroll
While the odds are in your favor when it comes to making profits with a bookie, you need to manage your bankroll. Like any other business, you will spend money to make money. Some weeks you will lose money while in others you will make money.
During the first stages of your bookie business, you need enough money to cover any unforeseen losses. The more you accept more players on your bookie it becomes dangerous because you increase the potential for covering losses.
The best thing is to start with a few bettors and build your player base as your bookie grows. Eventually, it will be huge enough to cover its expenditures without you getting more money from your pocket.
3. Setting Betting Limits
Bet limits refer to the maximum amount a bettor can wager on a specified game. For example, when you try to place a $150 stake on a game whose limit is $100, you will get a pop-up message notifying you that the limit is $100.
The limit may vary depending on the sport, bet type, and day of the event. For example, a bookie can allow a maximum of $2500 on a National Football League game on Monday and increase it to $50,000 by Friday when the market is more liquid.
We will expound more on this point because it affects a huge part of a bookie business. Limits determine how lines are set. For example, a bookmaker can set a lower limit immediately after lines are released. After several bettors place their wager, the oddsmaker can tell whether they set the lines high or low.
Suppose a college game total is set at 47 with no limit and the first ten players place an average of $1000 each. At this point, the bookie is on the hook for ten grand on a wager that could be more valuable than the closing line.
Now, suppose the limited bookie players play a maximum of $50. By the time ten players place their bets, the bookie will realize its lines are high while maintaining a liability of $500.
As more bettors continue to bet, the bookie can move the lines to create an equilibrium point. That way, each side gets half the action. The bookie can continue adjusting the line whenever they get comfortable that it is displaying accurate lines.
Why Is This the Best Time to Launch a College Bookie?
Being in college means you already have a player pool. You have many friends who can use your services and frats to boost your business even after you leave school.
The American gambling industry is growing, especially because people between 18-25 years are interested in sports betting. Odds are on your side that you will get a significant number of people wanting to place bets with you. Moreover, you need the money to offset student loans and your lifestyle.
Becoming a College Bookie
The legalization of sports betting revolutionized the gambling industry. It has led to many states legalizing sports betting, including on college games. Moreover, the activity has become the favorite entertainment for all.
This tells you already have a conducive environment to launch a college bookie and make money from it. Furthermore, you do not need to spend a lot of money establishing a world-known sportsbook to start offering gambling services.
With Power Pay Per Head service provider, you can get bookie software meeting college student bookie agent needs. That includes software that sets your lines, receives wagers, processes winnings, manages players’ accounts, offers huge sports betting markets, covers most sports across the world, takes your bookie offshore, attends to your customer any time of the day, and much more. Contact us today for personalized guidance toward starting a successful college bookie.