One of my best friends started as a backyard bookie. So, I have first-hand information about the obstacles he faced offering his services. It was not until he decided to become a bookie online that he started enjoying his work.
You see, his operations were illegal because he did not have a license. He also had only a few clients and could barely make enough money to cater to his needs. However, with the Power Pay Per Head solution, Dan became one of the best online bookies I know today.
I will share with you five easy steps Dan took to become a bookie online. These steps made Dan a successful online bookie, earning over $10,000 every week.
Learn About the Market
Forex trading is thriving. Unfortunately, people are losing their dollars because they are investing in it before understanding it. Similarly, most bookies fail to profit because they do not understand the market and how gambling works.
Therefore, it is crucial to understand a market before entering it. Find out what you need to start, how to operate the bookie, make money, and meet your clients’ needs.
While running a bookie looks like fun and glamor, a lot happens behind the scenes. There is creating betting lines, booking and grading bets, reducing risks, and much more. Therefore, it is crucial to learn the whole bookmaking process.
For example, you need to know how to set the lines and move them. Suppose you started with -110 as your initial odds for a specific game. Depending on new information, you will want to change the odds to -120 or -105.
In other words, you need to learn how to interpret data such as injuries, lineup, and similar information. For example, if Cristiano Ronaldo will not play in the upcoming Manchester United game, it might affect the outcome. Therefore, bookies need to set their odds considering this data.
Remember to familiarize yourself with the lingo of your target clients. For example, you can use puck lines in hockey bets and spread betting in American football even if the two terms refer to the same thing.
Make a Plan
To become a bookie online, you need to make a plan. This will save you a lot of time and effort. It is easy to follow through with your project when you have a perfectly designed plan.
Consider everything you want about your betting services. Pick the sports you want to offer bets for, decide how much you need, how to launch, and every detail regarding bookmaking.
There is a lot to do at this stage. For example, you need to research about your clients before picking a niche. Suppose most of your clients are in North America. While you can offer bets on soccer, you also need to offer bets on horses, as horse races are popular in this region.
Researching about your clients will help you make better plans. Decide what kind of operation you want to run too.
Ideally, ensure you have an actionable plan. You need to note how you will make money, who you will hire, and every other detail.
Secure Your Funds
You need enough money to become a bookie online. Online bookies must have specific elements to appeal to clients. For example, you need a sleek website.
Another thing you need to appeal to your clients is a user-friendly platform compatible with smartphones and desktops. If you need a mobile app, you need to spend more money.
Considering that you are in the gambling industry, you are not assured of making profits all the time. Sometimes, you will have more clients winning than losing. This would mean that you need money to cover players’ winnings.
Consider the number of players and their betting limits before setting up a bankroll. For example, if you have 20 clients with a bet limit of $100 each, you need a bankroll of around $100*20. Unfortunately, this amount would only cover winnings for one day.
Some experts advise bookies to have at least 20 percent of the expected handle each day. If you know a bookie, you can ask them to guide you in creating a bankroll.
If you created a plan as advised above, it would be simple to decide how much you need to become a bookie online. For example, if you noted that you want to become a pay per head bookie, you do not need extra capital for building a website or buying a sportsbook software. Instead, you only need enough dollars to pay a weekly fee.
Choose a Pay Per Head Solution
You have the capital and knowledge required to start a bookie. Now, you can choose a pay per head solution. While you can take the William Hill route and spend millions to launch your sportsbook, using a pay per head solution is much more feasible.
You will spend much less money, launch in minutes, and start making profits in a few days. A pay per head solution is a bookmaking package provided to bookies. The service comprises different things depending on the provider.
For example, a provider can offer customer support, sports betting markets, a website, and sportsbook software. Another can skip offering customer support and other services. The charges too, are different depending on the services bookies get.
So, you can find a company charging $30 per player every week while another is charging $10 or $3. Whichever the case, you need to look at what you are getting for the money. You should get value for your money.
You can pay $3 per player each week and not get value for your money. Therefore, evaluate the services you are getting for your pay and determine whether it is worth it.
If the services offered simplify your bookmaking, take the offer. Ideally, ensure your provider can offer a betting platform and sportsbook software to streamline your bookmaking, player management tools, access to a call center, risk management tools, and additional valuable tools.
Advertise Your Bookie to Attract Clients
The best thing about becoming a bookie online is that you can easily advertise your services online. Considering that online bettors look for online platforms, the best way they learn about your services is online.
Fortunately, there are several ways you can find clients online. While most bookies start with family and friends, you might not want to take that road. Instead, you might have a bigger picture.
Here, you can advertise your bookie online. You can hire an advertising company, a social media marketer, or do SEO marketing. These advertising methods give different results.
You can try each method at a time and evaluate its results. If you have more funds for advertising, you can apply all three methods to reach your clients.
Remember to highlight what your bookie can do for your clients. Show potential clients that you are the best there is and how you are different from standard bookies.
Once you find your clients, evaluate them to determine what kind of players they are. This will help you set their bet limits and tailor your products depending on their preferences.
Are You Ready To Become a Bookie Online Today?
Becoming a bookie is easy as long as you follow the proper steps. If you follow the above tips, you can quickly become a bookie online and start making profits immediately. Contact Power Pay Per Head to get your sportsbook website and software and start taking action.