First, we will congratulate you for thinking about financial independence while still young with pay per head software. Being in college is one of the most fun moments in your life. It’s time you discover most things, including being in a brotherhood group commonly referred to as frats.
Before you start offering your college bookie services to your brothers, you need to understand several things. Remember, a bookie has several advantages over bettors.
So, your frats would be angry if they realized you are making a bank out of their pockets. Here is what we would advise you to do before starting the bookie and after you start offering your betting services.
What You Need Before Starting Frats Bookie
Starting a frat’s bookie can go well or badly. Some may take your intentions as ill. By following the following tips, you should be able to launch that college bookie in no time.
1. Ask Your Group Member About Starting a Frats Bookie
People join a fraternity to become part of a group or brotherhood. In these groups, you can create lifetime friends. So before you start a bookie business, tell them about it. Let them tell you how they take your new venture.
Remember, they are your friends, and they will be placing bets with you. You need to determine how you will be taking their money and how you will be paying their wins. Some may ask to place bets on a loan.
The point is, to evaluate how you will do a bookie business with your friends. Calculate the risks you face if you are unable to pay their winnings.
You may need some financing to take your business off the group. In this case, your brothers might come in handy by financing your business. They might want to be investors in your business. That means you have to divide returns among investors and yourself.
If your frat comprises a small number of people, it might not be profitable to start a business solely depending on them. Instead, this group can help you reach other people on campus. That is better because you will get a huge audience and will likely convert more people to play at your college bookie.
2. Find the Legality of Starting a Bookie
Once you know where your friends stand about your business, you can find its legality. Some colleges might prohibit students from offering any business, including sports betting. So, confirm with your school about running a sportsbook.
Also, you need to find the legality of sports betting in your country. While over two dozen states have legalized sports betting, some are yet to. If you are from these states, you need to find how you can run a bookie without falling prey to legal issues.
For example, you can host your bookie offshores with a pay per head software. This takes your bookie online and gives it a better chance of offering sports betting to all fraternizes across the country or other countries.
3. Find Which Betting Markets You Will Offer
As a college bookie, you want to offer bet markets students are familiar with and enjoy participating in. For example, you cannot focus on offering gold markets to college students. But, your business will do well by offering markets for:
- Major League Baseball
- MMA
- Conmebol Copa America
- National Basketball Association
- CONCACAF Gold Cup
- Boxing
- Esports
- Rugby
- National Football League
- College football and many more.
As a bookie, you need to offer what keeps your players happy because it influences the number of times they play at your sportsbook.
If you are offering good markets, students will make your bookie the go-to platform. Also, you have to offer markets throughout the year to avoid revenue downtime.
4. Decide How Much You Need To Charge
When offering sports betting services to your friends, you might feel obligated to lower the prices. But, do not fall into that trap. Offer your business as you would do to any other person.
The amount you charge a vig can vary from one sport to another. But, consider offering a 100 to 110 percent ratio. This range means you will start making profits quicker and protect your starting business.
5. Knowledge of How to Set Your Lines
The way you set the lines could determine how long you stay in business. There are two ways of doing this:
- Set the lines yourself
- Copy already set lines from another bookie you believe is more experienced
Setting the lines yourself is a good idea if you have the experience. But, if you have none, it is best to seek professional help.
You can look up several sportsbooks and compare their betting lines and decide which betting line options are best for your platform. Once you set the lines, you need to track them. That will help you decide when to push the punter to the other side if one side receives too much money.
6. Have a Layoff Account for Profits
A layoff account is a platform a bookie agent can use to balance out an action. At power pay per head, we will offer a layoff account as part of the features of the pay per head software package you buy from us.
Whenever you are in an unbalanced state where a loss could affect your business’s cash flow, you can use the layoff account. You can use the money you get with the account to offset the losses your bookie may get.
Another reason you should get a layoff account is to run a successful sportsbook. It helps you earn profits without having big risks. That is important for any bookie because it helps in balancing the business. Yet, it is crucial you understand the uses of the layoff account as a business tool and not an in-house account.
7. Determine Whether You Will Give Credit
Some bookie agents might want to issue a credit to bettors. Although this is inadvisable, your college bookie for frats involves dealing with people you know, which means you can go for it.
But, you need to consider several things when deciding to offer a line of credit. These include:
- Whether the bettor pays his debt
- Whether the person can afford the debt
- Strategies to apply when it comes to offering sports betting lines to creditors
- Whether there is a reason for the player to commit fraud8. How You Will Attract New Customers
Some bookies need only ten high-roller bettors who bet consistently to make profits. But, if your frat group does not consistently bet on your platform, you need to reach a wider market.
That means you need to market your business on social media or use other marketing strategies to reach other fraternities across the country. The first thing you can do is exchange advertising.
This is asking another business to advertise your college bookie at their school while you advertise theirs. That will cost you nothing but time, and both of your businesses will benefit.
Another way to advertise is by joining social media groups for various colleges near you. Read the guideline before you start offering your services; otherwise, you will be removed before you can reach your audience.
Lastly, you can invest in SEO marketing. This involves using specific terms in your industry to place your business on Google. When other frats look for college bookies dedicated to them, they can find your business thanks to your applied SEO strategies.
9. Finding a Sports Betting Software
One of the best pieces of advice you can get is to not invest in an individual sportsbook. Instead, you should use pay-per-head software for a college bookie. When shopping for the best PPH software, ensure it has several features, including:
- User-friendly interface
- Supports multiple payment methods such as e-wallets, cards, and cryptocurrency
- The platform is available in several languages, including English, Spanish, German, and others
- Has top-notch security measures
- 24/7 customer support
- Offers a vast list of bet markets in various events, including basketball, football, soccer, esports, and others
- Administrative panel with managerial tools including one for creating reports
- A tutorial video: this will help you learn how to use pay per head software before you can invest in it
Sports betting software can help you avoid doing some tasks manually. For example, you can use the tool to generate the reports you want instead of inventing another tool.
Final Thoughts
Venturing into the sports betting industry is a good idea. As a billion-dollar industry, you are eligible to make profits in it.
However, you need to understand your market before you go into it. With the above tips, it should be easy to start and run your college bookie.
At Power Pay Per Head, we offer the best pay-per-head software in the industry. It comprises all the features you need to run a successful college bookie.
Contact us today to discuss your needs. We will use your feedback to design a platform that matches your frat’s needs, culture, and everything you want to see in a bookie.
