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 were 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.
When considering starting a bookie business with your friends, it is crucial to evaluate the risks involved, particularly if you are unable to pay their winnings. Failing to meet payout obligations can strain relationships and potentially lead to legal repercussions. It is important to carefully assess your financial capabilities and ensure you have sufficient funds to cover potential payouts.
If you require additional financing to launch your business, your brothers may prove valuable as potential investors. However, it is essential to establish clear terms and agreements regarding returns and profit distribution among the investors and yourself. This will help maintain transparency and avoid potential conflicts down the line.
While starting a business solely relying on a small frat group may not be as profitable, they can still play a vital role in promoting your bookie services among other students on campus. By leveraging their connections and influence, you can reach a larger audience and potentially convert more individuals into players at your college bookie. This expanded audience can contribute to the growth and success of your business.
Careful financial planning, open communication, and effective marketing strategies will be key to navigating the challenges and maximizing the potential of your bookie business with your friends. It is important to approach this venture with a solid understanding of the risks involved and a clear strategy for sustainable growth.
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 out 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
- Conmebol Copa America
- National Basketball Association
- CONCACAF Gold Cup
- 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 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 taking 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 guidelines 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.
Venturing into the sports betting industry can indeed be a promising idea, considering its billion-dollar market potential. However, it is crucial to thoroughly understand your target market before entering it. With the tips provided above, starting and managing your college bookie business should become more manageable.
At Power Pay Per Head, we take pride in offering the industry’s best pay per head software. Our comprehensive software includes all the essential features you need to run a successful college bookie operation. From player management to odds customization, secure payment processing, and more, our platform is designed to meet your specific needs and requirements.
Contact us today to discuss your unique needs and preferences. Your valuable feedback will help us tailor our platform to align with the culture, preferences, and specific requirements of your frat. We are committed to providing you with a platform that reflects everything you envision in a bookie business.