How much money does a bookie make? The better question is, how much do you see yourself making as a bookie? The answer is that you can make as much as your efforts.
Millions of people enjoy watching sports and wagering on them. This number has increased following the U.S. Supreme Court’s overruling of the Professional and Amateur Sports Protection Act (PASPA) of 1992.
Moreover, the legalization of sports betting has encouraged more residents to venture into gambling. With a rich market, bookies can make a lot of money or not, depending on how they do their businesses. Below, we answer “how much money does a bookie make” with various examples and factors influencing their income.
How Much Money Does a Bookie Make?
This is a good question for anyone thinking about becoming a bookie. In fact, we get this question a lot, and our answer has always been simple; the sky’s the limit.
However, we do not stop there. While the sky is the limit, a bookie has to implement several things to start making good profits.
We can give a more specific answer, such as you can make between $5,000 and $10,000 per week. But, several things must play for you to get such a number. So, let us look at the factors that determine your profits, then return to your question, “how much money does a bookie make?”
Using a Revolutionary Pay Per Head Software
When we talk about using a pay per head software, we assume that you have moved your business online. In case you cannot see its benefits, here are a few:
- Running an offline bookie operation is tedious unlike operating it online
- Online bookies have valuable bookmaking tools
- Most processes are automated using a pay per head software
- Running an offline bookie puts your business at risk in case your papers fall into the wrong hands (law)
- Using a pay per head software can help you make more money. The software handles many processes, leaving you with more time in your hands to find new clients.
Considering that it is designed to eliminate every possible mistake, you are assured of accurate calculations. Ideally, the software books and grades bets automatically. Yours is to look at reports to see how much you received and paid out.
Another advantage of the pay per head software is the number of sports betting markets it hosts. For example, Power Pay Per Head sportsbook software has over 20 sports betting markets. Having multiple bet markets increases your revenue sources.
Yet another reason a pay per head software can help you make more money is that it runs online. Today, most players prefer to wager online over visiting on-site sportsbooks.
To demonstrate, look at the revenue generated online versus that generated offline. Online platforms generate more income than on-site sportsbooks except for the case of land-based gambling properties in Las Vegas. So, you are likely to attract more betting clients with an online platform than a backyard bookie.
Number of Players
Another thing that naturally impacts how much you earn is the number of players. Suppose you have five active clients in March and 30 players at the end of May. You might notice that your earnings increase when you have more clients wagering.
There are several ways of increasing your clients and encouraging them to bet more. First, you need to market your business. Package your business properly to allow clients to see how they can benefit from using your platform.
For example, you can show many sports you offer bets on and the number of events you cover every day. Another thing you can use to market your bookie is customer service, payment methods, and user-friendliness of your platform.
You can also ask your friends to refer your bookie to their friends and family. Apart from that, you can hire a marketing agency, use a referral program, and SEO to gain new clients.
Then, once you have your clients, you need to motivate them to bet. So, ensure your platform is showing multiple betting markets at a time to allow clients to browse more than the markets they logged in to check on. You can also ensure that your vig is affordable, the odds are competitive, and it is easy to place a bet.
The Wagered Money
The best way to look at this is to have an example. So, suppose you have 100 players, each wagering an average of $25 to $10,000 per game each day. with this number, you can make between $5,000 and $10,000 each week.
This amount can increase or decrease depending on whether your clients are high rollers or budget players. Also, you have to factor in the number of players wagering a specific amount.
The main source of income for bookies is juice. This is the commission that bookies charge every bet. So, when you see a bookie offering odds such as -105, it refers to bettors placing $105 to earn $100 when their team wins.
Ideally, the $5 is the commission that a bookie earns. Depending on the event and the bookie, the juice can be as low as $3 and as high as $20.
The Popularity of a Sport
Another factor that determines how much bookies make is the event. For example, popular sports such as American football invite more bettors than hockey matches. So, you can find that you make more money during the National Football League (NFL) season than any other season.
Most bettors place bets casually. They do it to use their spare money, have some fun, and hope to profit from it. These bettors are a good source of income.
Interestingly, they are not cautious about how much they spend. Instead, these gamblers are generous because they hope to become millionaires with a single bet.
Unfortunately, these players are unlucky 53-56 percent of the time. Fortunately, this is all you need to make your profits.
Casual bettors do not analyze statistics, follow the news, and other data before placing bets. Usually, most place bets on a team because it is their favorite or looks like the better team.
With a few bad bets each week, you can make a lot of money. So, consider recruiting novice gamblers continually to capitalize on bad bets.
The last factor on how much money does a bookie make is balanced books. This is crucial because your income can never grow without balancing your books.
Suppose you have ten generous bettors. As long as you have not balanced the money wagered on both sides, their generous betting is useless to you.
So, if three players have wagered $1000 on team A, you should strive to make the remaining clients wager the same amount on team B. The money wagered on the losing team can cover the profits for the winning team.
When your book is balanced, you can keep the profits. Remember, you earn from the commission you charge your players. Without a balanced book, you need to use your profits to cover winnings.
Bookie Potential is Unlimited
Let us get back to your question; how much money does a bookie make? With the above factors, you have a clearer picture of the money you can make offering sports betting.
Suppose you have one client wagering $220 every day on a game featuring odds of -110. If the bettor wins, you have to pay an extra $200 and none if they lose.
Now, assume you have two clients placing the same amount of wager on two different sides. Obviously, one team will win and ultimately one of your clients. The money from the losing client will pay the winning clients. Meanwhile, you will be left a few dollars as profit.
The goal is to implement all the above tips to ensure that you make money. Unfortunately, you cannot focus on one factor and forget others as they work hand in hand.
For example, you can have 100 clients. But, if they barely wager or wager $10 once in a while, it will take months before you can create your wealth. You can make more money if you have more clients and motivate them to wager more by rewarding cashback and other offers.
Get your Pay Per Head Software to Start Earning
The first step towards making money is getting a pay per head software. This is a sportsbook software whose price you pay depends on the number of players placing bets with you. The pay per head concept saves your initial cost, a thing you should consider because your goal is to make money.
The best pay per head site is Power Pay Per Head. The software has valuable features to help you make more money. For example, you can get bets in soccer, tennis, hockey, basketball, ice hockey, handball, American football, and crickets.
Another valuable feature is the report system that generates information you need, including financial data showing you how you are making money and how to improve your operations. Another thing worth mentioning is Power Pay Per Head’s additional revenue sources, including a casino and racebook.
If you want to know more about how much money does a bookie make, an agent from Power Pay Per Head will guide you. Contact the site at 855-492-6007 to get started.