It is one fine evening when you decide to take the love of your life to dinner. This is the night you plan to ask her to marry you. So, it is a special night.
Your dinner date is successful and you have decided to get married in 7-12 months. With your monthly salary, you know a good wedding is just a dream. What you do not know is that you can learn how to be a bookie and launch the betting service.
With a bookie, you get an extra source of income, which is more money. So, in a few months, you will have money to fund your wedding, go for a decent honeymoon and remain with some savings.
Notably, you do not have to quit your job because you can operate your bookie business once you leave the workplace or during lunch hour. Here, Power Pay Per Head team teaches you how to be a bookie. With this guide, you can start making more money in a few minutes.
Create an Actionable Plan
Being a bookie is like any other entrepreneurship. So, it would help to create a business plan for your bookie.
This is where you write what you want for your business. Write the business goals and how you want to achieve them. Another thing you should write is the money you are likely to use.
It would help to have a timeline. For example, you can decide to launch your bookie in seven days. Another thing to include in the timeline is finding a specific number of players by a certain date.
Lastly, remember to include the date you want to make a certain profit. Then, you can implement all requirements to reach the target profit.
For example, suppose you want to earn $1000 in profit in five months. You can specify what you need to do to earn that profit in five months.
Familiarize Yourself With the Industry
Have you ever placed a bet before and where? If you have, you know something about the betting industry. Otherwise, you need to at least wager once to get a hang of it.
The first thing on how to be a bookie is learning about the industry. Notably, there is so much to learn. From how betting works to why gamblers wager on one time over the other, you need to familiarize yourself with everything.
But, you need to look at it as a business owner and not a bettor. That way, you can utilize the weaknesses of bettors and the knowledge acquired to grow your profits.
If you do not watch games, start doing it. Also, read sports, poker, casino, and eSports news. Ideally, familiarize yourself with the gambling sector you wish to venture into.
Choose a Market
There are two ways of looking at this. One, you need to consider your target market. For example, you may want to offer betting services to college students and alumni, friends, fraternity groups, family, residents, or international clients.
Once you identify your market, you proceed to the second part of this; choosing a niche or the product you want to offer. For example, if your preferred clients are college students, you need to offer sports betting on college events including tennis, baseball, college football, and other popular events.
If your clients are international, you must include soccer, hockey, basketball, cricket, and other internationally recognized sports in your offering. Today, you do not have to stick to sports betting.
Instead, you can include several other platforms such as casino, racebook, and eSports. That way, clients see you as a one-stop gambling platform.
So, instead of creating multiple accounts with different bookies, they can create one with you. Consecutively, you will make more money.
Find Out How Post Pay and Credit Bookies Work
Another thing you need to learn on how to be a bookie is that you can venture into the industry as a credit or post-pay bookie. The decision about becoming a post-pay or credit bookie should be determined by your target clients.
For example, if you are a private bookie dealing with clients you personally know and their referrals, you can become a credit bookie. On the other hand, you can become a posy pay bookie if you are dealing with strangers.
But, you can always choose to become both. This is where you ask your clients to deposit their funds to play. Then, after a few weeks or months, you can look at their betting history and determine whether they deserve to bet on credit.
You need to agree with credit bettors. Here, you need to discuss how they will pay their debts and when. Also, your clients will need to know when they can get their payment and how.
Recruit New Clients
Now that you know you want to become a post-pay or credit bookie and the niche you want to venture into, find new clients. For example, if you want to offer bets on college events, recruit college students as your clients.
This is one of the most essential steps on how to be a bookie. So, you need to carefully select your clients. Remember, you want quality clients responsible for creating your wealth in the expected time.
Apply all the methods you know of finding new clients. You can ask your friends and family to use your platform and refer their friends too. Another way you can reach more clients is through social media promotion or SEO marketing.
Do You Have the Funds?
While being a self-employed entrepreneur is great, it has some drawbacks. For example, no one but you is responsible for funding your new business venture.
The amount of money you need depends on the size of your bookie. So, if you are a small bookie dealing with up to ten clients, you do not have a massive bankroll. The more clients you have, the bigger the bankroll should be.
Another thing that should determine how much money you need is how you want to launch your bookie. For example, a traditional bookie such as William Hill will need millions to launch. But, a pay per head bookie will need much less.
Here is why; when you take the William Hill concept, you pay for website development, sportsbook software, call center, rent a physical headquarter, licensing fee, IT expert, and employees’ salaries. Website development is approximately a minimum of $5600. If you need all bookmaking features, security measures, and other requirements that make you a competitive bookie, it might cost you more capital.
But, a pay per head bookie does not pay a massive initial cost. So, they do not need huge initial capital to launch or run their operations.
Working With a Pay Per Head Solution
Suppose you have decided to use a pay per head solution to launch your bookie instead of taking the William Hill route. You need to understand that a pay per head bookie is as competitive as traditional sportsbooks. Moreover, it has all the features that a traditional sportsbook website has.
So, the first step here is finding a pay per head solution provider. Fortunately, there are hundreds of these today. However, the hard part begins when you have to choose your ideal pay per head partner.
You need to consider several factors when choosing a price per head shop. These include;
- The years of experience and the expertise of the team running the PPH service
- The quality of the PPH sportsbook software
- Availability of customer services for agents and bettors
- Bookmaking tools
- The cost of the pay per head solution
There is more to consider. But, these should act as your guide.
As the name suggests, this concept allows you to pay for the services on the agreed basis. For example, your provider can give you a weekly fee for each player that wagers on your platform.
The pay per head fee is dependent on what you get and the company providing the services. Ideally, PPH shops charge between $5 and $30 per player.
Whichever fixed price you pay, ask your PPH shop what it covers. For example, you could choose a $5 PPH shop. But, the fee could be covering five sports betting markets, a customized website, and a few bookmaking tools.
On the other hand, you could pay a few more dollars to get 24/7 customer support, 20 sports betting markets, racebook, casino, live betting, and other bookmaking features. Ideally, ensure you are getting value for your money.
Utilize the Free Trial Period
Some pay per head shops offer a free trial period of between two and six weeks. These shops are confident about their products and believe you will subscribe to their services after realizing the advantages of using their platform.
So, consider using the free trial period. That way, you can save some of your capital for a few weeks. Also, you can learn whether the PPH sportsbook software is ideal for you before you pay for the services.
Launch Your Bookie and Take Betting Action
The last part on how to be a bookie is launching the betting platform. Here, you can add player profiles from the agent’s dashboard. Then, you can inform your clients that the platform is up and can start to place bets.
Power Pay Per Head is the leading PPH service provider. So, consider contacting the site for an excellent partnership that will help you grow your bookie.