Only a few people are willing to guide you through starting a business. Some guides you find online are not anywhere close to comprehensive. But, if you want to become successful in sports betting services, this how to be a bookie for dummies guide will come in handy.
While it is short, it is comprehensive. We will cover every important detail in this how to be bookie for dummies guide to ensure a successful launch of your betting services.
Develop A Passion For Bookmaking
How much do you love sports and betting? If becoming a bookie feels some type of stress, please do not do it. However, if you feel excited talking about sports and betting, this is for you.
Yet, loving sports is not enough to become a good bookie. You need to create interest in operating a bookie. You have to remember that a bookie is like any other entrepreneur.
You are solely responsible for the success of your business. Therefore, you need to learn every aspect of bookmaking. Discover the tools you can use, how to create betting lines, and how to earn.
Bookmaking is extensive such that you might not be able to do it alone. Although you will delegate some responsibilities, you should learn how it works. That way, you can learn how to improve your services and stand out from over 30k online sportsbooks.
Understand Your Roles
A bookie is a person or firm that creates odds, takes bets, and pays out winners. So, finding out how to be a bookie for dummies should involve you understanding your roles.
If you are running an online bookie, you do not need to complete various processes manually. For example, you do not have to take calls from your clients to record their bets. Instead, clients can log in to your betting platform, choose their odds, deposit funds, and place bets.
In fact, you do not need to process winnings because your sportsbook software can. Meanwhile, you can set betting lines. However, if you are not an expert, you should not attempt to set odds.
However, it is important to learn how to create odds. But, this should not stress you because most bookies wait until Vegas sportsbooks have set theirs and copy. Considering that you want to stand out from other bookies, you should learn how to set your own odds to have a competitive edge.
Alternatively, you can allow your pay per head provider to focus on bookmaking processes, including settling betting lines, as you concentrate on finding clients. Ensure you have good communication and customer service skills to help you acquire the right clients.
Research And Plan Out Your Betting Business
Most bookies ignore this step on how to be a bookie for dummies. Unfortunately, skipping this step is a recipe for an unsuccessful bookie.
Having a plan will save you from headaches in the future. Like mathematics, launching a bookie has a formula. Therefore, create a plan and how you will execute it.
For example, ask yourself where you will get clients and how. Consider the legality of betting services in your target market. You also need to plan how you will get funds to launch and operate your bookie.
Find out whether you have competitors and how they run their business. Discover their strengths and weaknesses, and plan out how you can be better than them.
Decide what kind of bookie you want to become. For example, you can become a pay per head bookie, a white-label, or a traditional type of bookie.
You also need to decide the gambling form you want to venture into. You can become a sports betting bookie, a casino, or a horse racing bookie. Alternatively, you can offer all forms of gambling.
Another thing you need to plan is when to launch your bookie. Suppose you want to launch your sportsbook in the first week of the National Football League. You need to have everything ready by the time the NFL season is starting.
Remember to pick the ideal date for various reasons. Suppose you have a bankroll of $100,000 and 50 clients in May. You might deplete your money before the most important season (NFL) is up.
Find An Investor Or Enough Money
As you planned out your business above, you noted how much money you would need to launch. For example, if you planned to hire a marketing agency to advertise your services, you need more money compared to marketing the bookie yourself.
Therefore, consider your plans in determining how much you need. Suppose you want to start with $100k in your bankroll and $10k to pay for the pay per head service. You need to consider how long this amount can go before you can get a significant profit.
If you do not have enough savings, find an investor. Unfortunately, most investors avoid investing in offshore sportsbooks. So, go for families and friends to fund your bookie.
Choose The Best Sportsbook Software
This is the most important step of how to be a bookie for dummies. Choosing a sportsbook software is a crucial step because it will determine the success of your bookmaking.
Therefore, you need to give this extra attention. Write down the things you want the software to do for you.
Consider what you need and your client’s preferences. Here are some of the things the software should have or do:
- Automatically book and grade bets
- Allow online transactions
- Have a bet ticker
- Generate intuitive and reliable reports
- Customer service communication tools
- Mass editing tools
- Sports betting markets
- Login buttons
- A separate front and backend platform for clients and bookie agents, respectively
- IT staff
- Live and prop betting
- Casino, racebook
You will find different sportsbooks software featuring unique features. Whichever the case, ensure your software has the basic tools and features. Look at other online bookies and identify the most important features that must appear on your software.
A pay per head provider is your best bet in choosing an ideal software. You will only spend your money when players wager. Moreover, the pay per head provider will continually update and maintain your software at no extra cost.
Finding clients is a similarly crucial step in how to be a bookie for dummies. The type of clients you will acquire will determine how long it will take before you earn your first $1 million or whatever your goal is.
Therefore, consider the type of clients you want to work with. As long as you have a perfectly designed website and offer the best betting services in your region, finding and retaining clients will be easy.
Go to a local bar and enroll several sports lovers. Talk to your friends and family and request them to place their bets with you.
After a while, your existing clients will refer their friends to your platform. Therefore, create a referral program to reward clients that refer their friends to your bookie.
Test Your Bookie Website And Launch It
The other thing you need to do is test your bookie platform. When you partner with a pay per head provider, you get a sportsbook website, software, and access to customer services.
If you are working with a reputable provider such as Power Pay Per Head, you will also get a free trial period. Use this period to test whether the product and services are beyond average. Remember, you are venturing into an already crowded sector.
Therefore, you need to be the best for clients to even look your way. Find out whether the product is right for your target clients and whether it has all the tools you need to run a successful bookie.
While we could have guided you on how to be a bookie for dummies the traditional way, using a pay per head solution is better. Contact Power Pay Per Head to discuss your options.