HOW TO BE A BOOKIE: A Power Guide To Sucess
PAY PER HEAD SERVICES THAT RAISE YOUR BUSINESS TO NEW HEIGHTS
HAVE A QUESTION ABOUT BOOKMAKING?
So you want to learn how to be a bookie? Or maybe you want to brush up on your bookmaking skills? We’ll embark on this journey with you. Finding success in the bookmaking business involves blending different tasks and skill-sets to build a product that can attract clients. Essentials like quality customer service and a great marketing strategy form a foundation for any sportsbook operation. But nothing carries more importance than starting your business with the right sportsbook betting platform like that offered at Power Pay Per Head. To begin, with our all-in-one platform, you’ll quickly learn how to become a bookie and turn a profit from your very own sportsbook website.
CAN ANYONE BECOME A BOOKIE?
Yes! Of course, like any business, you need a good product coupled with a little experience. Short on both, you say? PowerPayPerHead.com has you covered. We provide the software and guidance day in and out why you get up to speed. Consider this a crash course to your financial independence.
HOW TO BE A BOOKIE AND ITS ADVANTAGES:
In light of the current economy, becoming a bookie has many built-in advantages. First, today’s world of technology and telecommunications are perfect for developing your networking skills. On any given day there are millions of excitement-seeking customers waiting to discover the thrill that comes with sports wagering. Through the internet, they are easier to reach than ever. And recent trends show record growth in online betting especially in the United States. In short, social media is tailor-made for launching a bookie business. This guide will show you how to be a bookie and become financially independent.
WHAT KIND OF MONEY CAN ONLINE BETTING RETURN?
The answer is a lot. Recent numbers have world wide gambling losses reaching nearly 400 billion annually. Consequently, online gambling accounts for over 50 billion! Tapping into just a tiny percentage of that pie, can be a financially rewarding experience.
COMMONLY PLAYED ONLINE GAMES INCLUDE:
Casino Tables and Slots, includes games like blackjack, poker and craps.
Horse Tack Racing, such as the Kentucky Derby and The Belmont Stakes.
Sports wagering on multiple games and leagues like NFL, NBA and UFC.
Certainly, if you’ve been paying attention, sports gambling is everywhere. Today’s sports shows often focus their talking points from a betting lines perspective. The political climate, too, puts sports wagering as a hot topic on the debate floor. Likewise, the pressure is on to be a part of this rapidly expanding industry. Moreover, not only will you stay ahead of the curve, but with Power Pay Per Head’s guide to becoming a bookmaker, you’ll also work smarter.
THE CLIFF NOTES ON HOW TO BE A BOOKIE:
Initially, when you first get started as an online bookie and begin taking wagers, you’ll be amazed at the amount of total volume being wagered. The amount can both scare and excite you. After all, losing or winning that amount could result in two vastly different emotions.
Remain calm, especially throughout the process! Typically, a successful sportsbook will profit around 5% of all the action received. Indeed, the casino industry thrives on those kinds of returns. On a yearly basis, we’re talking a lot of money thanks in part to the Vig that’s charged on most bests. The Vig, often called the “juice” in street-terms, is a 10% surcharge placed on each straight wager. In light of of everything, this is the sports bookie’s secret weapon to turning a profit too.
HOW TO BE A SUCCESSFUL BOOKIE:
Like any business, especially sports betting, success is never guaranteed. There are an array of decisions that can make or break any enterprise. One such decision is deciding on the kind of bet types you’re going to be offering your eager clientele.
First, take the popular bet type the parlay. Its a set of teams selected into a single wager. Essentially, all the picks must win for the bet to payoff. Because of the higher difficulty of winning this wager, the payouts are higher. Second and finally, in the end, parlays, unchecked, can be high-risk, low-reward for a sports bookie.
Ultimately, It’s good practice, especially in the early stages of your business to limit your exposure to this type of wagering. Eventually, there are important choices that can be the difference between a profit or a loss. Not to mention it’s all the more reason to lean on the advice provided by Power Pay Per Head. When you sign up with us, our knowledge and experience instantly begins to work together with and for you.
EVERY SUCCESSFUL BOOKIE MUST KNOW THE BET TYPES:
Initially, when you first get started as an online bookie and begin taking wagers, you’ll be amazed at the amount of total volume being wagered. The amount can both scare and excite you. After all, losing or winning that amount could result in two vastly different emotions.
STRAIGHT BET
A single selection bet that can be based on a point spread or total. They usually start with the 10% vig. There is also the common variation bet on the money line. Instead of using points, it’s a vig based charge on a selection. For example, a team heavily favored to win at -600 odds. In this case, the bettor would have to wager $600 to win $100. The underdog would carry odds somewhere around +450. Technically, those winning bets would pay $450 for every $100 wagered.
PARLAY
This wager type is a collection of selections that all must win for there to be a payout. Since it is harder to win, the payouts are higher. Payouts are set at a standard, given the vig is 10%. A 2 team parlay pays 2.6 to 1, a 3 team parlay pays 6 to 1, etc. Finally, whenever money lines are used, payouts can increase or decrease drastically.
TEASER
This bet type has really gotten popular in recent years, especially in football. In contrast, a teaser is similar to a parlay in that it involves multiple selections, but the betting lines move in the players favor. For example, the popular “3 team 10 point teaser” allows 3 selections where the line changes 10 points on each selection. So if one pick is -14, it now becomes -4. Importantly, payouts are similar to straight bets and charge a vig percentage.
WHAT KIND OF BOOKMAKING STAFF WILL YOU NEED?
In the beginning, starting a sportsbook business is a lot of work. Running day to day operations demands an entire team of dedicated staff and technicians. From keeping up with the games and betting lines throughout the world to the technical maintenance of servers and websites, it’s a considerable commitment.
Certainly, the hefty financial investment is an entirely different issue. Between software licenses, computer equipment and data information providers, it isn’t cheap. But, bookmaker software at Power Pay Per Head provides all the necessary staff. Our all-in-one platform allows you to focus on personal tasks while we work for you.
Just remember, when you acquire Power’s pph software you get access to all the tools needed to be a success. In addition to award-winning software and technical support, you get 24-hour access to the finest customer service reps in the industry.
BEING A BOOKIE: THE INVESTMENT OF YOUR TIME
Initially, the time required for any bookie depends on mostly expectations. Also, if you are looking to supplement your household earnings with a little extra cash, then just a few hours a week with your clients will suffice.
However, a more ambitious plan can fill up your agenda in a hurry, turning your operation into full time gig, albeit with a greater profit margin. Ultimately, our staff and bookie software do all the leg work. In the end, the choice on how to grow your bookie business is firmly in your hands.
BOOKIE 101: BEYOND THE PLANNING STAGE
Ready to take that next step? Clearly you are!
First, you need top-notch sportsbook software that comes packaged with all the modern day online platforms and mobile apps. Together with both of those aspects PowerPayPerHead.com has you covered. Second, our system takes care of all your client wagers, the calculations and everything thereafter.
Finally, once you’re set up, you can start to offer your clients your very own betting platform. But at the same time, don’t build unattainable expectations your first week of business. Equally, your focus is to just get a client or two and get your first experience in this business.
As a matter of fact, as you gain experience, you can start to move forward with building your book into everything you dreamed it could be.
PICKING UP A FEW CLIENTS
Undoubtedly, sports betting is firmly embedded into our society’s fabric. Indeed, you most likely live in close proximity to sports teams that makeup what the bookie business is all about. So, rounding up a few initial clients should come in short order.
In the beginning, focus on the people you know. If your direct contacts aren’t interested in betting, they know a few people that are. In fact, in the beginning it’s equally important to have a little distance between you and the client. Bookies are often associated with tough characters Untouchables. As a result, having a bit of mystery surrounding you as well as the distance can be a good thing. Especially the first few times you go to collect your winnings.
And above all else, if a customer wins, pay up. Equally, word of mouth is an effective form of advertising. On time payouts coupled with referrals are a great way to start!
BUILD RELATIONSHIPS & GAIN REPUTATION
Building a bookmaking business strategy is no different than any other entrepreneurial pursuit. Develop healthy relationships by treating your customers right and profit in the long run. In addition, happy customers can serve as an advertising source ready to tout your product to anyone willing to listen.
Furthermore, offering a bonus as a referral to any player willing to bring your sportsbook some business can provide future dividends. It’s an effective way to recruit your own players to actively hunt for new clients. Most people today have an interest in mobile apps and social networks. Having established accounts on the most popular platforms can provide inexpensive advertising and a way to reach out to potential betting clients.
BOOKIE 101: BOOKIE BUDGETING
Firstly, as a beginning bookmaker, one of the most critical aspects early on is having enough bank reserves. Inevitably, there will be a week where one or more players goes on a winning streak. Importantly, managing those down weeks will ultimately decide your future.
Second, having a savings that can cover 30% (worst case scenario) of your total weekly betting volume will keep you safe under most circumstances. Chances are you’ll never need to use your emergency funds, but it’s important to have that capability.
And finally, set a day on each week where you collect from or pay your players. Tuesday is a popular choice. Stick to the date you pick. If your bettors got the better of you, pay them. If they owe you, do your best to get paid. There will be times you get stiffed. Take it as a part of being a bookie. It’s your choice how you proceed to gather that cash, but just remember in this industry, you can always make it back, and quickly.
CREDIT vs POST-UP
Today’s bookmaker software is designed to allow you to offer either credit or post-up credit. Above all, you’ll manage these players differently.
In the short-term, a bettor can get on a hot streak. That’s why it’s imperative to set credit limits conservatively. In addition, putting weekly limits higher than a bettors ability to pay is a recipe for failure. In the same token, high credit limits give your customers more opportunity to comeback from a losing streak, also something to avoid.
Post-Up
Post-up refers to those bettors that deposit money with their bookie before they ever make a wager. These players are often more conservative with their betting amounts, but they can demand more betting options since they are fronting the money. Conversely, they may request a payout at any time.
Credit Accounts
Finally, credit accounts are most likely what you’ll be offering your clients. This is the traditional setup that gives the bookie more control to restrict sports and limit bet types. You’ll also notice that credit players have riskier betting habits. Most will trend to making a larger volume of bets. This is in your favor as it’s difficult to carry a positive win percentage long-term.
GETTING FAMILIAR WITH YOUR MOBILE AGENT REPORTS SOFTWARE
Today’s computer programming languages and technologies are really what allow the most novice to become a bookie. Over the years, bookmakers have developed many advanced tools to oversee their operations. You won’t need to be an expert in all of them, but a few basic reports and tools are essential to run your business smoothly.
Player Management & Weekly Balance
Every bookie website has accounting and management reports that allow you to review your players’ activity. Some bookmaker software providers, like Power Pay Per Head, just do it better and more efficient than others. Our Player Management and Weekly Balance functions are easily accessible because these are the bread and butter reports to check every time you log in. First, Weekly Balance will break down all of your clientele daily wins/losses with a quick-click pop-up box showing precisely the wagers they made that day. Player Management allows you to change wager limits, passwords or even deactivate an account in a matter of seconds.
Custom Bookie Analysis Features
The internet makes information readily available for anybody with a mobile device and an internet connection. Plenty of up-and-coming bettors fancy themselves wiseguys with the skills to beat the bookie and take his money. If half of them were right, sports betting wouldn’t exist. But that doesn’t mean we leave the front door unlocked when we go to sleep. As you begin to grow in clients, every so often you take a chance with players you don’t know. Using our custom agent tools, you’ll learn more about your bettors than you could with a sit down in a diner.
Beat The Line 2.0
This report runs a check on all wagers made and determines if your players are beating the market line moves. This is referred to as “steam” in the industry. When players consistently are getting good betting line value, they often have some kind of insider information or spend too much time watching marketplace odds. Either way, these aren’t the kinds of bettors you want in your sportsbook. Anybody consistently ranking higher that 50% should be shown the door.
Big Bet Alert
There’s nothing more shocking than logging into your account to see that one of your clients placed a larger than normal wager. With our Big Bet Alert, you can receive an email or SMS text the moment any player places a bet exceeding your established criteria. This feature allows you to take action by placing a wager on the other side to mitigate any big loss or make an odds adjustment to entice opposite action.
Player Analysis
Expected Value Percentage is a term used in the bookmaking industry to refer to the amount that a player can expect to win or lose over time. You don’t need to be a math wiz to understand the formula, just know that Power Pay Per Head will run your players through our system and spit out the results. This way you’ll have an informed breakdown of what you can expect from each client. Any client showing a positive value is a danger to your bottom line.
LIVE BETTING CAN SET YOUR BUSINESS APART
Each year a new per head sportsbook opens shop with great expectations. More times than not, they are operating with outdated technology before they ever get started. Such is the speed at which the bookmaking industry is evolving.
It’s no longer acceptable to use just the legacy programs that launched the online bookie website revolution in the early 2000’s. Today’s environment is all about instant action available on any mobile device.
Above all, to meet that demand, Power Pay Per Head brings you the most dynamic Live Betting Platform available. Just a few years ago, this style of betting wasn’t possible. However, advancements now allow for wagers to be made on games while you watch the action unfold.
With thousands of leagues offered from hundreds of countries, there’s never a shortage of betting options. Finally, image the selling-point of offering your clients the chance to place wagers while they attend the game!
AVOID MAKING FIRST TIME BOOKIE MISTAKES
Finally, after showing you all the benefits and tools at your disposal, we come with some cautious advice. In the words of Voltaire, “with great power comes great responsibility”. Learning how to be a bookie often means making mistakes But it we can mitigate even a small fraction, it could make a big difference in your bottom line.
Amongst the many available tools for you to use as a bookie agent, these are a few that we always recommend you use with care:
Custom Line Moves
Again, with your agent management back-end you get access to a web browser version of our betting lines manager. You can actually see the games and odds as we put them up. And yes, you can change, shade or remove any line you choose. However, moving lines is considered an advanced skill. Experts are employed specifically to manage the precise movement. As a newly minted bookie, naturally you’re going to have clientele with a regional bias. For example, you’ll have a strong temptation to want to move lines on local teams. There are times that doing so can pay off, but just remember that Vegas has time tested formulas that create betting lines.
In the beginning, it’s best to request advice and allow your customer service rep move any lines for you. We’ve too often seen agents try and move a line and end up making the favorite into an underdog. But, proceed with caution.
Money Line Restrictions
Without a doubt, one of the costliest offerings for bookies is the money line. Consequently, when taken in straight bets or added to parlays, they can cause problems to your profit margins. Earlier we specifically mentioned parlays as being a dangerous bet because of the increased payouts. That danger is compounded even further when a dog money line is added. Moreover, parlays have a set payout, as we saw earlier. However, dog money lines increase those payouts drastically. It’s one reason why we start our new agents with restricted money lines to avoid those costly losses. In addition, players are persuaded to use more point spreads and game totals that carry the traditional 10% vig.
Ultimately, it’s worth a mention that some bettors will try and do the opposite by placing various favorite money lines on a single parlay. Favorites do win more often than not, so the idea is grouping “sure wins” together for a better than straight bet return. Obviously, the payouts reduce, but some bettors use this “grinder” style frequently. It’s something we recommend to limit
Future Odds To Win
Staying with money lines and higher payouts, “futures” or “odds to win” are those bets with long shot odds. An example would be the tournament “Team To Win The Super Bowl”. By standard sportsbook settings, some of these teams will have odds that pay greater than 100 to 1. Large sportsbooks can manage those because they’ll have thousands of wagers guaranteeing a small percentage win no matter which team wins.
Above all, as a self-employed bookie, you’ll often have only a few wagers on these with two likely outcomes for you: a small gain or a huge loss. For this reason, our design team came up with an agent custom adjustable cap that limits your exposure on tournaments. Certainly you can still offer the attractive bet types to your clients without losing a night’s sleep over a potential bank-breaking loss.
THE POWER OF LEARNING WITH POWER PAY PER HEAD
As you can see in conclusion, there is a lot to learn on how to be a bookie. Just remember that Rome wasn’t built in a day. Start slowly learning the ins and outs of the business and our bookmaking software. In due time, you’ll be on your way to having a thriving bookie website.
HOW CAN YOU GET STARTED?
If you’ve been paying attention, sports gambling is everywhere. Today’s sports shows often focus their talking points from a betting lines perspective. The political climate, too, puts sports wagering as a hot topic on the debate floor. The pressure is on to be a part of this rapidly expanding industry. Stay ahead of the curve with Power Pay Per Head’s guide to becoming a bookmaker.