What does it take to be a bookmaker? Some of the sports betting service providers started as small bookies. Some even operated from their parent’s garages and have become the giant bookmakers we know today.
You see, it takes doing something to become someone. Similarly, it would help if you learned how to be a bookmaker before becoming one. Without this information, you would fail before you even start.
Do you want to learn how to be a bookmaker? This guide takes you through all the steps toward the profitable side of gambling.
Understand Your Role As A Bookmaker
The role of a bookmaker is to accept and pay bets on sports events, horse racing, and casino. Ideally, a bookmaker can take wagers for any occasion where odds can be created. For example, which presidential candidate will win the next election?
A bookie can create odds for any market. The good thing is, bettors are always available. As long as you offer competitive odds, you will have clients placing bets with you throughout the year.
Another role of a bookmaker is to create balanced odds to ensure a profit regardless of team wins. A bookmaker should not be biased whether you support one group over the other. Otherwise, they might create odds that might disadvantage their business.
Learn How To Make Money
Another thing you need to understand about how to be a bookmaker is the money you can make. You must have thought about how much you could make by offering sports betting.
Most people assume that bookies make money from lost bets. For example, if I wagered $100 on the Los Angeles Rams and lost. This amount is not returned to the bettor. However, part of it will go into paying bettors who wagered on the team that played against the Los Angeles Rams and won.
Instead, bookies make money by charging a commission for taking the bet. The commission is referred to as the Vig or Juice in sports betting.
Earlier, we mentioned bookies create their odds or help for a pay-per-head service (more of this later). You must balance both sides to get an equal amount on both sides. That way, the losing side money can pay the winning side while the bookie takes the commission.
Decide Which Route To Take
The real work begins at this stage. The decision you make will determine your happiness, how much work you have to put in, and how much profit you make with your bookie.
You can choose any of the following:
- Online bookmaker
- Retail shop bookmaker
- On-course bookmaker
- A combination of all the above
Running a bookie in some avenues might require you to apply for specific licenses, which will cost a lot of money. Running an online casino is the easiest choice.
Suppose you decide to become an online bookmaker; there are steps to launch your bookie. For example, you can take the high road, spend thousands of dollars, employ experts and follow other procedures. Alternatively, you can choose to become a pay-per-head bookie.
A Pay Per Head Bookie
Usually, you will approach a pay-per-head provider. With hundreds of these sites online, you will be spoilt for choice. But, choose a top-rated provider such as Power Pay Per Head.
Once you choose the provider, you can ask its agent how to be a bookmaker with their pay-per-head software. This expert will guide you through and even give you a demo account for first-hand experience.
You will run a bookie even before you can pay a dime. While at it, find all the bookmaking tools provided. Learn how to use them and how they can help you grow and make a profit.
A pay-per-head has many advantages. We earlier mentioned pay-per-head could help you create competitive odds. When you choose to work with Power Pay Per Head, you choose a whole team behind the brand.
This includes oddsmakers. It is worth mentioning that a team of bookies runs the site. So, your site will use the same oddsmakers that create lines for the operators’ bookies.
The provider also has an AI tool to help with setting lines. Thus, when you pick a partner such as Power Pay Per Head, you choose a team to help you grow your bookmaker.
Work On Your Funds
Every entrepreneur must have the capital to start their business. You, too, must have some funds to launch a bookmaker. Without the pay-per-head model, we would have quoted huge initial starting costs of between $80,000 and $100,000.
But, this should not scare you because you are choosing to go with a pay-per-head business model. Thus, the only money you need is for your bankroll and pay-per-head service.
The money in your bankroll should be enough to cover the maximum payout for all players if they all win. There is no chance that they can all win a game at once, but having this money is a form of business security.
As for the pay-per-head services, it does not cost much. This is because you only pay for the service for the players that wagered. So, if ten players wagered this week, you could be charged $10 for each player.
The name of the business model comes from how you pay for the services. The payment rate for the service depends on your service provider.
Launch Your Bookmaker Today
We just covered how to be a bookmaker. The information above is relevant to how you can become a bookie. This means you are ready to launch your business if you have read this far.
At Power Pay Per Head, we will help you become the bookmaker you always wanted. Our blog will help you answer several more questions while our agents are readily available to help with any subject about bookmaking.