A bookie is an individual or an organization that pays off bets during sports events. Bookmaking has been legalized in the U.S. since 2018.
However, the activity is not legal in all states, so you should visit our state laws before learning how to become a bookie. With over 33 states allowing bookmaking, it has become a legitimate business venture.
A bookie gets money when they place a bet on a customer, and if the customer wins the bet, the bookie pays that customer. Bookies cannot control the game’s results, but they have control over their profit and loss after an event or a game. Below are 10 tips on becoming a bookie.
Have A Cash Reserve
Like every other business, you need capital to start your bookmaking business. You will require to pay for rent, bookie software, and utilities.
You will often be required to hire statisticians who create mockups to determine the probability of a win after a game. It is necessary to pay for a license before starting a bookmaking business.
In bookmaking, the capital you invest in your business will determine the position you will hold in the market. The betting industry is a risky venture, so you have to make wise financial decisions. Although casual players wager less than professional players, you would want to start with casual players as you gain experience.
Bookmarking is a competitive venture, so you will need to find new ways to attract and keep our customers as you learn how to become a bookie. Bonuses and incentives have proved to achieve this goal.
At times you will require to use your cash reserve to give rewards and incentives to your customers. The most common bookmaking bonuses are for new customers and regular customers.
Get To Know The Betting Laws In Your State
The U.S. Supreme Court legalized sports betting in 2018. However, not all states have legalized bookmaking.
Sports betting is only legal in about 33 states. Therefore, do your research well and know the betting laws in your state.
If possible, hire the services of a lawyer who specializes in gaming and iGaming. The lawyer will help you to know how to become a bookie without breaking any laws.
Learn About Setting Lines
You can either set lines ourselves or get help from a professional. Setting a line yourself is not the best option if you are inexperienced on how to become a bookie. There are several bookie software available where you can compare and copy their betting lines.
Setting lines requires knowledge of mathematics, algorithms, and science formulas. You also have to consider the power ratings of a team compared to all other teams in the event. After getting a rough estimate of how lines will be, the oddsmaker will tweak the line based on the weaknesses of the players, doping sagas, injuries, and weather forecast on the day of the event.
After setting the line, you have to keep track of them. You have the power to fine-tune the odds from time to time to balance the number of people who will win or lose their bets. If there is an imbalance bet on the team, you risk losing your money.
Figure Out Your Vig
Vig is the operation fee that you charge on your client’s best. The most common vig is between 100 to 110 percent depending on the sport involved.
Having a higher vig ensures you get a good profit and your business is safe from losses. However, the fee has to be reasonable not to scare away your customers.
Learn Record Keeping
For you to learn how to become a bookie, you will require record-keeping skills. Bookie software is the best option for keeping your records. You will have records since the day you started your business, and you will be up to date on legal news surrounding bookmaking.
The software provided by companies such as Power Pay Per Head has to be accessible to you from your computer, phone, and even in the cloud. You can track your wins and losses anywhere, and your data will be safe from viruses or losses.
Choose A Viable Platform
There are several betting platforms in the market. One of the ways to become a bookie is our ability to choose a platform that will satisfy your customers and keep your business afloat.
To get a good platform, you need to understand what bettors look for. Here are some of the things bettors look for in a bookie:
- A bookie with a wide range of sports, events, and eSports.
- A bookie with different methods of payment, including cards and e-wallets.
- A platform that upholds privacy and security
- A bookie platform with more than one language for bilingual clients
- Professional and timely customer care services
- A forum with a friendly user interface (UI)
- The platform has to meet your business needs. A good platform contains;
- A risk management tool
- Advertising tools panel
- Administrative features
- Tools to manage bets limit
- An all-inclusive report keeping tool
Create A Suitable Bookie Website
As much as you have a physical location for our business, you need a website. The website has to look appealing, be easy to use, and be accessible to all your customers. A good bookie website has to contain the following features:
- A login and logout panel
- Betting tutorials for inexperienced bettors
- Information on the team and players
- Betting options
- A calendar of events
- Bid results
- Payment methods
- Opportunity to choose a language
- A match summary
- An admin feature
Know How To Set Bets
As a bookie, you will be using fractions and decimals when setting odds to settle winning wagers. When using fractional odds, you will add numbers to the odds to include your vig.
A bookie provides a Bet Calculator to the bettors for calculating odds. The calculators are reliable and save you time.
To know how to become a bookie, you have to learn about bad customers and keep them away from our business. The myth is that bookies limit bets or prohibit good betters.
However, there is a difference between successful bettors and bad customers. Bad customers fall in the range of customers with huge bankrolls, arbitrage bettors, and steam chasers.
Steam chasers are bettors who grab the opportunities before the bookie adjusts the money line. Arbitrage bettors place several bets with various bookies in the hope of salvaging a win regardless of which team wins.
Learn Advertising Skills
Although sports betting is a ready market, you need to advertise your business since the market is saturated. In this age of technology, advertising online is a favorable method.
The first thing in advertising is learning about your target audience. From there on, you will be able to adapt a viable marketing strategy for your business.
You can advertise yourself, or you can hire a social media specialist. However, a social media specialist has more experience and knows the right tools. SEO techniques to optimize your website are the best common methods in online marketing.
Your website requires constant attention to drive traffic and turn your online audience into paying customers. The dynamics of sports betting keep on changing, so the online marketer you hire has to be informed.
Get A High-Risk Merchant Account
Bookmaking is a high-risk business where you experience wins and losses every day. You require a high-risk merchant account to back you up in receiving payments. The account will help you process payments for your customers without a hitch.
Several processors do not like getting involved in risky businesses like bookmaking. Therefore, you might find it a challenge to get a good account. The account will help you to reduce the risk of losing your business.
You can start your successful bookmarking venture now that you know how to become a bookie. Contact Power Pay Per Head at 855-492-6007 to set up your bookie website.