Just think of what you could do once you learn how to become a legal bookie. You would run a business you love, make more money than you could imagine, have more free time; the benefits are endless! But, you have to do it right to get all the perks of being a bookie.
Fortunately, you do not have to decide what is the right or wrong way of becoming a bookie. We have simplified things for you by creating this guide.
You will learn how to acquire a license, launch a bookie, and operate it without falling into legal problems. Let’s dive in.
Apply for a Gambling License
Over 30 states have legalized sports betting and casino gaming. If you come from these states, you can easily get an operating license from the state’s gambling regulator.
The process is rather long and tedious, considering that more than one operator wants a license. Moreover, it is not a guarantee that you will get a license.
For starters, you must meet the regulator’s conditions to get a license. Secondly, most states require you to partner with an existing land-based casino to offer sports betting services. The other obstacle you need to overcome is other proposals.
For example, one firm might promise to build a school or share some of its profits with the local community. Meanwhile, you might not have such an appealing proposal. In such a case, the gambling regulator will pick the better proposal that will benefit the state and community.
Having a state license comes with some financial obligations. For example, you must pay monthly revenue tax. Another fee you will need to pay is an application fee and licensing fee.
If you have no full details about acquiring a license, hire a local lawyer familiar with the gambling laws of your state. The lawyer will help with various processes, including submitting the necessary documents such as corporate charter, business plan, banking information, criminal record, and much more.
Another way you can get a license is by getting one from offshore regulators. These are generous with their licenses as long as you meet their requirements.
Usually, your state gives a license for the approved number of gambling operators. For example, a state might only need seven bookies. If the state has already awarded the seven licenses, it cannot award another operator.
You can skip getting a license from your state’s regulator and offshore licenser and use a pay per head solution. The providers of these solutions already have a license that you can operate under.
Gather Your Funds
Money is the lifeblood of every business. Therefore, you need to have money before deciding how to become a legal bookie. The money will pay utility bills, hire experts, pay per head service, and bettors.
The amount of money you have can determine your business position. For example, if you have enough money, you can pay your clients on time and build your reputation. You can also use the money to create your brand and market it, increasing the number of your clients.
Therefore, have as much money as possible. If you do not have enough, you can find an investor. Alternatively, borrow your friend.
Your bank might not afford you credit, especially if you are using an offshore license or pay per head solution. But, your friends and family can get you the money you need to start your business.
Acquire Sportsbook Website
The other step on how to become a legal bookie is getting a website. Most local bookies are viewed as illegal because they run in dark alleys. But, when you launch your business online, you look like a legit business.
You can put licensing information at the bottom of the homepage and provide other details that show you are a legal bookmaker. Also, having a sportsbook website gives your clients a convenient way to place their bets.
Previously, bettors would need to call you to read your odds before instructing you to place their bets. But, having a website allows your clients to log in at any time to place their bets. This can make your clients wager more than they would if they had to call you to place a bet.
Another reason you need a sportsbook website is to create a brand for your business and better ways to market your services. Suppose you were to tell someone about your business. If you tell them you operate from an alley, they might look at you, shake their heads in disbelief and keep walking.
However, they will listen to you when you talk about a website. When the potential clients are alone at home or wherever they will look up your sportsbook to find out more.
Get a Sportsbook Software
The other thing you need to learn on how to become a legal bookie is getting sportsbook software. Fortunately, there are many firms whose focus is to design sportsbook software. All you have to do is pick.
However, you cannot just pick any sportsbook software. Remember, the software is supposed to help you run your business. If it is hard to configure and use, you will feel frustrated all the time.
When you choose the ideal software, you enjoy running your bookie. The software automates most processes leaving you with time to focus on finding clients. Moreover, it ensures that you enjoy running your sportsbook.
Notably, your clients will stay or go depending on their experience with your software. Therefore, you need to consider their needs. You would rather take weeks finding the best software than picking one that will frustrate your operations.
You can get sportsbook software from two types of developers. One is where you make a one time purchase and hire your team to maintain and upgrade the software as your business progresses.
The other option is to get it from a pay per head solution provider. The software belongs to the pay per head provider, but you can use it to run your sports betting software. In return, you have to pay an agreed amount every specified time.
For example, you can pay $10 each week for each player that wagered during that period. This is a good business concept because you do not have to spend all your capital to buy the software. Unlike the first option, you do not need a team to upgrade your software.
Instead, the pay per head software provider takes care of all technical aspects of the software. In fact, you do not need to configure it or connect it to your sportsbook website because the provider will do it for you.
Treasure Hunt Your Source of Income
The main source of income for bookies is clients. Without clients placing bets, you cannot make money. Therefore, enrolling your clients should feel like you are hunting for treasure.
Usually, people take care of or protect their treasures. You should do the same with your clients. Find what they want and promise to provide them with their needs.
Find your clients depending on what products you want to offer. For example, if you want to offer bets on sports exclusively, find clients that want to wager on sports. Ensure that you provide sports betting markets that your clients want to find on your platform.
Staff Up Your Bookie Business
Your bookie business will grow rapidly as long as you use the right sportsbook software and pay per head software. You might need more staff to help with administrative tasks. Ensure you hire your staff by following the right procedures.
Alternatively, you can leave all the managerial tasks to your pay per head provider. That way, you have enough time to recruit new clients. Also, you can rely on reports to tell whether your business is doing well or not and what needs to change.
Test the Sportsbook Software
How can you tell that your bookie is legal? One way on how to become a legal bookie is confirming it by testing the product. Most pay per head providers do not offer a trial period. But, several brands allow you to look at the sportsbook software and everything else before you can launch it.
Here, you can confirm the licensing information and the legitimacy of your bookie. You can log in as a client and view your bookie as a client would. Observe every presentation, layout and everything to ensure your clients will love it.
You can also log in as a bookie agent to see whether the sportsbook meets your needs. Invite several clients to test the sportsbook too.
How to Become a Legal Bookie with Power Pay Per Head
The above are steps on how to become a legal bookie in your state. They are easy to understand and follow. The remaining part is communicating with a pay per head provider to get your website and sportsbook software.
Fortunately, you do not need to look further. With Power Pay Per Head by your side, you can become a bookie and launch your betting platform in minutes.
You will need to provide your details, including your name, phone, and email, that the site will use to communicate with you on the way forward. Therefore, fill in the contact form provided at PowerPayPerHead.com and begin your process of becoming a legal bookie.