Have you ever wagered before and lost so much that a fleeting thought made you realize you could become a bookie? You can make this thought true by learning how to become a sports bookie and, after that, start making money.
However, you must do it the right way. Remember, you are not the only one that lost wagers or wants to become a bookie.
In fact, the industry is already crowded. So, if you want to launch and attract a significant number of bettors, you need this guide.
1. Have Enough Cash Reserve
Like any other business, you need money to become a sports bookie. Several factors determine how much money you should have.
For example, if you have ten players spending an average of $100 each week, you might not need a big bankroll. But, if you had 100 players wagering the same amount, you would need a bigger bankroll.
A bookie must have enough money to pay winners on time. While you can balance the book perfectly, sometimes a bookie is left exposed. In other words, you would need to use your savings to pay clients and maintain your brand’s good image.
You also need money to cover the license fee, operation costs, and other expenses you might have. You might need more cash reserves as your business grows.
For example, you might start with ten players and a bankroll of about $10,000. But, with time, your players will increase to 50 or more. Unless you want to lock out some clients because you cannot afford to pay them, you need a lot of money.
Yet, we cannot give you an exact figure because different factors might influence the amount. Suppose the National Football League is ongoing. You will see more bettors betting more money.
Therefore, you need a bigger bankroll.
You might also need to hire staff to help you with operations during the NFL season. This means more operational costs. So, look at your situation and carefully determine what would be enough money to become a sports bookie.
2. Learn How To Set the Lines And Vig
Another integral part of how to become a sports bookie is learning how to set lines. The way you set lines determines how much profit you make.
There are two common ways of setting lines. The first is setting them yourself or hiring an experienced odds compiler. You need to factor in several things, including previous matches, statistics, injuries, conditions of the field, and much more.
The other way is copying prominent sportsbooks’ betting lines. If you choose the second option, you have to wait until prominent bookies have posted their line before you can set yours.
This might leave your clients with limited time to wager on pre-match events. Moreover, if they find that you are yet to post lines, they will think you are not offering bets for the event and looking elsewhere.
However, copying other bookies’ odds might be the best thing for your business. These sportsbooks have more experience and have hired oddsmakers to create perfect odds. You can borrow these odds and modify them to create unique and competitive odds.
Moreover, you have to consider your vigorish. If you are not an experienced oddsmaker, avoid creating your lines. Hire an expert and concentrate on your other strengths to ensure good profits.
You can start with the standard 110 to 100 as your vig. In other words, a bettor has to wager $110 to win $100.
The $10 is your vig. Notably, this is a solid profit.
However, the vig cannot always be constant. You can change it from game to game and from sport to sport.
You might even increase it to make bigger profits quicker. But, you have to ensure that your clients are comfortable with it.
3. Learn How And When To Lay Off Bets
A bookie makes a profit after balancing the books. In other words, a bookie must adjust odds continually, encouraging an equal amount of money to be wagered on both sides.
The money wagered on the losing side should be enough to pay the winning side and leave a bookie with some profit. Unfortunately, moving lines is not a guarantee that bettors will be swayed.
If a team is a clear favorite, there is no changing your clients’ minds to bet on the losing team.
This means that you will not have enough money to payout. You might deplete your bankroll in a few weeks if the trend continues. Fortunately, you can lay off bets when the books are unbalanced to earn some money to pay your bettors.
4. Dedicate Time For Your Bookie Business
Another thing you need to do as you learn how to become a sports bookie is deciding how much time you can dedicate to your business. Time is an essential resource that you must utilize well if you want your business to grow and make good profits.
The amount of time you dedicate to your business can depend on whether you will run it yourself or with help. If you have hired a team, you can set aside an hour or two every day to assess what they have done and give more directions.
However, if you plan to run the bookie yourself, you need to put in more time. Remember, it will take some time to find enough clients. In fact, you might never get enough clients because some will come and go.
5. Have A Customer Support System
Another thing you need to learn on how to become a sports bookie is customer service. Clients can become loyal to you depending on the quality of your customer service.
If you can address their needs immediately and effectively, they will have no reason to leave. But, if you are a person who ignores time-sensitive issues, you will lose your clients and potential clients.
It is important to offer customer service 24/7. This is the only way to beat prominent sportsbooks that do not offer personalized customer support. Also, your customer support agent should be professional, polite, and know everything about your bookie to efficiently respond to clients’ questions.
6. Choose Payment Methods
Choosing payment methods is crucial as you learn how to become a sports bookie. If you intend to run your business offline, you can meet your clients or receive money through posts. But, only a few clients would agree to such an arrangement.
Instead, clients want to use safe and convenient payment methods. They want to log in at night or day, deposit their funds, and play. Besides, you might not want to reveal yourself to your clients.
Therefore, choose safe and convenient payment methods for your clients. Consider having several e-wallets, credit/debit cards, and cryptocurrencies.
7. Get A Bookie Website And Sportsbook Software
The other step is to get a sportsbook website. Without a website, you would have to be on call around the clock, taking players’ bets. Some might call you only to find that you are busy and find another bookie.
Clients can log in to their accounts with a sportsbook website and place their bets. The sportsbook software should automatically book these bets and grade them later.
Therefore, consider the thing you want your sportsbook software to do for you. This should help you shop for it.
For example, the software should be easy to use, simplifying most bookmaking processes. That way, you can use the extra time to enroll new clients.
8. Partnering With A Pay Per Head Provider
Today, operating a sports bookie should not be an uphill task. Recently, pay per head service has become popular. While it has existed for over 20 years, most are just learning about it now.
A pay per head service is a comprehensive solution for bookies. It allows even those with limited funds to launch their sportsbooks.
Instead of paying thousands of dollars for a sportsbook website and software, a pay per player provider gives you these resources in return for a small fee every week. The provider can also give your clients a payment system, customer support, and bookmaking tools.
9. Choosing Sports To Offer Bets On
Another thing you need to learn is how to become a sports bookie guide in choosing sports markets. Your pay per head provider can provide over 20 sports betting markets. But, you do not have to offer bets on all these markets depending on the bankroll you have.
So, choose sports betting markets that your target clients need. For example, if your target clients are in New York or the USA, activate the American football betting market.
Other sports you can offer American clients include basketball, baseball, and hockey. You can start with four markets until your bankroll is big enough to support more clients.
How To Become A Sports Bookie Today
If it has been your dream to learn how to become a sports bookie, you can finally make it true today. While the process looks long from the above guide, it is not. In fact, it might take you a few hours to launch your platform.
For example, you can ask your brother, sister, or five friends to become your first clients. Then, ask your pay per head provider to launch your bookie. Create player profiles for your few clients and start taking action.
Notably, this would take a few hours or minutes if you already have clients. Contact Power Pay Per Head today to get your sports bookie.