Are you tired of losing your bets? Do
you want an income source in the gambling industry? You must have heard
about bookies and thought about becoming a bookie.
Instead of placing bets with them,
you can join the other side and take bets. This could mean more winning,
money in your pocket and an enjoyable form of business. Yet, becoming a
bookie is not an inborn skill.
You need to learn the steps to
becoming one of the best; otherwise, you will keep falling. In this
guide, we take you through the process of becoming a bookie.
In fact, you can practically complete
each step before going to the other such that by the time you are
through reading, you are ready to take betting action. Let’s dive.
What Is A Bookie?
We will start by defining a bookie to
remove the misconception you might have read before. A bookie is an
establishment (person, group of people, company) that takes bets from
bettors.
A bookie does not have to design a
website from scratch or open an office; hire a team of oddsmakers or
other experts. Today, a bookie can approach a pay-per-head service
provider to get a betting platform at a fixed price.
Your primary responsibility as a
bookie is to balance the book so that there is an equal number of bets
on the winning and losing sides. Here are the proper steps in becoming a
bookie.
Finding Friends With A Great Passion For Sports
Suppose you want to hit the ground
running. Then, you need a group of friends to turn into clients. Look
for friends passionate about sports.
Attend tailgate events, and sports
events, and talk extensively about sports. Find how much each friend
loves sports and identify how much they would bet for the various team.
Better yet, find out how much they would spend each week on betting.
While at it, find which communication
channels these players use. Usually, millennials use open social media
and email messages almost daily.
But, if your target bettors are
between 45-60 years, they likely stick to text and WhatsApp messages.
Remember, you need these channels to communicate with them once you
launch your bookie. Once you identify a need for bookie services among
your target, you can proceed to the other step.
Find Start-Up Funds
You will need some funds to become a
bookie. Unlike big sportsbooks, you do not need to have a million
dollars to start a pay per head bookie. Thus, as you collect your
start-up funds, remember not to stress yourself by going into debt.
Instead, have enough for your
bankroll to pay players whenever stars are not on your side and no
balance between winning and losing teams. Some bookies prefer to pay a
huge pay per head fee to cover several months.
If you are this type of person, you
need funds for the service. Your service provider will deduct the amount
every week depending on the number of bettors that placed bets that
week. You will get a summary of the money spent and the remaining
balance.
Learn How To Set Lines
A bookie makes money depending on how he sets lines. While there are tools to help you set the betting line, it is crucial you learn some skills.
There are two ways of setting the
lines, yourself or copying lines from another reputable bookie. If you
are not an expert, setting the lines yourself is a bad idea. Instead,
you can hire oddsmakers or someone to teach you.
There are many world-recognized
sportsbooks. You can find many and compare their odds. Consecutively,
choose the best of them and create a similar one for your bookie.
While this step is crucial, tracking
the line is even more critical because it changes depending on breaking
news and statistics. If there are more bets on one side, you need to
adjust the odds to encourage punters to wager on the other side.
Figure Out The Vig
Another thing to consider before
becoming a bookie is the juice. The amount you charge a juice can vary
from one sport to another. But, a 100 percent to 110 percent ratio is
standard.
The higher you charge, the quicker
you get profits. The more profit you have, you protect your business
from losses in the future. But, you can choose to go slow and charge a
smaller vig.
Deciding To Give Credit Or Not
One of the reasons bookies are more
popular than big-brand sportsbooks is operating on credit. Players feel
alright to log in to their betting platform, place a bet on credit, and
pay after a specified period.
As a start-up bookie, it is not advisable to start with this idea. Unless you know your client first-hand, you can consider.
Once you are an established bookie,
there are many reports you can use to determine whether a player
qualifies to play on credit. With a pay per head software, you can get
reports to help you with questions such as:
- Does the player pay his debts?
- Can the player afford his debt?
- Are there red flags about the player?
- What will happen to my business when I stop betting on credit?
Ensure You Are Getting All The Profits
Some businesses fail to get maximum
profit because they fail to tap into the right places. This is something
you should avoid when you become a bookie.
One way of ensuring you are getting
a profit is getting quality clients. Suppose you have one client who bets
$50 each week. Suppose you have another that bets $50 each day of the
week.
The second one seems more valuable.
Remember, you have to deduct $10 each week from each player’s wager to
pay the price per player fee every week.
That would leave you with $40 if the
bettor lost all the bets. However, the second player brings value to
your pocket because you only have to deduct $10 from the possible $350
each week.
Another way to maximize your profit
is by using a layoff account. This account is designed to help a bookie
control both sides of a bet. Usually, a PPH provider such as Power Pay
Per Head provides a layoff account as one of the betting management
tools.
When a match on your bookie has more
bets on one side than the other, whose loss on a bet could affect your
bookie’s cash flow, you need to use the account. So, if players have
wagered $1000 on one side and much less on the other, the bet is not
balanced. If the $1000 wins, it means you have to pay your players from
your pocket if the bankroll does not cover it.
Remember, the money you payout will
be more considering the odds. But, you can minimize the liability by
betting $1000 in another sportsbook on a similar game to counterbalance
losses.
By using a layoff account, you run a bookie competently. You avoid huge risks and keep your books in check.
Lay Down The Features You Want On Your Website
At this stage, you are a step closer
to becoming a bookie and taking your first bet. You and your prospective
clients have their preferences. You know them because you have looked
around and identified with your potential clients.
Write or not the thing you want to
see on your platform. For example, you need a separate log-in panel for
you and your clients. Other things you need include a visible bet slip,
the option to switch language, a user-friendly interface, readable text,
several bet options, many sports markets and leagues from across the
globe, and bookie management tools.
Choosing The Right Sportsbook Software Provider
Earlier, we mentioned bookies do not
have to break the bank to launch their betting platforms. Instead, they
can use another better option, pay per head.
If you are new to this, a pay per
head is also referred to as price per player and other similar phrases.
It refers to a business model where a user pays a specified amount for
each player that plays on their betting site.
Suppose I approach Power Pay Per
Head and we agree I will be paying $10 for a comprehensive package. If
ten players placed bets this week, I would pay $10*10, which is $100.
Before you pay, you need to ask what
you are getting. Compare the features with the list you made above. If
it is close to what you are looking for, go for it.
But, learn what each of the features
will do for your business. For example, if a sportsbook software comes
with a layoff account, find out how it will help you make money.
Ideally, ensure each tool on the betting site is helpful for your
business and client.
Launching Your Bookie
All the steps above lead you to the
ultimate goal of launching your bookie most conveniently. With the above
steps, you cannot make silly mistakes that could take you to the
bottom. We ensured to provide actionable tips that will help you in
becoming a bookie and running your business successfully.
At Power Pay Per Head, we will help
you launch your bookie. We have top-rated sportsbook software featuring
the proper sports management tools. Call us today for the next step, launching your bookie.
