A bookie is casually used to describe a bookmaker or sportsbook operator. The best answer to what a bookie is is a person or company that sets odds accepts and places bets, and pays out winnings.
Some bookies work offline using various computer software or pen and paper. Others use online platforms, which means they must have internet access to offer their services. The act of creating odds, taking bets, and paying winners is called bookmaking.
The main bets bookies take include sports, casino, and horse racing.
Today, you will also find bookies offering betting services in other events such as politics, TV Shows, and celebrities. Once the event is over, the bookie grades the bets to determine who won or lost. Then, the operator will allocate winnings to players depending on the odds they bet and keep the rest as profit.
A bookie can take the hard route and record bets manually. But, most operators have learned of pay-per-head software that eases their operations and helps them make more money.
Are Bookies Legal?
Bookmaking is not a new field. In fact, the first recorded bookie was Ogden. He offered his services at Newmarket Racecourse in 1795.
Over the years, more people have taken the role of a bookie. Depending on where they operated, some bookies were illegal while others worked legally.
Until recently, it was illegal to run a bookie unless you were located in Las Vegas. A Supreme Court Judge overruled the Professional Association Sports Protection Act of 1992, giving individual states the mandate to legalize gambling or not. Now, most states have legalized gambling allowing bookies to acquire operating licenses.
Still, there is the Wire Act. If you do not have a license, you cannot take bets over the phone because you are violating the Wire Act.
Thus, you need to either apply for a license in the state you wish to offer your betting services. Remember, you would need to apply for a permit from each state to expand your services to neighboring states.
Alternatively, you can seek a pay-per-head service provider. This will host your bookie offshore, give you gambling software, access to a call center, and much more.
Fortunately, a considerable number prefer to bet at offshore bookies because they have more bet markets. Moreover, they do not limit players. For example, some states have legalized mobile betting.
This allows players to download a sportsbook app on their phones. You might need to register at a land-based casino affiliated with the sportsbook.
Unfortunately, some of these apps are geo-restricted. This means that you have to be within specified boundaries to place bets.
So, when you operate an online pay-per-head bookie, you cater to players that find local betting inconvenient. They prefer logging in to their account any time of the day or night to play or bet on exciting markets.
Why You Should Become A Bookie
It is important to decide why you want to become a bookie. In this what is bookie article, we share five reasons why you should become one.
It Is Easy And Quick
Most businesses require an entrepreneur to do a lot of research. Also, you need to draft a comprehensive business plan. Moreover, you might need to wait until your creditor agrees to finance your idea before launching your business.
But, becoming a bookie is easy and quick. You only need the right partner, your pay-per-head service provider, a few clients, and a small bankroll.
You can even launch your bookie and learn as you progress. Remember, your partner will do the heavy lifting, including setting lines, taking bets, and grading bets while you look for more clients.
The Industry Is Rapidly Growing
It is crucial to find out the market size of an industry before venturing into it. That way, you can know whether it is significant for a new entrepreneur.
Fortunately, the sports betting industry is huge and is predicted to expand in the coming year. In fact, the market will be worth over eight billion in 2025.
Learning the market size of an industry can also help you predict possible revenue. Considering that the gambling industry is growing, you can expect to generate significant revenue.
It Is Fun And Rewarding
Most careers are exhausting. You could be earning a five or six-figure every month but are extremely tired and bored with what you do.
But, that is not the case with bookmaking. This is a fun industry. You can cheer your favorite players while making money on the side.
Moreover, you can attend tailgates and other similar events. Meanwhile, you can tell your new friends and acquaintances what you do. This earns more clients in a fun and friendly way.
With time, you will like you are not working because you are having so much fun. Your bookie will continue to expand, which means more money for you.
It Is Self-Employment
Becoming a bookie is a good idea if you want to get away from a 3-5 job. You can finally express your interest, without a doubt, experiment with your new ideas, and see them to fruition.
Working with a team and a good boss feels good. But, there comes a time when you need to fulfill your purpose. If achieving your goals means self-employment, being a bookie is the best idea.
You Can Work From Anywhere
If you are looking for a job that does not tie you to a specific location, you can launch an online bookie. That way, you gain the freedom to work from anywhere. You do not have to rent a physical office, meet the same people every day, or do repetitive activities in one location.
Instead, you can work at your grandma’s house, visit that old friend that retired in a lake house, or on a beach somewhere on the coast. You will need the internet and a smartphone, tablet, or laptop. The good thing is, the income you get from running a bookie can afford your traveling expenses.
What You Need To Know Before Becoming A Bookie
Every business venture has its secrets and myths. This section discloses some of the secrets you need to know before venturing into bookmaking. Also, we will touch on a few myths you need to unlearn.
Using A Pay Per Head Service
The first secret is using a pay-per-head service provider to become a successful bookie. People still design websites and buy sports betting software. Unfortunately, they must hire a team to help with odds compiling, customer support, and other operations.
But, when you work with a pay-per-head service, you eliminate all the sweaty tasks. While you can set your lines, manage your players, and everything, you can take it easy and let your partner do it as you look for new clients.
You Need To Work
Some people will advise you to use a pay-per-head service because the heavy lifting is left to the provider. It is true. But, there are thousands of bookies, each doing everything to attract clients.
If you relax about your responsibilities, you will lose clients. But, you can actively find new clients and personalize your services so that players can feel like you see and appreciate them.
Being A Math Guru To Become A Bookie
This is a myth. It is important to learn some math to help you understand various things, including probabilities and betting odds. But, you do not need a degree to become a bookie.
In fact, most bookies copy odds from prominent sportsbooks. Then, they use line movers to customize their odds and embed their vigorish.
Credit Or Post-Up Bookie?
There are two types of bookies, including credit and post-up bookies. Knowing what type of bookie you want to become is important. Why?
Knowing your type of business will help you create the ideal marketing strategies and choose a business model. Also, knowing which operation you want to run will help your choice of clients. For example, you cannot credit people you do not know because they might not pay up.
A credit bookie is a person that takes bets from players without asking for upfront money. Most of these bookies allow clients to pay every week. If a player wins a bet, they get their winnings minus the bets they lost.
If the losses exceed winnings, they can top up the amount to cover the debt. This is a complicated business model unless you deal with clients you know well.
Post-up bookmaking is risk-free. Players must deposit funds before you place bets for them.
Do You Have What It Takes To Become A Bookie?
After going through this article on what a bookie is, you should feel ready to become a bookmaker. You decide why you want to become a bookie, learn the secrets, unlearn the myths, and go for it.
The going-for-it part is where you contact your pay-per-head service provider, such as Power Pay Per Head. It is the leading service provider in the industry with a team of experts in the gambling industry that will help you grow your bookmaking services.