Are you an entrepreneur who asks themself “What is a bookie, what do they do, and should I become one”? Analysts predict that the sports betting industry will grow from $24.988 billion in 2019 to $59.530 billion by 2026.
A savvy entrepreneur should capitalize on this growth. Continue reading to discover what a bookie is and its responsibilities.
So… What Is A Bookie There For?
A bookie is an individual or company that facilitates bets on sports events or other outcomes. For example, a bookie can take wagers on the country’s next president.
A bookie is also referred to as a bookie agent, bookmaker, or sportsbook operator. They make a living by creating odds that guarantee profit after winnings are paid.
Considering that a bookie works in the gambling industry, they are exposed to risks. If they fail to balance their book, they might lose their money. Therefore, a bookie has to balance his books and apply measures to prevent risks to avoid making losses.
How The Day Of One Looks Like
Now that you know the answer to what a bookie is, let’s look at a typical day of a bookie operator. First, a bookie gets two sides of a bet market.
For example, team A is playing with team B.
The odds for team A winning is -150, while that of team B is +130. Odds are defined in terms of money, with $100 being the standard amount.
Thus, this would mean a player betting on Team A has to spend $150 to win $100.
Bettors on team B have to spend $100 to win $130. The team using a -sign odds is considered the favorite, while one using +sign is the underdog.
The bookies work to ensure an equal amount of money is bet on both sides. Depending on which side wins, they pay the winners and remain with a profit.
It is difficult to get equal amounts of bets on both sides. Thus, the bookie will keep balancing the book to encourage players to bet on both teams.
By adjusting the odds and including juice, a bookie gets a profit no matter which team wins.
How To Become One
Becoming a bookie is easy. In fact, anyone can become a bookie without doing any course in college. But, some take degrees in mathematics to become better mathematicians in their odds setting or hire odds compilers.
Get A Pay Per Head Software
The first step is to get PPH software from providers such as Power Pay Per Head. The software helps you manage your players, take bets, grade bets, and payout winners.
It is packed with several management tools to help you track bets, automate processes, and much more.
The other step is to find clients that want to place bets with you. But, you have to market your service and entice clients to choose to place bets with you. You can start with friends and family before expanding your circle.
The last step is to open your business. You will need the internet and a phone or desktop. You can log in to your dashboard using your login information used to create a pay-per-head bookie. Then, you can activate the markets for which you want to take bets.
We have defined what a bookie is and their responsibilities. Contact Power Pay Per Head to launch your platform if being a bookie is something you feel you can do.