There is no doubt you have heard the term bookie before. In fact, you are probably here because you want to become a bookie. This is understandable for several reasons.
For starters, over 47 million Americans are excited about placing a bet on any sport mainly, American football, basketball, soccer, hockey, baseball, and college sports. Thus, becoming a bookie in such an appealing industry is a dream come true. That is why this guide will take you through what is a bookie, how to become one, and every single detail you need before you venture into it.
What Is A Bookie?
The word bookie is slang or short for a bookmaker. Although it sounds like it refers to a single person, the word can be used to describe one person, a group, or an organization that accepts places, and pays off wagers for bettors.
Before sports betting was readily available, the word bookie was used as slang to identify a person or a group that took bets in person or over the phone, usually illegally. Today, bookies do not have to hide, and the word could be used to describe a legitimate business.
The Primary Role Of A Bookie
The primary role of a bookmaker is setting lines or betting odds. Setting lines determines how much profit a bookie can make. A successful bookie sets accurate betting odds to ensure there is a balance between both sides.
A bookie sets these odds by calculating from various sources, ensuring that bettors are placing equal money on both sides of a bet. For example, assuming opens a spread at Patriots -10 against the Jets. If 80 percent of players are betting on the Patriots, the situation is unbalanced.
Thus, the bookie will push the number such that more people will start betting on the Jets. This might lead to equaling the situation.
It is nearly impossible to get equal players betting on each of the sides. But, adjusting the odds depending on the action increases the probability of balancing the action.
Bookmakers can operate as an individual or as part of a casino. For example, when you walk into one of the casinos in Las Vegas, you might come across a kiosk with a bookie seating behind it.
This bookie gets odds from various sources and sets them, and takes players’ bets. If the team you wagered on wins, you can go by the counter and pick your winnings.
Thanks to pay per head (PPH) services, bookie operations are about to change. This service is taking business from backyards to online venues. Find out more about this later in this guide.
Licensing Your Bookie Business
Now that you know what is a bookie and understand that it is a business like any other, it is time to learn how to legalize it. Earlier, we mentioned most bookies used to take bets illegally. But, with the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, running a bookie has become legal.
All you have to do is get the appropriate papers and run your business legitimately without fearing legal repercussions. Without the appropriate licensing, gambling regulators might fine you or force you to close your business or file a case that would lead to you serving jail time.
Moreover, bettors prefer placing bets on a regulated sportsbook to assure them of their data safety and fair gaming. Many unlicensed bookmakers scam people millions before bettors or authorities realize it. Furthermore, bettors are advised to look for licensing information before placing a bet with any bookie.
The question you might be asking now is what licensing you should get. The answer to it depends on where you are operating from. Ideally, you can become a bookie in states with legalized sports betting.
Remember, sports gambling is still illegal on a federal level. So, you cannot start a bookie in Nevada hoping to offer sports betting services country-wide without the proper papers.
However, the pay per head industry is allowing bookies to host their business overseas. This means players from anywhere in the country can sign-up with these bookies and place bets without facing any legal repercussions.
Getting licensed could mean any of the following:
- Having a personal management license
- Having a personal functional license
- Obtaining an operating license
- Or having a license attached to a premise (this is applicable if you have a land-based premise attached to your online pay per head bookmaker
Talk to Power Pay Per Head when you decide to take your business online with a pay per player platform. We are industry experts and can guide you toward getting the right licensing, among other things.
Running Your Bookie With A PPH Platform
You have seen pay per head, pay per player, PPH, or similar terms and wondered what they are. These terms refer to a model a bookie can use to offer gambling services online and pay for the platform depending on the number of active bettors each week or month.
Usually, a bookie does not have to design a website and seek hosting services to offer sports betting as big brands do. Instead, bookies can seek sports betting software providers such as Power Pay Per Head to get a betting platform in return for a fee of $10 per player each week.
In return, you get a fully automated website and 24/7 customer support, among other things. There are several advantages of using PPH platforms. But, the best of them all is that you pay for the active players only.
For example, you might have thousands of players registered with your bookie. However, only 300 are active each week. Moreover, most of these may remain dormant and return to action during the World Cup period.
Thus, you do not have to deal with losses without knowing where you are bleeding. When you work with a PPH platform, you are assured of profits thanks to customized or additions of various features as you continue to use the platform.
PPH Platform Features
Each PPH platform is different. If you decide to use Power Pay Per Head services, you will get some of the following features:
- 24/7 support for you and your clients
- Many payment methods, including FIAT and cryptocurrencies
- Top-notch security measures for your platform
- Automated processes to ensure the smooth running of your business
- Privacy features to protect player’s data and your information
- Layoff account
- Live betting feature
- Live Casino
- Digital casino
You can have some or all of these features included on your platform, depending on what you want. Some people want to start with one product, for example, a sports betting platform, before they can start offering other forms of gambling. Whichever you choose, we apply all our efforts to ensure your bookie business succeeds.
How Can You Start A Bookie In 2022 Going Forward?
The number of online sports betting platforms is steadily growing. Looking to a post by Forbes some time ago, the sports gambling industry is generating over $10 billion each year. This figure is enough to motivate anyone to enter the industry.
Unfortunately, this means crowding the sector. But, with the right PPH service provider, your marketing tools, and your ability to offer a better gambling experience than most other bookies, you can grow your business exponentially.
The first step to starting an online bookmaker is to reach us by filling out the contact form provided on the homepage of Power Pay Per Head. Once you sign up, you can give us details of the gambling platform you want. You can choose between a customized website or a template.
While a template is already designed, there are several that could meet or match your preferences. If you already have your clients, we can help you transfer them to an online platform.
Then, you can decide whether to offer sports betting or include other products such as casino games and racebook. Adding these two increases the value of the weekly pay per price and maximizes your income.
If you sign-up during the National Football League season or any other time we are offering, you might get several weeks of a free trial. After, you can continue paying per active player.
You can decide to make a bulky payment to cover an extended period. When you do, we will deduct the amount based on how many players were active during any week.
Once your bookie is running, you will get a managerial account. You can sign in using this account to monitor everything happening on your platform. You can do various tasks, including setting lines, analyzing player reports, limiting bets, closing or suspending a player’s account, or other administrative tasks.
Start Your Bookmaking Services Today
At this point, you know what is a bookie and its responsibility. You also know you can run your bookie using a PPH platform or take it internationally without a hassle. Moreover, it will not cost you thousands of dollars to get started as you only need to pay for the active players you have.
Contact Power Pay Per Head today, and we will guide you through starting a bookie business. With over 15 years of experience up our sleeves, we believe we are your best partner in the gambling industry.