We have been hard at it and in this business for a very long time. We can tell you the secrets to surviving and the do’s and do not’s. With experience comes obligation and we feel the obligation to let you know what’ right and what’s challenging about opening, maintaining, and earning an income as an online bookie operator. Stick around for an insiders look at sportsbooks.
Sportsbooks are a dime a dozen. Your idea of starting one is not unique—
- In no way are we trying to discourage your efforts and ambition when it comes to the idea of starting a sportsbook, just be aware that umpteen thousands of other folks have the same idea. There are a couple of tricks to beat the crowd.
- Have a plan with a solid working budget: You cannot be successful in this business without a plan as to how you will conduct business. As with any business, you may have a great idea but at the same time, you have no idea how to put your ideas into practical use.
Step One—
- Know what your bankroll is. Do you have a bankroll? the answer is yes, you do. It may be $100, but it’s a bankroll.
*Know this: Anybody can start an online bookie service. It would be best that you have some idea of how sportsbooks function and what an online sportsbook consists of. If you know nothing about this industry, you may want to find a few friendly forums that offer information as to what a sportsbook is and what the main functions consist of. YOU DO NOT HAVE TO BE WE WEALTHY TO BE A BOOKIE! Lose this notion right now. Many bookies are wealthy, this is a fact that we can’t escape and it’s a good thing. If there were no wealthy bookies in the world, who would want to be one? Nobody wants to be poor and your ambition should be to earn a nice income from the bookie business. There is no reason this goal cannot be reached.
- The point is this. You can start a bookie business with $100 or $100,000. What you must do is qualify yourself.
- What does qualifying yourself mean? This is really simple. First off, if you have one client that wants to bet with you and you give him odds on a wager, you are a bookie. It’s that simple. The question is, how much money can you afford to lose to him? If you give him (minus -110) odds, this means that the player must spend $110 in order to win $100. Should he win the bet, you are out $100. Can you afford to lose that $100? If you are the $100,000 guy, then absolutely you can afford his action. If you are the $100 guy, then you are putting your entire net worth on the line for one bet! In more clear terms – Qualify yourself and then you can make an educated estimate as to what you can afford to lose.
- Qualify your players: To start out this business, NEVER GIVE CREDIT TO ANYONE! Not the president, not your boss, not your best friend and not even your mother. You must first establish what kinds of players you have and how much they like to spend per betting event. This qualifies them as gamblers. If they come in with the first deposit of $500 and immediately spend the $500 and lose, then they turn around and deposit another $500 – you have qualified them as a $500 per event gambler. Should they come in with $500 and spend $25 per game for the next week, you have qualified them as a $25 per game bettor, not a $500 bettor. Should the same guy come in after losing the $500 and playing each event at $25, then turn around and want a $500 wager on one event, that’s a risky credit proposal. Be careful with credit. Know your players and know their qualifications. Credit is the number one killer of new bookies.
- Do business with a Pay Per Head. A PPH provider gives you all of the tools to operate a successful bookie business with 2-players, or with 1,000-players. The best news, the service is affordable at around $10 per head. Find a fantastic service such as RealBookies.com. They have been in the business for more than 10-years and have a proven track record of trustworthiness. Call them for a free trial and stay tuned for more great tips on how to be successful as a bookie.
More pay per head tips:
1. Managing October’s Betting Board With Real Bookies
2. Pay Per Head Bookie Software Gets You Ready For October
3. Build a Bookie Business Plan With Pay Per Head
