Scientific reports state that games help the mind calm down. Thousands of casinos and sportsbooks offer a broad variety of video games like Hoyle Casino, Las Vegas Cool Hand, High Rollers Casino, and Video Craps.
Some players aspire to start and run bookmakers but they don’t know sportsbooks operations. The following are seven steps to transform from being a rookie to a bookie.
1. Create a Business Plan
Each visionary entrepreneur needs to create a clear business plan. It will help you outline key business operations.
Today, many bookies need insurance, employees, computers and monitors, printers, and gaming software. You might need over $15,000 to buy the initial gaming equipment and set up an elegant facility.
Still, you can use specialized software to develop a game in an apartment or at home without hiring support staff. This approach saves huge sums of money but it is suitable for video game experts.
Update and replace your software and hardware frequently to continue offering a thrilling gaming experience. For example, monthly updates can cost you $500. So, it is important to allocate a budget for reliable internet, office equipment, and utilities.
Identify a market for your products. Many young adults like playing the latest games for fun. You can develop and sell arcades and video game consoles to the public. Also, merchandise like T-shirts and statuettes can earn you more revenue.
2. Establish a Legal Entity
Corporations, limited liability companies (LLCs), partnerships, and sole proprietorships are popular types of business structures. A corporation or LLC prevents you from being liable if a client sues your company.
You can establish your entity as an LLC to pay few LLC costs. Still, you can hire a reputable LLC service at a fee.
Your LLC needs to have a registered agent. Many formation packages have one-year free registered LLC agent services.
3. Register for Various Taxes
American bookies need to register for different federal and state taxes. You will need to get an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) by email or fax.
The IRS has different tax options for various business structures. For instance, it charges LLCs as S corporations(S cops). You might need to pay particular state taxes.
4. Open a Business Bank Account
Mixing business and personal accounts puts your assets at risk of getting auctioned in case someone sues your bookmaker. Business law refers to it as piercing your corporate veil. Thus, it is wise to create a business bank account to protect your assets.
Building business credit will enable you to get lower interest rates, credit cards, and a higher credit limit. Moreover, it eases tax filing and accounting.
5. Get Licenses and Permits
Most countries need bookies to have valid licenses, failure to which they pay hefty fines. Thus, it is important to understand the license requirements in your target area.
You might have to collect sales tax for each service you provide. Seek copyright protection if you are developing a unique game or gambling product by registering its trademark.
6. Pay for Business Insurance
Businesses are prone to accidents, natural disasters, and theft. Hence, it is prudent to have comprehensive business coverage to protect your gambling equipment, employees, and premises. You can pay for General Liability Insurance or Workers’ Compensation Insurance.
7. Build an Attractive Website and Promote Your Brand
Create a unique logo to distinguish your brand from other sportsbooks. Use GoDaddy Website Builder to create a beautiful and simple website if you aren’t tech-savvy. It will attract more clients than Facebook pages and LinkedIn profiles.
You can promote your bookie on magazine ads or television commercials to build a firm client base. Choose a marketing strategy that matches your business needs.
Many bookies and casinos launch new games each month. It helps them broaden their clientele and keep existing customers engaged.
Some players like titles from certain video game developers. So, it is important to understand your players to meet their gaming and gambling needs.