Are you looking for a new business idea? Millions of people enjoy betting on sports and it’s possible to get wealthy by running a sportsbook. If running a bookie sounds interesting, continue reading.
If you don’t know much about the sports betting industry, bookies earn a guaranteed profit if they can balance the book, which simply means to get even action on every side of a bet.
For example, let’s say the Raptors and Warriors are playing and Golden State are -3 point favorites to win. Bookies charge vig on bets. In most cases, smaller bookies will offer a $.20 line. So, in this example, the bookie would offer the Warriors -3 (-110) and Raptors +3 (-110).
If a bookie were to receive 50% of the action on the Warriors and 50% on the Raptors, they would have a perfectly balanced book and guarantee themselves the biggest profit.
Let’s say you receive $11,000 in bets on each team. If the Warriors cover the spread, you’d payout $21,000 in total, guaranteeing $1000 in profit. You’d earn the same $1000 if the Raptors covered.
As you can see, you can make a killing with online sports. The example above was just one wager. If you can build up your player base, you could have plenty of games where you’re making $1000+ in guaranteed profits regardless of the result. The only thing you need is a lot of active bettors.
Tips for Building Your Player List
- Recruit Friends/Family: Talk to your circle of friends and find out how many enjoy betting on sports. You’ll likely be surprised how many have already tried out or are betting online.
- Become a Social Media Star: Everyone is on social media now. You can target sports bettors for free on networks like Twitter, Facebook and InstaGram once you have built your website.
- Set Aside a Marketing Budget: Once you begin to grow and make money, it’s wise to invest some of those profits into a marketing budget to help you continue recruiting new clients.
- Pay for Referrals: Offer your existing players, bookie agents or other bookie operators a referral fee or revenue share deal to send you active players.
Your potential profits are limitless as a bookie owner. Some of the biggest online bookmakers in the world today started out as small businesses. With the power on the internet, it’s possible to grow a new sportsbook into a business that’ll generate you wealth for the rest of your life.
The barriers to entry are low in the bookie business. You can start a bookie with a relatively limited bankroll, especially if you manage how much your clients can wager on each event. Even a smaller bookie can generate six and seven figure annual incomes with a good marketing plan.
You don’t even need experience to enter the industry, although it’s ideal if you have experience with betting on sports and are a fan of watching sports. If you don’t enjoy sports, you’re going to have a hard time running a successful bookie without getting burned out from the workload.
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