Bookies are people that accept wagers on various sporting events, and pay the players when the player wins the wager, and collect the money when the player loses the wager. This is also called booking action, because bookies book or take various wagers from various players, and as a result the player then has action on the game, meaning a bet that can end up being a winner or a loser.
Two Different Types:
There are two different types of ways bookies can set up an account for their players, and either method can be used for specific players compared to other players setups. The first option is for the bookie to make the player post up the money first before the player can make a wager. This would be considered a post-up account, and the player can only make wagers after they pay up front the amount they want in their account. For example if a player gives a bookie $500, then the bookie would put this money into the players’ account as a receipt and then the player would have $500 in their account, which they would then be able to use and make various bets with. If the player loses this full $500, then the account would be at zero and the player would need to make another deposit to the bookie in order to resume betting again. This method is generally used if the bookie does not know the player that well, or feels that person might be untrustworthy or not able to pay when they lose.
The other option is for the bookie to offer the player a credit account. This is generally used when the bookie knows the player very well and trusts that person that they will be able to end up paying and settling up when they end up losing money from betting. For example a bookie can give a player a $500 credit limit into a players’ betting account, without the player paying anything up front. This $500 credit can then be used to make various bets. At the end of the week whatever the player is up or down, will then get settled with the bookie and paid in the new week, or the bookie and player can agree to settle up debts on the account whenever the player wins or loses a specific agreed upon amount such as $500.
Getting paid up front from players is definitely a plus, because you will not have to chase people down for money after they lose. However since there are so many online sportsbooks available in the world that also do post up, a player may opt to use a much larger and well known company then betting with a local bookie, if they are not confident that the local bookie will pay them when they win.
Giving credit means you will need to trust the people more, because they only will be paying after they lose, but if you stick with taking action from people you know and trust this shouldn’t be a problem. In addition, giving credit is a huge advantage that a local bookie can offer compared to the other larger and well known online sportsbooks, so this can help you acquire more players.
Whichever route you choose in terms of post-up or credit account, the main thing is choosing the best pay per head company that will manage the sportsbook site and take care of all the book making aspects of the business. These services only charge a small flat fee per player a week, which makes it extremely affordable for any bookie to utilize, because it keeps the bookies costs very low, and leaves them with huge profit margins since they keep 100% of the wins and losses of their players.
So if you want to get paid for being a bookie, get set up with a top rated pay per head company so you can have your players bet on a professional style website.