Want to become a bookie? Here’s everything you need to know to ace your bookmaking game as told by expert bookies.
The online gambling industry is growing at a swift pace. As the global pandemic pushed everyone online, the worth of the US online gambling market increased to more than $92.6 billion. And since there’s an increasing number of bettors trying their luck, the industry also needs some good bookies to fill the gap.
Are you interested in kick-starting your career as a sports bookie? Then here’s a quick guide to help you find your way and use your skills to your advantage.
What does It take to Be a Bookie?
Becoming a bookie requires two essential things that act as the foundation of your bookmaking career: cash flow and legality.
Cash flow is the lifeblood of all businesses. From using it to cover overhead expenses to purchasing equipment, it’s the backbone for it all. But for your business, money is literally everything.
As for the legality, ensure you’re following all the legal procedures and documents required to run a legal bookmaking business. This is one of the essential requirements for most bettors when choosing a bookie. If you’re not sure whether online gambling is legal in your country or not, here’s a list to verify.
Now that you know how to set the foundation of your bookmaking business, here’s how you can become one of the best sports bookie ever.
Setting Your Lines
It’s crucial to set good lines as a bookie. There are two ways to do that:
- Set the lines yourself, or
- Copy the lines set by another acknowledged bookie
If you’re not a professional and are just starting your bookmaking career, setting the lines yourself isn’t a good idea. It takes decades of experience and knowledge to gain the expertise for such a task. That’s why it’s best to look for professional help or ask an experienced bookie to set them for you.
What Will You Charge?
The breadwinner of the bookmaking business is the “vig.” That’s why you must decide what vig you plan to charge your betting players. While you can choose whatever vig you want, 100 to 110 percent is the industry standard.
Just remember, a higher vig is what’ll protect your business from losses beyond a certain point and helps you make profits quicker. If you’re not sure how vig works, here’s something that’ll help you.
Track Everything
Once your business is up and running, it’s time to begin the actual work. You must stay up-to-date with the latest legality news and have detailed records of your activities. While you can opt for a manual tracking system, why put up with such hassle when there are bookie software providers who can do the work for you?
For example, Ace Pay Per Head offers smart and reliable bookie software solutions. With the help of their software, you get automated updates about the transactions and player reports, so you don’t have to do any extra work.
Do You Want to Issue Credit?
Bookies can issue credits to their bettors in cases where they are low on cash. However, its strongly advised not to do so as it can result in significant losses. But since there are many other bookies who do offer this feature, you have the option to consider it.
But before you do, here are some key factors to keep in mind:
- How good is the bettor’s payback history with their debts?
- Can they afford to pay back the credit they’re asking for?
- Is there any reason to suspect that they could try and commit fraud?
If we don’t provide them with enough credit, what will be our strategy of sports bet with them?
Always Use a Layoff Account
Layoff accounts are commonly used in the pay-per-head service industry to balance out the action (profit or losses) on either side of the game. Many online sportsbooks use this to make up for significant losses that could be causing a highly unbalanced situation, affecting your cash reserves and cash flows.
However, it’s crucial to remember that a layoff account is not a personal in-house betting account but a business tool. It’s there to help you stay out of the daily betting action while preventing a heavy amount of negative exposure. You shouldn’t use it as a weekly excuse to cover up your inability to manage or run your sportsbook business.
Ready to Become a Bookie?
These are some tips that can help you ace your bookie game and become one of the best bookies of 2022. However, it’s not enough if you’re a newbie. That’s why it’s best to outsource your bookie software management to an experienced pay-per-head bookie software provider, such as Ace Per Head.
They are one of the oldest bookmaking software providers, established in 1998. Since then, they’ve established some of the most trusted and top-rated brands in the pay-per-head industry. Whether you’re looking for a baseball betting software, an football betting software, or a 6-week free pay per head, they’re your best bet.
