Many are asking how do bookies make money? We have the answer to this question and much more. Let’s simplify this right now and give the easy answer… Bookies make money off the gamblers loss. This is the obvious answer and although it sounds simple, there is a bit more attached that you must know. Bookies have a non-stop, never-ending, day and night job. This gig is not for everyone and anyone that has ever been a bookie on any level, they can testify to the tireless work that’s involved. What you must discover is how to make money as a bookie, and how to make money without killing yourself. There is also an easy answer to this equation and it’s called a “Pay Per Head”. Bookies from around the globe have discovered that by using a pay per head or what’s better known as a (PPH), life is much simpler and the money rolls in non-stop.
A few simple steps that lead to quick money—
- Have a bankroll that you can rely on. Don’t misunderstand, you do not need wealth to be a bookie, you do not need to be rich. Virtually anyone can be a bookie. What you must have is a working budget and you must stick to that budget at all cost. Fudging on your budget could end your business venture very quickly.
- You must know what your wagering limits are, and you cannot let players talk you out of those limits. If you can’t take more than $50 on a game, then don’t take more, ever. Players will come along and want you to take their $500 and it may sound tempting (what if you win), yes, but what if you lose? Stick to your gambling budget and when you start to make real profits and have a savings, then you can up your limits.
- The vast majority of bookies that fail, do so because they didn’t stick to their budget. You are not a gambler anymore, you are the bookie and you call the shots. This is your business, protect it.
- Have a gaming plan. You must know what sports you are going to offer and what types of bets that you are going to offer on those sports. There are umpteen ways to bet on sports so be sure that you are familiar with them and be competitive.
- Remember, there are a lot of fish in the sea – the minute you don’t have what a player wants—the competition will, and all it takes it the click of a mouse. Be prepared with a fantastic gaming plan going in and be prepared to be flexible.
Players make a lot of requests, maybe you can take their action on rugby, soccer, or NASCAR, maybe you can’t. This goes hand-in-hand with budgeting. Know what you will allow and know what you won’t but be prepared to be flexible with. Never be flexible with your budget, not until you have plenty of cash in the bank.
Have reliable software with an online presence—
If you want to make big money in the sports gambling world then you must have software that makes your life easy. A bookie has many responsibilities and you will lose your mind trying to keep up with them on your own.
A few responsibilities of the bookie—
- Accounting/budgeting… you must be prepared to keep track of every dollar in and every dollar out, every day.
- Lines/odds… you must set them daily and offer the most competitive odds that you can.
- Bet slip grading… you must grade the bets within five minutes of the game/event ending.
- Have an online presence or be prepared to answer the phone all day and most of the night!
Fortunately, the pay per head industry has come along at the right time and you can now afford the software to help you be a much more efficient bookie. The best PPH providers on the internet are charging around $10-$15 per head and they literally do everything for you. If you want up to the minute reports and bet slips graded, they do it. Don’t sell yourself short and don’t go this alone. Find a fantastic PPH today and get in the money.
Learn more about Pay Per Head
1) Why Do Bookies Need a Customized Website for Pay Per Head?
2) Tips for a Master Agent: Methods to Grow Your Network
3) How to Create a Custom Website for Pay Per Head
4) White Label Sportsbook
5) How to Expand Your Bookmaking Offering