About 26% of the global population regularly enjoys gambling. That’s the equivalent of 1.6 billion people.
Many of these individuals choose to make gambling a career. Some choose to take on even better sports betting jobs and become bookies. Read on to learn how both players and bookmakers can make money with gambling.
How Much Can Gamblers Make by Betting on Sports?
With the right gambling business model, a sports bettor can make about $100,000 per year on sports betting. They do this by figuring out the most lucrative sports to bet on.
Their aim is to diversify their bets enough to make a consistent overall profit. They will choose multiple games with a winning rate of over 50%.
Assuming that they work with sportsbooks that take a 10% vig, they’re going to make about $10,000 per month.
This is great for professional gamblers assuming that they know how to diversify, read odds, and consider the best possible games for betting. It requires a lot of research but ultimately pays off.
How Much Can Agents Make With Sports Betting Jobs?
A top-notch bookie can make around $5 million annually if they make it their full-time job.
There are two major ways that sportsbook agents can profit from a bet:
- Being on the winning side of a wager and earning gambling funds
- Earning profits with structured vigorish commissions that they calculate into the gambling odds
The former is possible when you set competitive odds that give you an edge. You determine how much to pay out based on the likelihood that a given team will win.
If a bet looks likely to win, you can make payouts small to ensure that you turn an overall profit. You’ll make money from the vig and from larger losing bets.
People will sometimes bet on games with extremely low odds if you offer a high percentage of payout. Chances are, you’ll be pocketing that money.
For the latter point, it’s important that you calculate a vigorish that can offset your losses. 10% is a fairly standard vigorish that most bettors are willing to pay.
How Can You Give Your Bookie Business an Edge?
Of course, setting good odds and taking a handsome vig will only go so far with professional gamblers. They know exactly where to bet so that they can flip an overall profit. This may mean placing enormous bets on high-odds teams or placing frequent ones on underdogs.
Luckily, there are actionable steps that you can take to prevent professional gamblers from draining you dry.
First, make sure that you root out professional bettors ASAP. Ace Per Head offers a bet ticker that sends you mobile alerts when someone places a bet.
Most people will bet a small sum right before a game. However, professional gamblers will often bet a lot of money a month or so in advance. If you see this warning sign, impose limits on the bettor.
Also, make sure to fill out a player watch report so that you can watch them easily and effectively. This will keep you in the know about all bets and how you should modify limits and restrictions.
More on Making Money as a Bookie
Now that you know how much money both players and agents can make with sports betting jobs, it’s time to get started. Ace Per Head is committed to helping you set up a bookie business that actually makes money. Create a sportsbook package.