If you are interested in running your own sportsbook or gambling website then this tutorial is for you. This is because our easy to use tutorial will teach you How to be a Bookie in just a few easy steps. Thus, if you debating about becoming bookie and opening your own sports betting shop then keep reading this tutorial.
In the current gambling industry climate, now is the right time to make your dreams come true. This is because sport betting in the U.S. is currently a $2 billion industry. Since the sports betting is now legal in several other states, gambling industry experts believe sports wagering will increase to $5.2 billion in five years.
In addition, a bookie needs several different skills in order to be successful. Some of these skills include marketing, sales, customer service and of course sports betting expertise. However, in order to be a successful bookie, top-of-the-line gambling software is also necessary.
Becoming a Bookie – What you need to know to be a bookie
Getting the right bettors and managing them
In order to be a bookie you need to have the right type of clients. Since most bookies do not start their operation with unlimited funds, a bookie wants clients that are not sharp players. They want recreational bettors who are loyal. The best way to acquire such players is to start with family and friends and acquire more bettors from referrals.
However, having the right type of clients is only the first step in becoming a bookie. This is because you have to keep each client happy while at the same time make the most profit from them. Thus, knowing you’re their interest, favorite sports, and favorite wagers is essential to being a bookie.
This information will enable you to understand the management style necessary to customize individual player for maximum profit.
Understanding the Sports Betting and the Industry
The total value of the sports betting industry is difficult to estimate due to its lack of consistency. However, it is a billion dollar industry that makes up 25% of the total gambling industry. Furthermore, gambling industry news analysts predict that it will steadily grow at a CAGR of close to 9% by 2022. Thus, there are plenty of opportunities available for bookies hoping to get their foot in the door.
Understanding Sports Betting and the industry allows you to know when bettors will place bets and on what. Thus, understanding it allows you to target specific players, events and sports to your advantage.
Financial Security and Banking Options
In the end, a successful bookie is about being able to pay your clients and getting paid by your players. Even if you offer enticing bonuses, the best online sports betting site and a wide array of gambling options, it all for nothing if you are unable to pay and get paid.
Thus, you need strong financial security that will cover the action you take on a regular basis. Furthermore, having multiple banking options to send and receive money is key to good business. This is because it’s just good business to not have all of your eggs in one basket.
Variety of Gambling Options
The most successful sports betting companies have a large variety of Gambling Options. This is because it allows them to hold the interest of different betting client. In addition, we are not only talking about different type of sports bets like straight bets, live betting and buying points. We are talking about offering sports betting odds on not just national sports but also on international sports.
We are also talking about different options like online casino games, Live Dealer casinos, poker, lotteries, eSports betting and such. This is because it allows the bookie to maximize profits from existing clients by giving them an all-in-one service.
Thus, if a client wants to gamble on different games or sports leagues, they can do so with your company.
Sports Betting Software
Today’s bookies have an advantage over their predecessor thanks to modern technology. This is because gone are the days of newspapers and taking bets by phone and by hands. If a bookie has a good Sports Betting Software, they can easily triple their profit margin. Furthermore, they can gain more clients with less work and less headaches.
The ideal sports wagering software enable a bookie to automate most aspects of a sportsbook. This is because it keeps tracks of all sports bets, sports handicapping and even casino betting and bonuses.
The Best Sports Betting Software in the industry is from BWager.com for several reasons. They provide bookies a full sports betting and gambling platform. In addition, their gambling platform is available for purchase for $500,000 or thru their Sportsbook Pay Per Head Service.
Most bookies or entrepreneurs choose the Bwager Sportsbook PPH service because it is available for only $5 per player. Thus, a bookie can start an online sportsbook without needing a large amount of money. Their Pay Per Head service give you not only sports betting, live betting, an online casino and a racebook. They PPH service also gives you the tools necessary to succeed which include player reports, overall sportsbook reports and much more.