Learn How to be a Bookie
Are you looking to be your own boss and be financially independent? If you like sports and gambling, then running your own sportsbook or gambling website might just be for you. In this tutorial, you will Learn How to Be a Bookie by using the most cost-effective and reliable method.
While becoming a bookie can be a challenging endeavor, it can easily be done with the right tools and knowledge. In this comprehensive guide to starting a bookie business, I will not just go over the steps on how to be a bookie. I will also go over the skills necessary to succeed in this competitive yet very rewarding industry.
What is a Bookie?
There are many definitions and false perceptions of a bookie. However, the purest definition of a bookie is someone who takes wagers for a living. The word “bookie” is a slang term and a shortened version of the word “bookmaker”.
A bookie is someone who makes it easier for people to bet on sports. Instead of people looking for other people place their bet with, a bookie serves as the middleman. In exchange for taking the risk and the legwork, a bookie charges a commission for taking the sports wager. The commission the bookie charges is known as the “vig” or the “juice”.
The job of a bookie also entails making sports betting odds, paying winners and collecting money from bettors. The reason for making sports betting lines is because they need people to bet on both sides of the game. Thus, the odds allow bookies to make a profit no matter who wins or loses the game.
According to the Merriam-Webster dictionary, the first known use of the word bookie was in 1877. It was first introduced during horse races where people taking horse wagers would keep track of the odds and the wagers in their book. Hence, the term, bookmaker.
Since then, the word “bookie” has undergone many changes. For a while, it had a negative connotation thanks to Hollywood portraying bookies as thugs. Today, bookies in the U.S. are no longer seen in a bad light. Instead, they are now seen as a normal profession that caters to a growing demand.
This is in part due to the Supreme court legalizing sports betting after reversing the PASPA act back in 2018.
The official definition of bookie according to dictionaries is as follows:
noun
- a person who makes a business of accepting the bets of others on the outcome of sports contests, especially of horse races.
- a person who makes books.
Top Reasons to Become a Bookie?
If you are still debating whether you want to be a bookie, here are the top reasons to become a bookie.
A Billion Dollar Industry – In the current gambling industry climate, now is the right time to make your dreams come true. This is because sport betting the global sports betting industry is currently a $243.7 billion.
In the U.S. alone, the sports betting market was worth $13.66 billion in 2023 and will reach $32.63 billion by 2032 with a 10.2% CAGR. Considering that back in 2018, it was only worth $2 billion, this is a huge growth rate!
Be Your Own Boss – I could expand on it but everyone wants to be the captain of their own destiny. This is exactly what being a bookie provides to those willing to take the plunge.
Pursuing Your passion – You are actually doing something you like and are passionate for a living!
Work from Anywhere you want – Since it is an online business, you are not limited to any physical location. Therefore, you can work from home., at the beach, in a different country or anywhere with a WIFI connection.
You Earn 100% of the Profits – There is no longer a middle man or a boss to take away the money you earn. All of the credit for the hard work and the profits go to you!
Featured Sportsbook Pay Per Head Company
How to Be a Bookie – Step-by-Step-Guide
1. Becoming a Bookie – Skills and Knowledge
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.
Understanding the Sports Betting and the Industry – 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.
Time Management Skills – Setting up a sportsbook demands a considerable allocation of time. Consequently, the efficient management of this crucial resource will be vital for long-term viability, especially in the early years.
Problem Solving Skills – Regardless of the extent of your planning, challenges will arise in your business endeavors. Consequently, it is essential to possess the ability to make sound decisions, occasionally in high-pressure situations.
Leadership Skills – When you have employees that work in your sportsbook, possessing strong leadership skills becomes essential. It is crucial to inspire your team to maximize their potential and enhance overall productivity.
Financial Management Skills – The ability to manage your finances effectively is essential. It is important to project your cash flow and sales while also keeping track of your profit and loss. Furthermore, proficient financial management skills will enable you to operate your business successfully and safeguard your financial investments.
2. What You Need to Start a Bookie Business
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 a Sportsbook Pay per head 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.
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 one of the steps in opening a sportsbook. 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.
3. Methods to Open a Sportsbook Business and Become a Bookie
Open a Sportsbook from A to Z
This is the toughest and most challenging method to start a sportsbook. This is because you have to create or purchase every aspect of what makes a sportsbook. From the sporstbook software to hiring employees, creating its infrastructure and obtaining the proper gambling licenses.
The Advantages of Starting a Sportsbook from scratch Include:
- You are in Control of Everything (as long as your budget can afford it)
- You choose the sports betting software and gambling options
The Disadvantages of Starting a Sportsbook from Scratch are:
- It’s expensive easily over a million dollars
- It takes at last 6-12 months before you are ready to take wagers.
Use a Sportsbook White Label
A white label sportsbook is taking an already existing sportsbook and turning it into your own brand. Basically, you are using the sports betting software and platform of an already existing sportsbook. Then you change the skin and logo of the website to make it your own.
There are many advantages to using a white label sportsbook to become a bookie. These include:
- Saving time and energy since it already includes a working sports betting software
- It’s is less expensive than starting from scratch
On the other hand, there are also a few disadvantages which include:
- You are not an independent bookie
- You only get a percentage of the profit
Use a Bookie Pay Per Head
A pay per head Bookie serves as a comprehensive solution that enables the establishment of a sportsbook within minutes. Essentially, a Pay Per Head involves renting the sportsbook platform, website, infrastructure, and personnel.
As the name suggests, rather than paying a fixed fee or commission, you are charged based on the number of active players, or “head” you have.” Typically, the average expense for a Pay Per Head Sportsbook ranges from $2 to $15 for each player. The cost will depend on the Sportsbook pay per head company. Look at our Bookie Pay Per Head Comparisons to see what different PPH services have to offer and their cost.
Advantages of Using a Bookie Pay Per Head to Open a sportsbook:
- 100% of the Profits are yours
- Low start-up Cost
- Low cost of Operation
- Only takes minutes to start
Disadvantages of Using a Pay Per Head to Open a sportsbook:
- It is more difficult to add gambling options not available in the Bookie Service
In Conclusion
Establishing yourself as a bookmaker requires comprehensive skill set that extends beyond mere sports knowledge. It is essential to grasp the principles of risk management, financial operations, and adherence to legal regulations.
Additionally, one must take into account the requisite technological frameworks. Considerations such as your online cloud services, mobile applications, and website design are crucial. This is because they significantly impact the user experience of your sportsbook.
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