Breaking into the Sportsbook Business
In business, there is a right way to do things and a wrong way of doing things. I’m not saying there is a magical formula that works for everyone, but, I can assure you some common bad decisions are the perfect way to ruin your dreams of becoming a bookie agent.
The Right Way to Do It
The misconception that gambling is a business where undereducated tugs thrive is a notion that needs to disappear from people’s minds. Let us not forget that sports gambling in the United States last year was estimated to be around $150 billion, most of which came from offshore providers, with numbers like this I can assure you, dummies don’t make it in this business.
If you are wondering how to become a bookie agent, then you have come to the right place, this article is not intended to provide a definitive guide on how to do so, but it will provide you with some valuable tips to avoid the most common pitfalls new agents face.
Step 1 – Make sure you have the necessary skills
Like I mentioned before, dummies don’t do well in this business, however, this is not to say you need a master’s degree in business to succeed, but you do need to have some basic skills to be able to run your business successfully.
- Math Skills: Don’t worry you don’t need to be a math wizard, but, you do need to understand probabilities, sports gambling is all about numbers and probabilities, and you should be able to understand them if you expect to succeed.
- Business Administration: There’s a lot that goes into running your own business, one very important aspect is time management, you need to prioritize tasks that provide added value to your service, and you also need to have some basic accounting skills. This last one has become an easy task for bookie agents thanks to the use of comprehensive betting software that provides great reporting, effectively cutting your work time by 2/3 at least.
- Sports Gambling: I know this seems to be an obvious point, but, you would be surprised the number of people who are interested in becoming a bookmaker that have no interest or knowledge of sports. You don’t need to be an active gambler, in fact, my advice is, don’t gamble unless you are laying off action, but, you need to understand how gamblers think, what they like and what they find annoying, if you cannot do this, then you better look for another way to make money, this is not your gig.
- Sales: Yes, you need to be good at selling yourself and your service, a critical factor in becoming successful in this industry is acquiring and retaining customers. So, you need to be an excellent sales guy and excel in customer service at the same time.
Step 2 – Secure Funding
Every business venture needs capital, and starting a sports betting service cannot happen unless you have the capital to back it up. Think of your sportsbook as you would a bank, banks must secure huge investments to operate, they cannot rely on the money their customer’s deposit to start operating, the same goes for sportsbooks. Your players need to have full confidence that you can pay them their winnings every week, now, you and I both know must bettors don’t consistently win every week, but even the worst player in the world will enjoy a winning streak occasionally. If you cannot fulfill your duties as a bookmaker then your business will go under in a matter of days.
Step 3 – Get the best Pay Per Head service available
Most bookie agents don’t have the resources to start a sportsbook on their own, this requires a lot of money and time, you need to find office space, hire experienced staff, buy hardware, set up contracts with several internet providers, and license the best software from reputable providers. Assuming you have the means and knowhow to do this, why would you when all you need to do to get this and more is register as an agent with www.AcePerHead.com?
They have top of the line everything, line managers, IT engineers, customer service, service providers, and software platforms, and best of all, their pricing starts at just $10 per head.
Step 4 – Go Tech.
Don’t let anyone fool you, online sportsbooks rely on technology, not just to power the website and accept wagers, but, to offer features that local bookies and even sportsbooks in Vegas can’t offer their clients.
I’m talking about live betting, casinos games, and even horse racing. Being able to offer your players a variety of products to bet on whenever and from wherever they may be, is what makes online sportsbooks so popular and profitable.
Sure, a lot of price per head services claim to offer all these products, and I’m not saying they don’t, but, if you had a chance to enter a formula 1 race, would you rather be driving a Ferrari or a Nissan? I’m guessing you want the Ferrari, and when it comes to pay per head’s that would be AcePerHead.com.
Step 5 – Choose your clients well.
There are all kinds of players out there, some will prove to be very profitable, others will be a little less, and others will bankrupt you.
Most will want to stay away from the later ones, but, if you know how to use them you can make a profit off them too. In order to do this, you will need to lay off some action with other sportsbooks, and if your player has a particularly great winning percentage, you may decide to follow him and instead of just mitigating the blow you can make a nice profit.
You must understand your players, what makes them happy, what products are they most interested in, which betting markets are the most profitable for you, etc. Knowing this will enable you to make informed decisions as what direction you should be moving your business, and yes, you guessed it, AcePerHead.com has a bunch of tools to help you do that easily.
Learning how to become a bookie agent, is a unique experience for each agent, some will find success right away, others will go a little slower, but, as long as you enjoy what you are doing and feel you are growing at your own pace, then you should be ok.