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 by the number of people who are interested in becoming a bookmaker that has 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 most 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 know-how 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, casino 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 Ace Per Head.
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 to 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.
What Are Bookmakers and How Do You Become One?
What are bookmakers? Bookies accept and make payments with betting. Why should you become one? Learn more below.
Have you heard of bookmakers? Well, those are the guys that make and accept payments in the realm of betting.
In essence, they are the mediator between your money and the authenticity of a bet. They also provide betting advice and can help manage your gambling budget.
In this article, we will cover what are bookmakers in depth. As well as cover how you could become one yourself.
Whenever you’re ready to learn more about these important topics, get your notes ready and keep reading.
What Are Bookmakers or Bookies?
Bookies, bookmakers, or sportsbook agents are the people who make bets for different sporting events. In the past, bookmakers were called ‘bookies,’ and this is where their name comes from.
Bookmakers are in charge of setting odds on an event to predict how it will play out statistically and using them to set the bet’s payout ratio (how much you can win). They’re often considered gamblers themselves because they take a risk every time someone places a wager through them against what happens in real life.
It’s known that bookmakers are usually people who have extensive knowledge of the sport in question and how its statistics typically play out.
Bookmakers are always looking for potential wagers, which they refer to as a ‘book.’ A book consists of the odds that the bookie sets and payouts.
To become a bookmaker, you need extensive knowledge of any given sport or game in question because it’s your job to set stakes and payouts according to what is happening statistically during an event. You also need some sort of cash flow, otherwise there would be no way for anyone to place their bets with you!
There are many different types of sports and games where people might want betting opportunities on, such as horse racing, football (soccer), ice hockey, tennis; but if you’re not knowledgeable about these games, then attempting this could prove problematic.
Now that you know what are bookies, let’s find out how you could become one.
How Do You Become One?
If you want to become a bookmaker, some things need to be taken into consideration, so let’s discuss those now:
You need to have a good feel for the odds of any particular event. You need to be trustworthy and honest because you’re always taking a risk when someone places bets through your bookmaking service.
It is possible that one day you’ll become unlucky with some gambles and lose money. If this happens, you mustn’t bet anymore yourself or lend your services out until things get back on track.
It’s also very important that as soon as something goes wrong in your personal life (such as an illness), you take a break from bookmaking work until everything has been resolved.
Otherwise, people might think they can cheat their way around betting and get away with it by having their bookmaker take the hit.
You might have a gambling addiction and not even know it, which is why you should always remember that professional help is available if your problems escalate out of control.
You need to be determined to succeed as a bookmaker, but make sure you’re also smart about where you put your money so that you don’t become bankrupt!
If only one person places bets through your service or doesn’t bet much themselves, it’s going to be very hard for them to turn their earnings into profits. Therefore, they need to really hustle when trying to build up their customer base by advertising more aggressively than other companies do.
It can be difficult getting started as an individual betting company because it can be expensive to get a license. You also have to make sure you’re collecting taxes from your customers for the government as well, depending on what country you live in and which gambling laws exist there.
As soon as somebody starts betting with your service, this generates revenue that can then be used to cover these costs. If they don’t bet much themselves, but encourage their friends to do so instead (or if they can bring new people into the game), then it’s more likely that those expenses will pay off over time!
The first thing any self-respecting bookmaker needs is an inventory of bets before they give them out to someone else—otherwise, how would you know what kind of odds or stakes rates work best?
How Many Hours Do They Work?
Sportsbook Agents typically work full-time, but they don’t have to work many hours. They do need to be available for their bets to count and take place.
However, their availability varies depending on games played hourly, with peaks during sporting events such as the Super Bowl, World Cup, or Olympics.
The Process of Becoming A Bookie
First and foremost, you need a player management system. This is a complex program that can track odds, accept bets, and store player information. Most importantly, it’s the foundation of any solid betting system!
Next, you need to make sure your location is licensed for bookmaking operations. This varies from state to state in America, but some countries have less strict regulations than others.
The last step before opening up a shop is registering with a third-party service provider like NetBet or Bet365 which will help handle all those pesky financial transactions while managing your liquidity as well.
You also need to prospect your betting customers. This means figuring out who your target audience is and where you’re going to advertise, as well as how much of a percentage the house will take.
The basis of building up your sportsbook business is through referrals. If you handle a bet well and provide the customer with great customer service, they will show their friends who want to place bets.
To grow your client base as a bookmaker, you need to make it as easy for people to bet with you. This means offering a good deal on the odds, providing fast payouts, and communicating well so your clients feel they have control over where their money is going.
The next step is figuring out all of the logistics, like how much you’re willing to risk or lose at any given point in time. As well as which sports leagues are worth pursuing and what kind of odds will bring in more bets.
Then comes learning how to use financial software programs that can give you real-time information about bankrolls, limits, and performance-related projections.
Once these basics are set up, then come some other considerations: do I want season access? Will I be betting on live streams only?
Do I want an online account or do I want to make bets in person?
The last step is knowing that your job will require you to be constantly on the lookout for new information about everything from weather patterns and injury reports, to how much money a game’s going to bring in. The more data you have at your fingertips, the better chance you’ll have of making wise decisions.
Next, you want to learn to manage your budget. A good way to do this is by following a betting system, or “method.” A method can be anything from the Martingale System (which doubles your bet after every loss), to simply doubling down on your bets when you have a strong hand. You’ll also want to research different strategies and find what works best for you!
For example, let’s say that I am using the straight-up system of only picking one team per game. If my chosen team wins, then great! But if they lose, then it’s going to take me at least two games before I’m back in profit again. On top of that, with an average win rate of 60%, most people would need 12 winners just to break even over time!
Full-Scale Bookie Software for You
Now that you know what a bookie is, as well as how to become one, you are that much closer to making your dream come true. In any case, there’s really no rush and you can become a bookie at any point in time.
However, we know one thing for sure. If you don’t use technology to your advantage, you will be left to your own devices at a significant disadvantage from your competitors.
If you’re interested in taking your bookmaker experience to the next level, get in touch with us and we will happily set you up with a full-scale solution for your sportsbook business.
Future-Proof Your Bookie Career
Have you ever been frustrated by a job because you didn’t feel set up for success? Future-proof your career with these lessons from successful bookmakers.
If you are a bookie, you know that the industry is undergoing rapid change. From the proliferation of legal sports betting to the on-going COVID-19 pandemic, bookies have had to adjust the way they’ve done business in less than two years.
Innovation is the bedrock of the U.S. economic system. If you can’t keep up, your business suffers. Keeping up is not only about the latest trends. It’s about laying a future-proof foundation with a loyal clientele.
You know all the good sports betting brings your life. Here are 3 things you need to know to keep your business successful.
Online Sports Betting
The legalization of sports betting has meant an online revolution. States where sports betting is legal to continue to see an influx of interstate, commercial sportsbooks.
There are many news stories incredulous at the huge growth of sports gambling. You’re a bookie. You’ve known for years how popular sports gambling is.
As the industry grows with online books, brick and mortar casinos also continue to go online. These books offer a whole world of exotic bets with a few finger strokes. They also offer players a safe place to play without understanding sports betting.
You have to take your sportsbook online to keep the action coming. Your players, while they may be loyal, are interested in making money as easily as possible. If they can do it from their couch on in-game action offered by online sportsbooks, they will.
The best way to keep your players playing with you is to invest in your own online sportsbook gambling platform. This sports betting software gives your players more bets. It also offers more payment methods, Bitcoins, MoneyGram, and Gift Cards, like the big guys.
Keep Your Players Happy
Even though sports betting continues to move online, it’s still a people business. If you want to weather change to the industry, you have to build a loyal clientele who will stay with you no matter what.
This is why casinos offer comps to big players. This is why online sportsbooks offer bonuses and specials. You want to make sure your players feel welcome laying action with you. You need to give them a reason to keep laying action with you.
Grow at Your Own Pace
While it is imperative to make the move online, don’t try to grow your sportsbook business too fast. Remember, you’re making this move to retain your players as well as win more. You don’t want to run the risk of alienating those already loyal to you.
It’s also important to not jump headfirst into exotic bet offerings. Do you remember those years where you took a bath when certain players got hot? If you offer bets on sports where you’re not knowledgeable, players will take advantage.
The best bookie software allows you to set the book to your needs. You’re the house. Set your bet limits where you are comfortable. Place limitations on parlays. Start slow offering bets on the sports you already took bets on.
Once the money comes in and you adjust to this new way of doing business, you can offer more to your players.
Future-Proof Your Sportsbook
As the sportsbook business changes, you run the risk of losing your loyal players to online sportsbooks. Stay ahead and future-proof your book with a pay per head bookie platform.
Do you want to move from the pencil and paper method to online wagering? AcePerHead.com can help. Sign up today for a free six-month trial.