Did you know the amount of money bet on this year’s Super Bowl will increase 78% from last year? That’s a massive jump, and the spike not only reflects the ongoing legalization but the love affair Americans have with betting on sports.
The sports gambling industry is profitable, but only a few are skilled enough to make their full-time living placing bets. In this industry, it’s the bookmakers who rake in cash. Do you want to learn more about how to become a bookie?
Read this handy guide to help you get started being a bookie.
Learn the Game
Becoming a bookmaker isn’t as simple as opening up a book and taking bets. You must have intimate and deep knowledge of how sports gambling works. Your players will have the edge if you don’t, and you’re guaranteed to lose money.
It’s not that hard to write the initial lines. For years, old-school pencil and paper bookies used the numbers released by Las Vegas sportsbooks to take bets. And many still use this method.
The lines move, though, and becoming a sports bookie means you must understand why they do.
After the initial lines get released, players lay action on either side of the bet. For example, the Pittsburgh Steelers are three-point favorites (-3) against the Cleveland Browns. Once you take on action, you see a vast majority of the early money is on the Steelers’ side of that bet.
If the line stays static, you, the bookie, risk losing a lot of money. So you move the line to 3.5 or 4, hoping to get play on the Cleveland side. Bookies move lines in an attempt to balance the money on both sides of their bets.
Information Arms Race
Players are always looking for an edge, and they find them through their extensive sports knowledge. The internet makes finding this information more accessible than ever.
Beat writers from all over the country use their social media accounts to give folks the most up-to-date sports information. The 24-hour cable sports networks offer a glut of game analysis and news. It’s harder now for the average bookie to stay ahead.
Because players and bookies exist on a more even playing field, you must work harder than ever to keep your edge. Becoming a bookmaker means sports news and analysis becomes a full-time job.
Check State Regulations
You know sports, and you know how sports gambling works. You live for the game and the research it requires.
In other words, you’re ready to start your sportsbook. Before you begin, you must first explore the legality. Contact a trusted attorney to see whether the laws in your state or territory permit a small sportsbook operation.
The last thing you want to do is operate outside of the law, possibly risking fines or jail time.
Use the Best Software
Did you know that most sports bets placed in the United States are now online? Why do people love betting online?
Convenience is a huge factor. If you live in a state with legalized online betting, you can make multiple wagers on NFL Sunday without leaving your house!
Another reason for the popularity of online betting is in-game or live betting. Players always want that edge, and they believe they’ll find it during gameplay. The popularity of live betting will only grow as more television networks, and providers integrate betting into their broadcasts.
If you want to be a bookie, you must meet the demand of the betting public and offer an online platform.
Pay-Per-Head (PPH) software is a godsend for new and experienced bookies. PPH software provides bookies with a prefabricated and functioning online sportsbook.
The only thing you need to do is find the PPH platform that meets your needs and create an account.
How Does PPH Work?
When creating an online sportsbook, you pay an operator like AcePerHead.com a one-time start-up fee.
After you start taking action, you pay $10 per active player each month. Say you have 20 players who made bets with you in March. You’ll spend your PPH service $200.
You pay that fee to access the various 24/7 features provided to bookies by the platform company.
AcePerHead is the Best Bookie Software
As a new bookie, you need to find the best PPH platform to help run your new sportsbook. There’s no better bookie platform than AcePerHead.com. Here are the best features we offer bookies:
Old-school bookies were limited in what they offered players, but players want access to lines for every imaginable sport these days. You’ll need to have them, too.
But who has the time to research KHL games or the Belarusian Premier League? With Ace Pay Per Head Service, you don’t have to spend all your time crafting lines. Our line service does that work for you.
Move Line Feature
You know your market better than anyone, and that’s why AcePerHead gives bookies the freedom to adjust their lines based on prevailing market trends.
For example, if you operate in the Pittsburgh area, you know how reluctant your players are to place bets on teams from rival cities like Baltimore or Philadelphia. With AcePerHead.com, you can adjust those lines to entice action.
AcePerHead knows the key to bookie profitability is action. The more action you write, the more money you make. You can’t afford any time with a malfunctioning sportsbook.
We have your back and offer around-the-clock customer service to help get your book operational should it go down. We also offer your players a dedicated customer service line.
Cryptocurrency is a private, decentralized, and untraceable currency. Taking action and paying out with it means your customer base keeps their essential financial information a secret. We encourage all of our bookies and players to use cryptocurrency for this reason.
Likewise, AcePerHead doesn’t ask their bookies for any personal information. We assign you an account number, and you use that number when dealing with customer support and your client base.
Write a Budget
A sportsbook is a business, and all new companies need an initial budget.
What do you need in your sportsbook budget?
- Software costs
- Communication technology
- Advertising and marketing
- An initial bankroll
When calculating the initial budget, you may find that you don’t have enough money. Most folks don’t finance a small business independently; they use small business loans.
Unfortunately, banks won’t give bookies loans. You’ll have to meet your budget goals another way.
Being a bookie isn’t easy, and in the first few months, you may pay out more than you’d like. You must have the necessary funds to ensure fast payouts to keep your burgeoning customer base happy.
You might consider a partnership. A financial partnership with a friend or family member on a sportsbook increases your economic operation.
Bookies make money by writing tickets, and you need an expanded player base to make a profit.
How do you find these players? Start with friends and family and then expand. Active social media accounts are a crucial marketing tool. Start a sports betting blog filled with your unique sports betting insights to attract players.
What does having an active social media presence mean? You must update your accounts three to five times a week. Make a weekly writing schedule and stick to it if you write a blog. You can’t win potential players with outdated blog posts.
Make the Rules
Your sportsbook is your business, and you get to set the rules players must follow.
When starting, you might find hard limits on bets limit your exposure. There’s nothing wrong with placing a hard cap on successful players to limit your losses.
Hard limits are a double-edged sword. Though you limit your risk and exposure, limits frustrate players who lay large amounts of money. These players will make bets elsewhere.
Open a Layoff Account
Some games see an overwhelming amount of public and sharp action on one side. No line movement entices players to the other side of the bet.
These dangerous situations set bookies against the betting public, and that’s not ideal for making a profit. A bookie wants to have action on both sides, but that’s not always possible. So in those instances, you use your layoff account to keep from losing money.
A layoff account is where the bookie places strategic bets to offset one-sided bet losses.
Bookmakers Rule the Sports Betting World
The sports betting industry is one of the fastest-growing in the world. Very few gamblers have enough skill to make a living gambling. Think about it, if sports betting were easy, it wouldn’t be as profitable of a business.
If you want to make money in this industry, you have to be on the other side of the window. It’s the bookmakers, not the players, who rule this industry.
Are you ready to make money in sports betting? Sign up with AcePerHead Today, the best PPH sportsbook software solution, and create your sportsbook in a matter of minutes.