How do Bookies Make Money?
Bookies are people that accept wagers on various sporting events. So when someone makes a wager on saying the New England Patriots against the New York Jets, then the bookie needs the opposite team to win or cover the spread in order for him to make money on that wager. So whenever any of the bookies’ players make a wager he will always need the other team to win or cover the spread in order to make money.
The good news is that gamblers always loss over the long term, which means that whatever the players’ losses will be money earned by the bookie. In addition, all sports wagers have a vig which is generally 10% which means if someone wants to win $100 then they need to pay the vig or the juice which means they need to risk $110 to win $100. That 10% juice on all wagers adds up quickly so even if a player wins half of his wagers, he will still end up losing money to the bookie, because of all the juice he lost on each of his losing wagers.
So if bookies make money from players that lose when they gamble, then the best way to make the most money is to either have players that give a ton of action or to just keep acquiring new players that want to bet with you. The more players you have, then the more money you are going to end up making in the long run.
The other thing that bookies do to make money is to use a pay per head website that allows you to piggyback off their lines and betting platform. Price per head websites, such as AcePerHead.com charge a small fee of $10 per active player a week, and then in return, they provide the bookie with a website with thousands of betting options each day. They manage the lines up to the second and grade everything as soon as each game is over, and then everything gets automatically updated to the players and bookies account so they can see exactly how much they are up or down on the day, the week, month or lifetime of the account.
The reason this small investment of $10 a player a week is well worth it is that between the time it would take a bookie to do everything on his own manually and the lack of betting options you would have because there is no way one person can manually keep track of thousands of betting options per day, would make this a full-time job with limited profit potential. Instead, you just pay a company like Ace Per Head a small fee each week and this will mean you do not need to invest any of your own time to manage the website, and also your players are going to lose a lot more money when they have the ability to bet on a mobile website 24/7.
So call Ace Per Head now at 1-800-909-5193 to get set up immediately so you can start making money today.
A Step-by-Step Guide on How to Earn Money as a Bookie
Are you ready to start an exciting career as a bookmaker? Get started with this guide explaining how to earn money as a bookie.
Becoming a bookmaker isn’t for the faint of heart. It takes ambition and perseverance to make it in this cutthroat industry. If you want to be the next Bwin or Bet365, you’re going to need a carefully thought-out step-by-step plan to make your bookie business boom.
Luckily, this is easier than it sounds when you’re decisive and work with pay-per-head (PPH) professionals. Here, we’re going to talk about how to earn money as a bookie and make a name for yourself in the digital gambling world. Read on to begin making bank and interacting with bettors on the regular.
Step 1: Decide on What Sports You’ll Take Bets On
The first step towards running a bookie business is actually a fairly simple one- deciding what sports bettors you’ll work with.
Consider the reasons that you’re interested in bookmaking. Most bookies are passionate about sports as well as about rolling in money. You need to include the sports, events, and teams that interest and attract you.
This will make bookmaking fun and easy. It also is likely to attract clients. After all, the sports that interest you are likely to engage others as well.
In addition to sporting events that give you an adrenaline rush, you’ll need to research those that are popular among bettors. Do a few online searches to determine what the big upcoming events are in the sporting world. If a specific sport is having an event (like basketball’s March Madness or football’s Super Bowl), you’ll want to focus on that.
You also need to think about which bets are the most lucrative for bookies. While attracting customers is the first step towards getting good cash, you also need to select events that give you a decent house edge. Letting people place smaller bets on things besides game outcomes is a great way to do this.
When people bet on a very specific touchdown made by an individual player, you’re likely to make more money. Betting on games only gives you a 50/50 edge at best (and that’s assuming that your bettors have no clue what they’re doing, which is unlikely). Betting on specific aspects of a game is something people generally just do for an adrenaline rush since you have much higher odds.
Step 2: Set Up a Killer Website
Okay, so you have a well-organized spreadsheet containing all the things that you want to initially take bets on. Now what?
You’re going to need to create an engaging website that has an integrated monitoring software for sports betting. Pay-per-head (PPH) technology is the only way to go here.
PPH bookie solutions are fully managed platforms in which you pay a company like Ace Per Head to manage everything for you. You simply give us a small amount of money (around $10-$20) for each bettor that signs up to work with you. We then handle everything from keeping track of scores, website updates and backups, troubleshooting, security features, and client communication.
Don’t worry- you’ll still have complete control over your lines, bets, rules, and limitations that you want to be in place. You just need to communicate what you want with a PPH expert and watch the magic happen while your bank account grows.
Designing Your Website
When you initially sign up for a PPH platform, you’ll create a webpage that users can visit and place bets on. Many people opt to design their site with a pre-made customized template.
This is faster and easier to manage for those who aren’t well versed in web design. It’s also cheaper than paying for a fully-custom website. You may opt to use a template-based PPH software for a while until your business picks up and you can afford a custom one. It’s completely up to you.
However, if you don’t like any of the templates that you see, Ace Per Head can design a package with you that includes custom platform creation. You can tell us exactly what features you want your site to have and we’ll set it up for you. There’s no need for you to understand coding, web design, or anything else. Since we manage it for you every step of the way, you won’t even need to learn later.
You’ll need to make sure that your site is easy to read with bold text and clear fonts. You also will want to include images, graphics, and video content that will make clients view you as an authority. A strong navigation system is also critical so that bettors can see the many sports that they can bet on and make an informed choice.
PPH platforms are also distinct in their design because they require unique information for each bettor once they log in. Bettors need to be able to see the bets they’ve placed, how much they’ve won, and how much they owe. They also need to be able to manage payment methods and other aspects of their online gambling experience.
Setting Up Payment Methods
Speaking of payment methods, you’ll need to decide what you’re going to take. We recommend accepting:
- Credit and debit accounts with all major banks
- eWallets like PayPal and Venmo
- Cryptocurrencies like bitcoin
Giving bettors leeway to choose their payment methods makes you appear more flexible. Customers who view you as adaptable are more likely to work with you over more rigid competitors.
Step 3: Manage Your Business Constantly
Part of being a bookie is constantly managing your business. You need to adapt to changing tides within the gambling industry- once again, flexibility is key.
Make sure that you ask Ace Per Head to organize your website differently if something isn’t working. You may want to alter your navigation so that your site is constructed in an easier-to-read manner. You may want to make it easier for people to place bets and make deposits. You also might want to change the way that people on the user end view their bets and lines.
The bottom line is that you need to monitor your site to see what’s working and what’s not. It’s important to be aware of this so you can make necessary alterations, become more efficient, and expand your sportsbook.
Communicate With Clients
Comprehensive client communication is essential when you want to earn more money as a bookie. The first step to making this happen is to be transparent.
PPH software shows bets on both the agent and player end. Both parties can see exactly what bets were placed, when, and how much. This allows for the highest level of transparency since everyone will know where they stand and how much is at stake.
When players have questions, they also need to be able to reach out easily. Web-based betting gives them an easy way to contact you without blowing up your personal inbox or phone. If you want to, you can view and respond to messages directly on your PPH platform.
You also won’t need to wait by the phone as traditional bookies need to. Ace Per Head has a 24/7 call center that your players can reach out to with any inquiries. You won’t even need to take phone calls yourself if you won’t want to- our experts have client communication covered.
Plan for Winning Customers
To fully understand and plan out your bookie income, it’s essential that you remember that some players are going to win. While you have a house edge, you need to deal with the possibility of shelling out money regularly. This is especially the case if an underdog wins a popular game that people bet on- one event can cost you thousands.
Luckily, successful bookies can make anywhere from $5000-$10,000 in a single week. Make sure that you have some money in reserve in case someone hits a jackpot. You can also legally cap winnings, but this will be an unpopular move that can damage your reputation. It’s best to avoid it if at all possible.
Market Your Online Bookmaking Software
At this point, you likely are wondering- how do bookies make money after setting up their PPH software? How do they attract clients?
Being a bookie is a business like any other, and you need to invest in marketing strategies to gain visibility. Manage your social media pages regularly and invest in Facebook Ads. Target those who are in high-paying occupations, those who like gambling and sports-related pages, and those who have liked competitor bookmakers.
You’ll also want to invest in some advertisements on Google. Show off an ad for your PPH site at the top of the search engine or on its sidebar. Customers who enter sports-betting-related queries on Google can then click the link and be redirected to the sign-up page for your PPH platform.
Making Money as a Bookie, Today!
Now that you know how to earn money as a bookie, it’s time to get started. Create your package and work with us to create comprehensive and personalized bookie software that meets your specific needs.
We offer a free 6-week trial so that you can make a more informed decision about working with us. Since we’re committed to designing a webpage that works for you and helping you with your clients, we look forward to hearing from you soon.
Juice & Commissions: How Much do Sportsbooks Keep as Profit?
The most important part of any business is how much money you can get from the business. As a bookie, you are in charge of a lot of money, as you manage many bets. But when looking at the money you probably ask, what percentage do bookies take? The amount of money a bookie can make depends on many factors, such as; the number of players per week, how much per bet, and how often players place bets. Basically, the more money involved, players, and bets that are made per day equal more money for the sportsbook agent. As with any business, the more customers you have, the more money you will take home. But there is more to it than that when it comes to the salary of a sportsbook agent.
The Math Behind the Salary of a Bookie
First, it is important to establish when a bookie makes money. A bookie makes money when a player makes a bet on an event with an agent. The bookie sets the point spread or the Moneyline to keep the action balanced on both sides of the outcome, whether that means favoring the Miami Dolphins to beat the New England Patriots by 3 ½ points, or making the Moneyline Miami -120 / New England +160.
What percentage do bookies take? That question refers to the book fee that is collected from a wager. Bookies usually take around 10 percent, this is what they call the “juice” or the vig. This is the most definitive source of income for a sportsbook agent. The money that is not collected is returned to the book. For example, let’s say that a player bets on a game between the Washington Football Team and the Dallas Cowboys. Let’s say the Cowboys are favored by 10 points, so you take the Cowboys, at a -10 spread with -110 odds. The player puts down $110 for the bet. If the player wins then they would get $210 back total (the original bet plus $100) back, if they were to lose, the book would keep the $110. Over time, that $10 edge on the favorites contributes to the bookie’s profits.
In order for a sportsbook agent to make a decent living, they have to maximize profits. To understand the question “What percentage do bookies take?” the bookie gets their money from a vig, also known as the book fee on a wager. So the only way to maximize profit is to increase the opportunities to collect wager fees such as vig. In order to do that an agent must bring more business to their service, offer and manage more bets, and offer a wide variety of bets. If an agent can be versatile and offer high dollar bets as well as low dollar bets, then the money they collect will be on a spectrum. Some players start low and go high, and vice versa. It is important to encourage these trends by having these options available in bulk. The faster an agent can process and complete wagers, the more money they will make. If an agent can use a bookie software to operate an “assembly line” of gambling, then they will make good money — which is where having a spot on a platform like AcePerHead.com comes in.
Where PPH software comes into play
There is a common saying, “spend money, to make money”, and in this context it is applicable. The best way for a sportsbook agent to make money in the modern gambling market is to invest in high-quality price per head software service. Price per head service packages is an excellent way to increase profit margins, especially AcePerHead.com. Service packages like then include a website-based software that includes all of the tools necessary to run a smooth operation. Price per head service processes all of the bets automatically, and constantly updates the data, so your cash flow will increase because you will be able to handle numerous players and bets at the same time. And the price per head software, especially Ace Per Head.com, scales the growth as you go, so you will always meet demand. And meeting demand will increase your cash flow exponentially.
As you can see, to maximize the answer to “what percentage do bookies take?” for your own business, if you do decide to increase profit via price per head services, AcePerHead.com is a premier option. With features such as live betting, automatic processing, expanded market, etc., it is the perfect software for making money. If you want to collect vig more often and “make bank”, then they are the way to go. The live casino in itself offers many opportunities to collect and process a wide variety of wagers.
As mentioned earlier, AcePerHead.com is able to automatically process your bets and update player data. This constant flow of cash and data will make your business uber efficient. The expanded market has a huge impact on profit. The numerous leagues and teams offer a multitude of spreads and lines to cover daily, the international scale AcePerHead.com operates on provides options constantly for players. Earlier we discussed examples of individual spreads and what happened in each scenario. Even if the agent won, they got a small percentage of the pot, which is how the market works. So by using price per head sportsbook software, such as AcePerHead.com, to increase your chances of collecting a vig is the foundation of your business. Agents have to depend on their player base, if it does not grow, then the business will falter. As in every business at this scale, consumers decide which service lives and dies. So as an agent, your business has to be geared towards the customer, using price per head services to create a fast-paced and exciting environment for players will go a long way in building your sportsbook business.
How Much Money do You Need to Start a Bookmaker Business?
Have you thought about leaving your 9-5 job behind and using your sportsbook as your primary source of revenue? You’re not alone – after all, many people who scramble to take calls and texts for their neighborhood sportsbook while negotiating the demands of another full-time job have been where you are in terms of stress. Maybe your book brings in a little money on the side, enough to make you think that you can expand. Before you make the jump, though, consider whether you are financially ready.
Getting Your Sportsbook Up and Running
There are other questions you’ll need to answer, particularly if you are just now launching your book, in addition to how much money you need to start a bookie business. These questions include:
- What is the law with respect to sportsbooks where you live? (After all, it’s one thing to run an under-the-table book with cash, but once you go online, law enforcement can find you much, much more easily.)
- How will you go about setting your lines?
- How much vig do you ask for?
- What happens when your book starts to grow?
- How do you track all of the action?
- What will you do when sharp bettors find your book?
If you use a sportsbook platform such as AcePerHead.com, some of these questions won’t matter as much. The platform will offer lines that you can choose (or you can still set your own). The big question is still up to you, so you’ll need to figure out what you can charge as opposed to what your betting clients will pay.
The questions about growth, tracking, and dealing with sharp bettors will remain. If you are online with AcePerHead.com, you don’t have to worry about the growth, because the administration is their problem – you just have to make sure you have enough money on hand to deal with the extra action. If you notice that there are some people who keep winning, week after week, you can place limits on their actions.
So How Much Money do you Need?
The answer to the question, how much money do you need to start a bookie site, is complicated. Obviously, you need to be able to afford licenses and fees to get your bookie site up and running. You will also need enough cash to cover every bet from the start. You should always have enough cash in reserves to cover every bet your clients have placed. Of course, if you set your lines correctly and then adjust them to keep action in balance, you should not need to send all your cash out at once, but that is still an industry standard.
After all, you never know when a sports event will turn out poorly for you and leave you unbalanced. In the wild card round of the 2020 NFL playoffs, the New Orleans Saints were 11-point favorites over the Chicago Bears. They led the Bears, 21-3, in the waning minutes of the fourth quarter, and a lot of the big sportsbooks were nervous because the action on the Saints to cover had been so heavy.
Then the Bears scored a touchdown as time expired, to draw within 21-9. An extra point would make the final score 21-10 – resulting in a push. However, in NFL games, you do not try an extra point after time has expired, when that point does not make a difference competitively. In the wild card game, there are no tiebreakers to worry about, so the teams went into the locker room, the Saints won by 12, and a lot of big books were out a ton of money. All this is to say, of course, that you need to have money on hand to cover each bet.
Here’s an example of how it might work out for you. Let’s say you offer action on five games for a particular day and take in this action, all at 110 to 100 as the vig:
Game 1: $1200 on Team A and $1000 on Team B
Game 2: $750 on Team C and $900 on Team D
Game 3: $800 on Team E and $600 on Team F
Game 4: $750 on Team G and $650 on Team H
Game 5: $1000 on Team I and $900 on Team J
Because opposite bets cancel one another out, here’s your net exposure by game:
Game 1: $200
Game 2: $150
Game 3: $200
Game 4: $100
Game 5: $100
So even though your total handle is $8,550 (all of the bets totaled up), your total exposure is capped at $750 – and that’s if all six games go against you. Realistically, you can expect that about half the action will go one way and half will go the other, so the key is to make sure that all your wagers stay as balanced as possible. You also keep the $10 extra on the $110 on the games where you win.
Do I Really Need to Sign up with a Sportsbook Platform?
There are people who run successful bookies sites on their own, either the old school way, using cash, or through websites that they have designed. However, that takes a significant investment, in terms of developing the website. Also, it adds the hassle of having to manage things should the server go down. Over time, the investment in a pay per head bookie platform such as AcePerHead.com really pays off. Wouldn’t you rather just focus on the fun parts of running a sportsbook? That means picking games, setting lines, choosing creative props, and telling more and more of your friends about your sportsbook. It doesn’t mean having to take frantic calls from your betting clients when the website crashes and dealing with collections from betting clients who don’t want to pay up. Consider using a platform like AcePerHead.com; the small weekly fee you pay for each betting client will pay off in time that you have back as you continue that transition into a full-time sportsbook agent.