I Want to Be a Bookie!
If you are seriously interested in becoming a bookie then it is important to know how much money one should have in order to begin this business venture. Truthfully it really doesn’t take much money to get started but it is always good to have some type of bankroll before you begin because you need to be prepared to pay your players if they win.
How Much Money do I Need?
The exact amount of money that you will need to become a bookie can actually vary and that mainly depends on how many players you plan to have betting with you and how much you plan to allow them to wager on each game when you begin.
Obviously, if you have 10 or 20 players and you are going to let them bet $500 to $1,000 a game then you better be prepared to have a large bankroll saved up. Yes over the long-term players are going to lose when they gamble on sports, however, you always need to be prepared to have money on the side for the weeks that they do end up winning. Players are going to win sometimes, and they have to win sometimes, otherwise, they would never continue to play week in and week out. Also if they lost every single week then they would quickly run out of money to bet with, which is not exactly what you want because then they will not be a long-term player.
So if you have 10 to 20 players to start and they bet $500 to $1,000 a game you should have at least a 10k bankroll, because your players could easily get lucky the first couple of weeks and start off winning. Also, players that bet $500 to $1k a game can easily win a few thousand dollars a week. For a player to win say 3k in a week and bets 1k a game that would mean he only would have to win 3 games a week or just be up 3 units during that week which is not unlikely. So if you have these type of larger bettors to start out with, but don’t have that much of a bankroll then it would probably just be better to start off with much lower limits, and then you can just tell your players that at the moment the limits will be $250 and after you build some trust and comfort with them then the limits can be raised.
However, if you are looking to be a bookie and you have under 10 players and are really just starting out from scratch and your players are going to have limits of $300 or less than your bankroll can be very minimal. If it is just a couple of players and they are betting small then a small bankroll of $500 to 1k will be more than sufficient to get started. Obviously, your players could start off and immediately just start losing on the first few weeks of betting and then you will not even need to have any money on the side, but instead just collect the losses.
Clearly though, the more money you have set aside for paying your players the better prepared you will be if they win, and the bigger swings you will be prepared to handle when starting out. However, even if you do not have that much money saved to pay winners then this should not discourage you from becoming a bookie. Instead, this just means you should start with much smaller limits for your players so you can build up your business slowly so you are protected early from the lucky chance players start off winning.
One other suggestion for new bookies if they are worried about having money to pay their players, is to use a pay per head website such as www.AcePerHead.com that specifically has a global max payout feature that can be applied to all wagers placed through their website. This unique feature allows agents to set a max payout on each wager that their players place, which can help agents to be protected from players winning more than they can afford to pay. This is a good feature to utilize especially if you are just starting out as a bookie and have limited funds to work with.
What does It take?
The world of sports betting is growing rapidly so it’s time to get in now. Here is what you need to know to become a bookie agent.
Were you aware that the global market for online gambling is expected to reach over US$92,9 billion by 2023? The market’s current size is almost US $59 billion, which means that it will nearly double in the next two years!
That means that if you want to become a bookie, the time is now. However, this business is not as easy as everyone thinks.
What is a bookie agent? A bookie provides odds for games, which adds another element to betting. If done right, then you can have a very successful and profitable business.
As you can see above, the world of sports betting is growing rapidly, so it’s time to get in now. Here is what you need to know to become a bookie agent.
How to Become a Bookie Agent
The bookmaking world can be overwhelming, to say the least. From managing to marketing, and financing, and all the in-between bits.
That being said, the path to becoming a bookie agent is within grasp for anybody who has the proper resources and knowledge.
If you do your research, brush up on the skills needed, find valuable resources, it will ensure that you will have a smooth road to becoming an independent bookie.
Choosing the Way to Go
So you decided that being a bookie is the career choice. But, which way to go and what is the best option?
Well, every choice has advantages and disadvantages. Here are the four routes to choose from:
- Online pay per head bookie
- On-course bookmaker
- Physical betting shop
- Combination of some or all of the above
1. Online Pay Per Head Bookie
Over the years, online betting has become more popular and is growing each day in popularity!
A pay per head service is a system that allows private bookies to give their players access to an online sportsbook, casino, and racebook.
Internet betting has become increasingly popular. Why? Because you can engage in your favorite pastime in the comfort of your couch. No need to battle the weather, traffic, and queues, as well as busy telephone lines, just to wager a bet. Sitting at home, you merely have to press a button from your cell phone, computer, tablet, or laptop.
The benefits of using a price per head service are:
- Able to offer a much more comprehensive range of wager options, including some different things that a private bookie does not typically provide his clients. For example, formula1, worldwide soccer, tennis, golf, casino gaming, and much more
- Twenty-four-seven betting
- Traceable betting and payouts which eliminates errors
- Access actual on-time reports seeing outcomes, wins and losses, and perceived risk.
- Racebook that shows tracks throughout the country, perhaps even the world
- Full casino with many games, available all hours of the day
This type of bookie has taken over the more traditional bookie career choice.
2. On-Course Bookie
If you enjoy horse racing at your race club, becoming an on-course bookie is an alternative.
However, it can be a more expensive option. On-course bookies need to apply to the Gambling Board for many licenses, and these do not come cheap! Some of these licenses are:
- Operating license
- Personal management license
- Personal functional license
- Premises license obtained from your local licensing authority
Other expenses come in the form of buying a pitch stand and the equipment that goes with it. Each time an on-course bookie wants to work at a track, he needs to buy a betting badge. The price of betting badges varies from track to track and race to race.
It’s important to understand that bookmakers who take on course pitches have to pay for the privilege.
3. A Physical Betting Shop
Starting a betting shop means much more than merely obtaining a license.
You have to look for premises to work from. You also have to take into account what area you want to set up shop. It won’t do you any good if you set up in a suburb. You have to look for passing trade and foot traffic areas.
And of course, you have to take the costs into account. Some of these costs are:
- Premises license
- Personal functional license for any employee working for you
- Monthly rental or mortgage payments
- Employee salaries
- Cleaning expenses
4. Combination of Some or All of the Above
Many bookies have a combination of the above or all. It could be that an online betting website will help cover the costs of having a physical betting shop.
You will have the best of both worlds with a combination bookie option.
Although being a bookie isn’t rocket science, to be a successful bookie, there are some softer skills that you will find to be invaluable. These are the skills that will be invaluable to you:
- to be quick at calculations
- an extensive range of sports and gaming knowledge
- an understanding of the rules, betting laws of sports
- Aware of constraints that can affect results
- to be energetic, outgoing, and confident
- excellent at handling clients
- good negotiation skills
- the ability to keep a level head under pressure
For a bookmaker, numeracy, understanding of the odds, and finance have to come naturally.
In setting out to be a bookie, you will have to polish up your negotiation skills. These will come in handy when negotiating with potential betters, the licensing authorities, and their staff. You must show a brave face and show confidence in yourself. Use your leadership and your management skills.
The service you provide is of utmost importance. After all, your business depends on people who bet through your service for you to make money. Put on your ‘customer service’ hat and learn how to deal with people.
When handicapping a horse race, having flexibility and knowing when to decide for yourself becomes more necessary. You have to decide whether or not you have a healthy view of the horse race outcome.
Knowing if a favorite is worth laying out money for, and advertising out to your market, or knowing if you are just following what the betting exchanges tell you, that is definitely a skill.
Common Fallacies About Being a Bookie
When it comes to being an independent bookie, there is a lot more that goes into it than meets the eye.
The biggest mistake of all is assuming that being a bookie is easy living. As they say in the classics, ‘never assume because when you do it makes an ass of u, and me’!
Many people ask the question the following question. Is being a bookie profitable? The answer to that is yes. Indeed it can be but, there is always a catch. Like any other business, it is not a ‘get rich quick’ scheme. It is not easy living, far from it, especially with on-course bookies and betting shop bookies in today’s times competing with online businesses.
You will not be granted licenses as a matter of formality. You have to pass the many application interviews and questionnaires during the application process. Another thing, your application fee has a no-refund policy.
For your business to function properly, you must be licensed and do your taxes on time. These things come at a cost which, if you do not budget for, will cause your business to suffer.
If you pick the wrong favorite for your book, especially as an on-course bookmaker, you can end up losing a lot of money. Developing good judgment on betting is essential.
It’s a very bad idea to try to wing it through the process of becoming a bookie.
Go on, Back the Favorite!
There are a lot of people who are interested in the bookie business. Partly because the idea of making good money is so attractive and because it is an exciting career if you are a person who enjoys the hustle and bustle of the betting world.
Handling the bookie business isn’t as easy as people think, unless you have a talent for numbers and odds and if you’re naturally gifted to deal with situations that arise from it.
We hope we have given much to think about in respect to the choices of the bookie business. And, also an overview of the essential steps for the different streams within the bookmakers business.
Choosing to become a bookie agent, like anything else in life, with hard work and tenacity, can help you become financially stable at the end of the day.
To conclude, you need to choose which leg of the business you want to be involved in, understand business flow, and invest wisely. So, if you are determined, undeterred by all that information, and passionate about sport and gaming, being a bookie could be the right career choice.
7 Reasons Why Becoming a Bookie Has a Huge Return on Investment
Are you wondering if becoming a bookie will give you the return on investment that you’re dreaming you will receive? Check out these numbers.
Hey hotshot! Are you an expert at filling out parlay cards? Can you handicap with the best of them? Sports gambling is a lucrative business.
So why do you want to spend your time trying to beat the man when you can become the man? If you’re sharp, becoming a bookie can make you lots of money. With legalized gambling, it’s never been easier.
Read on for 7 reasons why becoming a bookie nets you a huge return.
1. The Juice
The juice, otherwise known as the vig is the main way bookies make money. Let’s say you set a football spread at -110 odds on both sides of the bet. That means a player wagers $110 to win $100.
This means for every $100 bet, the bookie wins $5 and the gambler loses $5. Now imagine taking in thousands of bets at that price.
The best sports betting software provides you and your players with the sharpest lines possible. If you’re a sharp player, you know where the lines are soft.
Don’t let someone else control the lines. If you run your own online sports betting platform, you can manipulate the lines how you see fit to make maximum profit.
3. Expand Payments
Back in the day, bookies operated on a cash-only basis. Why? Sports gambling outside of Nevada was illegal. Now it’s legal in many states.
These casinos and online sports betting sites rake in money because they allow a player to bet with their debit card. And they take all the money upfront.
If you become a bookie, you can expand your payment methods beyond cash to debit, credit, and bitcoin with pay-per-head software.
4. Put the Odds in Your Favor
Because of the high vig, sports betting odds are the worst for any gambler. Think about it. You’re playing the probability of another’s actions. As a gambler, you don’t get to play the actual game.
There’s no contest when it comes to the statistical edge bookies hold over gamblers.
5. Win the Losing Battle
To break even long term at -110 odds, a sports gambler must win 52.4% of their bets. Here’s the thing you already know. There aren’t many with enough skill and smarts to turn a profit in the long run.
Most of your players are bound to lose money. When they do, you win.
6. Tap the Market
People love online betting, but a personal relationship is always the best. In the days before legalization, gamblers and bookies fit like a hand in a glove. You did business over the phone. You paid out in person.
These days, the big guys soak up all the online action. Don’t let them. Sports betting is a $150 billion a year industry. There is so much untapped potential with a personalized book.
7. You Can Make a Book That’s Simply Awesome
Think about it. If you’re a gambler, you know what entices you to play with a certain book. With great pay per head software, you can open your sportsbook with standard lines, props, and bonuses like the big books.
Reasons Why Becoming a Bookie Has a Huge ROI
You’ve read these reasons why becoming a bookie can make you lots of money. If you’re a sports gambler, maybe you’ve thought about being on the other side. With the great pay-per-head platform Ace Per Head offers, you can be.
It’s never been a better time to be a bookie. Click here for a free demo and see what we offer.