You’re sitting on a Bar one Friday night and everyone was excited about the game they are watching. The crowd is really hyped about the game and one guy from the crowd said “I’d bet 50 Bucks my team will win!” and so the betting began. The setup was ok as the bartender held the bets but then it hit you. What if I become a Bookie and give these people a safe and a working system where they can bet even at their home or with other people from the other Bar near your place?
What is a Bookie
2017 is a Testament that online betting is one of the fastest growing industries around the world. From fantasy sports, online pokers and even online casino being offered all over the internet. Bookies have been around since gambling was invented, so can they still survive even at this Digital age?
A bookie is a person or an organization that takes bets or wagers from bettors and pays it to the winner based on the odds that were agreed upon. A good bookie tries to keep their book balanced. This means that they try to keep bets equal for each possible outcomes and they do this by adjusting the odds accordingly. This way, they can guarantee a profit.
Types of Bookie
There are two types of Bookies right now. One is the pen-and-paper type and the other one is someone who uses Sports Per Head Software. I will explain their difference:
- Pen-and-Paper Bookie: This is the old type of Bookie or Agent. Remember the common scene on movies where there’s a guy at the bar very busy making calls and has tons of papers in front where he keep records of his bettors? He’s the pen-and-paper bookie. He’s also the guy who will hire someone to beat the living crap out of you if you wont pay. That is true back then but who knows if that still happen to this day.
- Sports Per Head Bookie: This guy was way cooler than the first one. He uses a software that has 24/7 customer support so He dont need to take calls to get wagers. He simply enjoys the game with the rest of the crowd. They system he uses handles all the wagers and the pay outs. It almost do everything for him except the “beating the crap part to someone who did not pay”. I was just messing with you. The system he uses helps him handle the odds and he monitors everything so he can set the limit to someone so he wont overspend.
How Bookies Earn
Bookies earn through “vig” or “vigorish” which is basically a fee they are charging from their customer’s bets. They can also lend credits to their bettors which then they pay with interest of course. Some bookies also make bets.
How to Become a Bookie
Understanding Online Betting Market is a start in becoming a Bookie in 2017. You need to make sure that the business you are planning has a future and you have your plan of action. Looking at the graph below will show us that the online gambling market has an upward trend since 2009 up to present and is expected to continue to go up.
Based on the above data, it is safe to say that being a bookie on online sports and other online related games is plan of action rather than becoming a Pen-and-paper Bookmaker.
Now let’s talk about the most important resources that you will need to become a successful Bookie.
Things I need
Money. This is the most important resource that you will be needing. What’s the use of all the
knowledge and skills you had if you can’t finance them right? Here are some of the ways where
you can acquire this funds:
- Your own money – If you have a thick bank account then its perfect. Who needs a partner
when you can handle your own right?
- Credit Cards – If you have a good credit line and a good credit history then this can be your go- to source.
- Investors – Talking about two heads are better than one. Having investors can help you not only financially but even on promoting your business. They can refer you to their friends and more customers means more money to you and your investors.
- Friend and Family – Who else will you want to be partnering in this kind of business except the people you trust most? Friends and Family can be a source of fund for this business as you already have trust with each other.
How many hours needed
The hours needed to run this kind of business depends on the time of the year and the games
that you will be participating in. Pen-and-paper usually spends a lot of hours but with software like Sports Per Head, a few hours a day is enough. You can even do it on top of you fulltime job.
This is the most integral part of your business. Without them you don’t have a business in the first place. You can get your customers from the Bar where you are a regular plus your friends and your friend’s friend. It’s easy to get customers through referral but the hard part is keeping them satisfied. You can also get customers online through advertisements and through affiliate programs. You can also partner with other bookies so both of you can benefit with each other’s customers.
How to make sure your business runs Smoothly
To make sure that your Business runs smoothly, you need to possess all the good qualities any businessman should have.
Be patient – No business will grow big over night. Often you will experience some hiccups along the way but being patient is always the key.
Be consistent – Being consistent is another quality that you should possess. Consistency shows your customers that you are reliable and can be trusted. This will help you earn their loyalty over your competitors.
Pay in time – Who would trust someone who doesnt pay in time right? You should pay your winners in a timely and consistent manner. With system like Sports per Head, this wont be a problem as all payments can be processed by the system or if you prefer cash then no problem, the system handles all the computations.
Things that can help you make your Business big:
Referrals – As I have mentioned above, referral is a powerful thing. It can fuel your business’ growth and can keep it rolling. You need to be very consistent and earn your customer’s trust so they will refer you and you should also plan a reward system for each referrals so your bettors will be encouraged to refer your website.
There are many ways to get referrals one is through affiliate marketing which is very common in this line of business. You can also get referrals by teaming up with other bookiess.
Issuing Credit – Like any other business, giving credits to your bettors are very important. This will show them that you trust them and can be an opportunity to earn more. However, you need to be very assertive when you need to get paid.
Some tips to know when you are issuing credit:
- Do not issue credits to customers who are new. Make sure that the one whom you will issue credit is a regular customer or has a good history. Regular customers usually can be trusted as they know you and you know them.
- Be consistent with the payment date. As I have mentioned above, being consistent is important specially on issuing credits. You need to make sure that your customer will pay you at the agreed date or they will start thinking that you are easy and will do this over and over.
- Know your customer. Check your customer’s betting patterns. If you know your customer then you can pretty much have the idea if they have the tendency to bet more than they can pay or they are worthy of issuing credit.
How Sports per Head is your Friend
Being a Bookie is not easy and it requires a lot of skills and patience. It is hard but the rewards can be huge specially if you have a balance book.
With Software like Sports per Head, being a bookie is easier than ever. Not only you get to enjoy the game but you also enjoy the earnings. Betting is never been this easy and never been this convenient. You can access all the data and can bet real time through your smartphone and at the comfort of your home.
So call us now for a free demo of our software.