Do you want to become a bookie? One of the first things you should ask yourself is whether or not you’re ready to launch an online sportsbook. Not everyone is suited to become the bookie.
Throughout this article we’ll discuss some of the major factors to consider prior to opening up a bookie shop. The goal is to help you determine whether to become a bookie agent or not.
I always recommend becoming familiar with the laws and regulations in your country.
Everyone’s situation is different. In some countries, it’s perfectly legal to start an online sportsbook, but in other countries it isn’t legal and you need to be willing to accept potential consequences.
We have clients in countries all around the world, including the USA. Your best bet in jurisdictions where it’s illegal to become a bookie is to keep your business private to avoid problems.
It should be noted, it’s rare for bookies to get busted, but it’s a possibility.
I strongly suggest considering your current lifestyle. Are you single or do you have a family? If you’re single you may not be as worried about the potential risks compared to if you have three kids.
If you have people that rely on you, make sure they’re aware of your business goals.
You should also understand that bookies never get to stop. Your clients may need your assistance anytime, including weekends/holidays and you better be available to serve them.
We help our clients as much as we can with support, but being a bookie requires availability.
You don’t need a huge budget to become a bookie agent, but you do need a bankroll to get started.
By using our PPH bookie solution your costs are going to be as minimal as possible. However, there are also other costs to consider when launching a bookmaking business.
Here are some of the things you should budget for:
- PPH Service: We charge a low flat fee of $10 per week for each active bettor (an active player is one that made at least one wager during the week), but you can get started today with our two-week free trial.
- Paying Winners: Over the long-run, 99% of sports bettors lose money. However, you may end up with a player who wins big early on. You need a bankroll to payout winners quickly.
- Marketing: What good is it to have your own bookmaking business if you have no clients? As a new bookie, I know money is likely tight, but you need to have a marketing budget and a marketing strategy.
When you become a bookie you can streamline your initial start-up costs. As you grow and build up your revenues, you can increase spending. You may want to hire employees eventually as well.
Do you need to be able to name every player on an MLB team to become a bookie agent? No, but you should have a love for sports as you’ll be dealing with them all day, everyday.
Here are a few skills that are ideal to possess if you want to become a bookie:
- Professionalism: You may not agree with a client or situation, but you need to deal with all of your clients with professionalism regardless of how you feel about the situation.
- Organization: It’s easy to become unorganized as a bookie. You have multiple clients with varying balances (+/-) placing bets on a variety of sports. Our software reporting features are in place to help you stay organized, but it’s up to you to analyze the data.
- Numbers: You don’t need to be a math whiz to become a bookie, but you need to be good with numbers. An English degree isn’t going to help you in this business. Bookies spend most of the day dealing with numbers (profits, losses, balances, wagers, etc.).