How to Become a Bookie: A Step by Step Guide

Of the world’s population, it is estimated that 20% have used gambling services at some point. As people seek more forms of entertainment to enjoy from home, online gambling has helped that figure grow. So how do you capitalize on this?

Surprisingly, you can start a business with very few overheads. Read on as we give our guide on how to become a bookie.

Get Startup Capital

Like with any business, becoming a bookie involves a degree of startup capital. Luckily, you can have some control over how much you need. In the beginning, you will need to pay for a valid license and some fees associated with getting the business off the ground.

You need to have a pot of money to cover any bets made. When you are targeting casual players, keep around $5,000 to $10,000 in the bank. Never allow people to place bets that you can’t pay out on.

When you are targeting professional players, you will need $10,000 at the least tucked away. You can increase this amount as your business grows, taking bigger bets each time.

Start With Word of Mouth

While online gambling and marketing are fantastic additions, in the early days, word of mouth will be your best friend. Speak with friends, family, and colleagues who place bets. Get them to begin using your services and offer a referral scheme if they bring any new players to you.

All you need to do is build a reputation. Make payouts on time, be flexible, and be communicative. Soon, you will have enough customers through word of mouth to progress to the next level.

Should You Get a Premises?

Once you have a few patrons, you may consider opening a physical shop. Only certain countries allow land-based gambling, so make sure you check regulations regarding this in your country or state.

You should also consider the overheads. Providing gambling jobs means paying wages, along with rent and utility bills. The advantage is that a physical store also offers you a high level of legitimacy.

Find a Platform

It may seem hard to think a small, fledgling sports bookie can compete with big franchises. When franchises have so many lines, websites, and applications to offer, it may seem daunting. But even smaller operations now have access to large-scale infrastructure.

This comes from partnering with a sports betting platform, usually in a pay-per-head arrangement. A company will provide everything you need to run your operation, from call center staff to glitzy websites. You can find more about this and bookie software here.

Get Your Pricing Right

To be successful in sports gambling, you need to know how to set pricing. Research lines and how you can adjust them for maximum profit. You may also consider having layoff accounts so you can protect yourself if large bets don’t go the way you want them to.