Bookies facilitate sports wagering by taking punters’ stakes on different sports and processing payouts for winning events. Such businesses generate a profit by taking a commission on each stake. The fee might be small, but the rewards can be massive if there is a large user base.
With the rise of online sports betting, the industry has seen massive growth, making it more accessible and convenient for sports fans to place their bets.
Keep reading to find out how to start a bookie business from home.
1. Follow Legal Procedures
The first factor to consider while setting up your bookie is the gambling laws in your jurisdiction. As a business person, you must read and understand your state’s betting guidelines since your operations must be legitimate.
In some jurisdictions, online betting is illegal, while others only accept specific types of sports. Hence, checking what the guidelines say can prevent you from running an illegal business. It is advisable to contact a licensed lawyer in your area to help you with legal matters.
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2. Get Enough Capital
While running a bookie, you’ll need funds to pay your customers when they win. Therefore, your platform should only accept large bets if you have enough cash to pay out massive winnings. You can fund your business using credit services or your bank. With time, your finances might grow and if you manage your assets well, your business will be self-sustainable.
3. Choose the Right Software
Nowadays, dozens of companies offer sports betting software as a service. For instance, most reputable sportsbooks use someone like PayPerHead, an advanced sportsbook software with an intuitive interface and state-of-art features.
With the right software, you might be able to set up a site at a minimal cost. Also, the website development time will be short compared to creating a customized platform from scratch. Additionally, the software comes with important features such as customer management, odds regulation, and robust security tools.
4. Apply for a License
After selecting a sportsbook software, you must apply for a license before your site goes live. Each jurisdiction has its own licensing body, and you should wait for approval before you start offering your services. Remember to mention all the products you intend to offer while applying for the license to avoid issues in the future.
5. Generate Terms and Conditions
Gambling is tricky since players must know all the guidelines regarding gambling, payments, and betting accounts. First, you must create terms of service that highlight how players should conduct betting activities. The section must cover acceptable bet types and betting instructions.
6. Go Live and Add Payment Gateways
When you get your license, you can buy a domain name plus hosting to go live. You might hire a web developer to help you launch the site and test all the functionalities.
Furthermore, the expert can help you integrate payment gateways such as PayPal, Mastercard, Apple Pay, Visa, and others. It is advisable to have numerous payment options since it allows punters to add funds using their preferred methods.
7. Market Your Bookie to Attract Punters
Once your bookie is live, you must attract players to get some betting action. You can start with your colleagues and friends who are willing to support your business endeavors before targeting other clients.
However, the most effective to grow your user base is through social media marketing, search engine optimization, and publishing ads. Also, you can provide promos such as welcome deals to attract punters.
You can also offer perks for existing customers through VIP rewards to keep users playing. For instance, you can provide boosted odds-on specific events for more betting action.
Starting a bookie is easy, but you must understand the legalities to avoid lawsuits. Besides, you might set good lines to attract more punters and provide perks to keep them active. However, the margins should be within the industry’s standards to guarantee a profit. So, if you want to start a sportsbook, follow the steps to get started.