Do you love sports, enjoy the thrill of gambling, and want to work for yourself? If so, opening a bookie business might be perfect for you.
How to Become a Bookie and Start Your Own Business
What does a bookie do? A bookie is someone who facilitates sports betting, taking bets from customers on sports such as football, racing, or baseball.
It can be lucrative and lots of fun, but only if you know what you’re doing.
Ready to get started? If so, keep reading to learn how to become a bookie and maximize your chances of success.
Understand the Legalities
When starting a bookie business, you first want to take time to understand the laws in your state as they relate to sports betting. You want to operate your business within the constraints of the law, so check what the laws say about sports gambling within your state.
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While some bookies do operate illegally, only do this if you’re aware of the risks.
Make Sure You Have Enough Capital
You need plenty of funding to get started as a bookie, as you need to be able to pay out your customers when they win. If you’re accepting large bets, only do so if you have enough money to pay them out.
For many bookies, the capital comes from their own bank accounts, but it can also help to have a link of credit available, in case you need it. As your business grows, manage your finances carefully, as there’s nothing worse than an angry customer who’s waiting on their payout after a big win.
Use online handicapping services like Doc’s Sports to offer the best lines in your betting.
Do your research. If you are not familiar with the ins and outs of online betting, it may pay to read up on the concept of odds, bet types, and strategies. A site like Bet Types provides a tonne of information for new and advanced bettors. It may even be of value to your customers to provide access information like this as a value-add service.
Select the Right Software
Modern bookies know that the key to success is using the right software. Long gone are the days of pen and paper—now, bookies use software to manage bets, regulate odds, and provide information to customers.
Many bookies use the pay-per-head method for software programs—check out pay per head reviews here. Or, if it’s all completely new to you, consider hiring an expert to help you get set up and work out which software type is best for your needs.
Start Attracting Customers
Once you’re ready to go, it’s time to start attracting your first customers. Often, this might be friends, family, or colleagues who are eager to support your new business.
Otherwise, you can find clients through word of mouth, SEO, and social media.
Use These Tips to Learn How to Become a Bookie
Now that you know more about how to become a bookie, use the steps above to get your business off the ground.
While you’re sure to be excited, it’s best to take things slow, do everything properly, and limit the number of bets you take in the early days until you know how much you can handle. As long as you’re smart about it, your new bookie business will be a big success!
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