If you have an active interest in betting on sports, you could be a good candidate to go on the other side of the betting board as your own private bookie. You can use your experience placing sports bets as the starting point for being the person that actually books them. While there is a certain amount of risk in any business start-up, the one thing to keep in mind is that online sports betting is a multi-billion dollar industry that continues grow each and every year.
While there are a number of big offshore sportsbooks operating online that take in quite a bit of betting action each week, there is still a large percentage of sports bettors that are looking for a private sports bookmaker that can offer that higher level of customer service and personal attention to detail that the big sportsbooks simply cannot match.
Video: How Bookies Make Money
The first element of starting your own independent sportsbook is actual sports bettors. A business without customers is just an idea. The best thing about being a private bookie is that you can start a business with just a handful of players and grow from there. A great starting point are friends, family and acquaintances that have an active interest in betting on sports on a regular basis. There are some private bookies that only run their business during football season, but the entire sports betting calendar is set up to provide year-round betting action that can build your business into a highly profitable operation.
Once you have a few players in place, the next key element is a quality Pay Per Head online bookie software provider that can help you successfully run and manage your own independent sportsbook.
The only cost is a low, weekly price per head fee that you pay for just your active betting customers. From sophisticated online betting software solutions to the design and routine maintenance of your own sports betting website. Today’s top Pay Per Head sites can provide everything you need to get your bookie business up and running online in a very brief amount of time.
Another key element of starting your own bookie business is enough cash on hand to match the betting and credit limits you have in place for each of your active betting customers. The majority of the profit you will earn as a sports bookie comes from the standard 10 percent commission you take in on every losing bet. Assuming that things remain even on both sides of the board over an extended period of time, you should be able to clear at least five percent of the total action you book. There are exceptions to every rule, so you still need to have enough working cash flow to handle any rough spots you may face from time to time. Just about every PPH service gives you the ability to set up an account profile for each of your betting customers complete with the option to set betting and credit limits on an individual basis.
As mentioned, customer service is a huge element when it comes to running a bookie business. This is your main competitive edge against the big books and a chance to build your cliental in a way that meets your specific business needs. Knowing and understanding your customer’s needs lends itself to also understanding their betting habits and strategies. In the long run, this can work heavily in your favor.
The final element is dedication and commitment to turning this start-up into a financially viable business that can deliver year-round profits on a continual basis. Like anything in life, what you put into something is what you eventually take out.