Living the Bookie Lifestyle
Many punters believe that it is easy to start and run a bookie since they have vast sports betting experience. But, some of them don't know other tasks that sportsbooks perform besides accepting wagers.
Today, many countries have legalized sports betting, and this has encouraged operators to open subsidiaries in different nations. Listed below are six vital tips to live the bookie lifestyle.
1. Create a Budget
Setting up a betting firm has a wide variety of costs like hardware and software purchase, licenses, electricity and light, racetrack pitches, staff salaries, and rent. Finding a bookie in some racecourses is difficult as they charge exorbitant prices. For example, the National Hunt racetrack at Cheltenham costs £250,000 while York pitches go for £200,000.
Low-profile racecourses have cheap pitches that novice bookies can afford. Even so, they might take longer to earn you a profit if they have low demand. So, it is wise to create a nice financial plan that will cover licenses, salaries, rent, won bets, and a cash reserve.
Some entrepreneurs use their bank account savings to start bookies. It is useful if you can get credit. Also, hone your financial management skills to continue offering quality gambling products as your bookie grows.
2. Determine How You Will Set Up
Family businesses make up over 10 percent of small bookies. You can start the business as a sole entrepreneur or partner with another operator.
You will pay all overheads alone if you decide to be an independent operator, thus needing a huge budget. Online bookies need licenses and server costs.
Partnering with another sportsbook will limit your income as you will work as their employee and won't get a share of their profits. Moreover, they can decide to close your shop to cut rent costs.
3. Get a License
Some nations have gambling regulatory commissions that issue licenses to bookmakers and regulate their operations. Commissions like the United Kingdom Gambling Commission need you to have these licenses:
There is no guarantee that your license application will succeed. Also, regulators like the United Kingdom Gambling Commission don't refund license fees if they turn you down. You will pay annual renewal fees for each license.
4. Fulfill All Legal Requirements
Successful operators recommend understanding the laws of your target location first before you launch your bookmaker. For instance, American states have different gambling regulations. Some of them allow all forms of gambling, while you cannot place certain wagers in other states.
5. Choose Appropriate Bookie Software
Each bookie needs bookmaking software to process wagers and record transactions. The software regulates odds fast and is more reliable than using a pen and paper. Many popular betting companies use pay-per-head (PPH) software programs to manage key gambling operations.
6. Market Your Brand
You can open your bookie once you get a license and the right software. At first, you might have less than 15 clients per day.
So, it is necessary to promote your business to expand your clientele. You can use search engine optimization (SEO), email marketing, or social media.
Managing a bookie requires different skills like good customer service, marketing, and psychology. It is essential to employ experienced personnel who will help your brand grow. Also, you need to be disciplined and patient, as it might take a while before your bookie business breaks even.
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