If you’re serious about being a bookie, you’ll need to figure out how much money you’ll need to get started. To be honest, it doesn’t take much money to get started, but it’s always a good idea to have some sort of bankroll in place before you start because you’ll need to pay your players if they win.
How much cash do I require?
The exact amount of money you’ll need to start as a bookie will depend on how many players you expect to have betting with you and how much you plan to allow them to gamble on each game when you first start.
Obviously, if you have 10 or 20 players and allow them to wager $500 to $1,000 per game, you should be prepared to have a sizable bankroll. Yes, players will lose money in the long run when they gambling on sports, but you must always be prepared to have money on hand for the weeks when they do win. Players will win occasionally, and they must win occasionally; otherwise, they would not continue to play week after week. Furthermore, if they lost every week, they would rapidly run out of money to wager with, which is not ideal because they will not be a long-term player.
So, if you have 10 to 20 players to begin with and they stake $500 to $1,000 per game, you need have at least a $10,000 bankroll, because your players might easily strike it rich in the first few weeks. Also, those that wager $500 to $1000 per game have a good chance of winning a few thousand dollars per week. If a player wins $3000 in a week and bets $1000 every game, he simply needs to win three games or be up three units during that week, which is not impossible. So, if you have these types of larger bettors to begin with but don’t have a significant bankroll, it’s usually best to start with much lower limits. You can just inform your players that the current limits are $250 and that once you’ve established trust and familiarity with them, the limits can be lifted.
However, if you want to be a bookie and have fewer than ten players, or if you’re just getting started and your players’ betting limits are $300 or less, your bankroll can be quite little. If there are only a few participants and they are betting small, a tiny bankroll of $500 to $1000 will suffice to begin started. Obviously, your players may begin by losing money in the first few weeks of betting, in which case you will not need to keep any money on the side and will instead collect the losses.
Obviously, the more money you set up for paying your players, the more prepared you’ll be if they win, and the more swings you’ll be able to withstand when you first start off. Even if you don’t have a lot of money set aside to pay winners, you shouldn’t be put off from becoming a bookie. Instead, this simply means that you should start with much lower stakes for your players so that you can gradually build up your business and protect yourself from the lucky chance players who start off winning.
Another option for new bookies who are concerned about not having enough money to pay their players is to use a pay per head website like RealProBookies.com, which offers a global max payment feature that can be applied to all wagers placed on their site. This one-of-a-kind tool allows agents to establish a maximum payout on each wager that their clients place, protecting them against players winning more than they can afford to pay. This is a useful option to have, especially if you’re just getting started as a bookie and have a limited budget.
What does it take to be successful?
The world of sports betting is rapidly expanding, so now is the time to jump in. Here’s all you need to know about working as a bookie agent.
Were you aware that by 2023, the global market for online gaming is anticipated to be worth more than US$92,9 billion? The market is currently valued at almost $59 billion, implying that it will nearly double in size over the next two years!
That indicates that if you want to work as a bookie, now is the moment. This industry, however, is not as simple as most people believe.
What is the role of a bookie agent? A bookie provides game odds, which adds a new dimension to betting. You can have a highly successful and profitable business if everything is done correctly.
As you can see from the chart above, the world of sports betting is rapidly expanding, therefore now is the best moment to jump in. Here’s all you need to know about working as a bookie agent.
What Does it Take to Become a Bookie Agent?
To say the least, the world of betting may be overwhelming. From management to marketing to funding, and everything in between.
Having said that, anyone with the necessary finances and experience can pursue a career as a bookie agent.
You will have a smooth route to being an independent bookie if you do your study, brush up on the necessary abilities, and locate beneficial resources.
Choosing a Route to Take
So you’ve decided to pursue a profession as a bookie. But which path should one take, and which is the finest option?
Every option, after all, has benefits and drawbacks. Here are the four options for you to consider:
- Pay-per-head bookie on the internet
- On-the-go bookmaker
- A betting establishment that is physically located
- Some or all of the aforementioned in combination
1. Pay-Per-Head Bookie on the Internet
Online betting has grown in popularity over the years and continues to do so every day!
A pay per head service is a mechanism that allows private bookies to provide internet sportsbooks, casinos, and racebooks to their customers.
Betting on the internet is becoming increasingly popular. Why? Because you can enjoy your favorite hobby from the comfort of your own home. There’s no need to brave the elements, traffic, and lines, as well as crowded phone lines, just to place a wager. Simply push a button on your cell phone, PC, tablet, or laptop while sitting at home.
The following are some of the advantages of employing a price per head service:
- Able to provide a considerably broader choice of wagering alternatives, including ones that a private bookie would not normally supply to his clients. Formula One, international soccer, tennis, golf, casino gaming, and many other sports are examples.
- Betting is available 24 hours a day, 7 days a week.
- Betting and rewards are traceable, which eliminates errors.
- Access real-time reports to see outcomes, wins and losses, and risk perception.
- A racebook including tracks from all across the country, and possibly the world.
- A full casino with a variety of games is open 24 hours a day.
- This form of bookie has mostly replaced the more traditional bookie.
2. Bookie on the Course
If you enjoy watching horse races at your local track, becoming an on-course bookie is an option.
It is, however, a more expensive option. On-course bookies must apply for a variety of licenses from the Gambling Board, and these do not come cheap! These are some of the licenses available:
- Licence to operate
- License for personal management
- Functional license for personal use
- Obtain a premises license from your local licensing authority.
- Other costs include the purchase of a pitch stand and the associated equipment. An on-course bookie must purchase a betting badge each time he wants to work at a racetrack. Betting badge prices vary from track to track and race to race.
It’s vital to remember that bookmakers that accept course pitches must pay a fee for the privilege.
3. A Betting Shop in the Real World
Obtaining a license is only the first step in opening a betting shop.
You’ll need to look for a place to work. You must also consider where you wish to launch your business. It won’t help you if you set up shop in the suburbs. You must look for regions with passing trade and foot activity.
Of course, you must factor in the prices as well. The following are some of these expenses:
- Licence to operate on the premises
- Any employee who works for you has a personal functional license.
- Rent or mortgage payments are made on a monthly basis.
- Salaries for employees
- Costs of cleaning
4. A combination of any or all of the preceding options
Many bookies have a mix of the aforementioned or all of them. It’s possible that an online betting website will assist in defraying the costs of operating a physical betting store.
With a hybrid bookie option, you’ll get the best of both worlds.