The Bets Are In! How to Become a Bookie Online (the Legal Way)
Did you know that the casinos in Las Vegas extend back to the 1940s? Are you wanting to learn how to become a bookie but aren’t sure how?
In this article, learn the steps to become a bookie and find out what it takes. So sit back and read on as we explore how to become a bookie, and earn that additional income you’ve been dreaming of.
What Is a Bookie?
Another term for a bookie is known as a bookmaker. They take bets from individuals at sporting events.
It works similarly to a stockbroker who takes money from clients for buying and trading stocks. You’ll provide a location for sports betters to make wagers.
How Much Money Do I Need?
If you’re looking to become a bookie, the price depends on how many players you plan to bet on and wager. Also, the sports bookie software you use as well.
For example, if you’re looking to bet on 10 players or more and you’re looking to bet $1,000, you’ll want to have the money set up for that. Have money on the side for when the teams wind up winning.
For example, betting $500 to $1000 a game, you’ll want to have $10,000 set aside. If a player bets 500-1000, they can win a few thousand dollars in that week.
If you’re just starting out as a bookie, you’ll have less than 10 players, and are starting fresh. You’ll want to have limits of $300 or less when your bank account isn’t as large yet.
How Online Bookies Operate
If you decide to move forward with becoming an online bookie, you’ll need to register yourself as an agent first. Next, you can start your own brand.
In order to do this, it’s a good idea to start a website, and consider hiring a graphic designer to create your site. Some bookie companies will offer you graphic designers for your website.
When you’re first starting out, consider working with another bookie. For example, say it’s the end of basketball season, you can find a player who is looking to bet on baseball.
Have the player tell their bookie about you, and ask for their contact information. Then, you can make an offer to this bookie.
If you’re wanting to become a bookie, it’s important that you understand business management in order to run your business. You’ll also need to have knowledge of the different types of sports, and have a focus on top leagues. Since you’ll be working with numbers, it’s important that you feel comfortable with math.
You’ll need to have enough cash flow to pay for overhead. This can include payroll, rent, utilities, etc. You’ll also need to make payouts on winning wagers, plus bookie software.
You make money on losing wagers. Your bookie bankroll is what money you have outside of the cash that comes from winning and losing bets. Consider it start-up cash.
If you use credit, that means that the player pays you on losing wagers. Keep in mind that players don’t always pay their debts. When they do wind up paying you, it might not be on time.
If you’re an online bookie, you can issue credit to your players. This is a way for you to control the money you receive. Keep in mind that if they’re limited with what they can spend, then they might wind up using an offshore sportsbook.
Why Use Bookie Software?
It’s a way to quicken your revenue. This allows betters to make wagers directly, which speeds up the process.
Your betters can then decide when to bet, how much, and what games they want to bet on. They don’t have to stand in line or wait on the phone.
Bookie software also allows betters to have more options for wagers. All they have to do is sign into their accounts, and bet on what they choose.
Why Become a Bookie?
First off, the money. Your returns on wagers can mean thousands of dollars.
Plus, when you use bookie software, you have more control since it provides you the sharpest lines. You can control the lines in order to make the best profit.
People love betting online. In the past, people would bet over the phone. Now with technology, you can do it right from the comfort of your own home.
You can find many betters online looking to make money. Sports betting is a huge industry that you can make plenty of money off of.
If you decide to become a bookie, it requires hard work. You’ll need to work hard to find new clients who will give you a profit. Also, you’ll need to be able to decide who will be a good player, and who will make small wagers.
Avoid players who have high winnings since that’ll impact your profit. Instead, choose to only have 1 or 2 in order to avoid the risks at other sportsbooks.
Keep in mind that being a bookie isn’t for everyone since you need to be able to work under pressure. It’s about taking risks in this industry and understanding that you can lose or gain money.
Exploring How To Become a Bookie
Now that you’ve explored how to become a bookie, you should have a better idea if it’s right for you. Would you like to read more business content? For everything from business to technology, check out our other articles today.