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by Real Bookies - 2/22/2021 3:00 PM Share

With the increased interest and decreased stigma around sports betting, many budding entrepreneurs with an interest in sports and gambling may be wondering what it takes to be a bookie. While the concept isn't all that complicated, t here are some essential steps to follow in order to have a better chance of succeeding.

How to Start a Bookie Business

The first thing is to learn about the business. Someone may know a lot about sports and been actively wagering, but understanding how to make money as a bookie is another matter. There is terminology to learn as well as how the business really works .

The internet is full of websites with information about bookmaking and what it takes to be successful. There are also rags to riches stories as well, but those need to be taken in the context of what they may be trying to sell. The old adage "if it's too good to be true, it probably isn't" definitely applies here.

Publications, YouTube videos and other articles are also good sources for sound information. Possibly the best tips come from people who are or have been able to find success as bookies. Getting first-hand knowledge of what it really takes to o perate a profitable business can be invaluable.

Next, it's impossible to build a successful bookmaking business without actual or prospective clients. Before embarking on the journey to being a bookie, it's important to validate that customers are available and that they can be attracted to either begin wagering or change from their current bookie.

Current acquaintances that are active gamblers are a good place to start. Friendly poker games, sports bars and golf courses are other places to find potential clients. A nybody looking to get into the bookmaking business should have no problem striking up conversations with anyone in those environments.

At the end of the day, being a successful bookie is about developing and sustaining relationships. Fostering trust with potential customers is a good way to make them feel comfortable with placing wagers. They also need to have confidence that their bookie will pay out winning wagers promptly and in cash.

Bookmaking is all about mitigating risk and having enough action on both sides of a wager to ensure that the vig results in profits . Unfortunately, it doesn't always work out that way every week, so it's important to have cash reserves to weather tough times. Not paying out on winning bets is a kiss of death for a bookie.

If the business is managed properly and the client base is large enough, the bookie may not have to worry about individual game outcomes. However, there are those weeks when that isn't necessarily the case. Being financially solvent and entering the business with a solid stake is critical.

Once it looks like entering the business is viable, the only way to proceed is to choose a Pay Per Head (PPH) service provider . With all of the online options available to those wanting to bet on sports, even a local bookie needs to be able to offer the same wagering experience.

A PPH service gives the bookie all of the tools to build a profitable business without having to devote time to communicating lines or developing their own wager tracking methods. A PPH service is a turnkey operation that charges a flat weekly to the bookie for each client that places a wager.

In return, the bookie gets to provide their customers with a state of the art online sportsbook. They have access to lines and wagering 24 hours a day, seven days a week. The interface they see is the same type offered by the big, corporate players such as William Hill or BetMGM.

All of the major sports and wagering types are available to customers. For the bookie, they have total control over the settings that dictate what their clients can bet on and how much they can wager. They also have the ability to set lines and give their customers bonuses for particular wagers.

The PPH service also tracks the wagering history of not only individual customers, but of the entire customer base . With the available data, the bookie can evaluate what wagers are the most beneficial for their business.

Finally, and it bears repeating, to have a successful bookmaking business the operator needs to consistently and promptly pay out their winning bets. Nothing will kill their reputation more quickly than withholding payment to their loyal clients.

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