Last updated on September 4th, 2024 at 10:07 am
Today, becoming a bookie and owning a sportsbook is not as difficult as it was 15 years ago. This is thanks to the Pay Per Head sportsbook model and various technological advancements. However, just because it is easier, it does not guarantee success. In this tutorial, we will go over How to Be a Successful Bookie and how to increase your profits.
Choosing to be a bookie because it is your passion and you know sports betting inside out does not mean it is an easy task. While there are certain advantages, it is still a job and even tougher, it is a start-up business. Therefore, like any other business, you will have to undergo several challenges and years of hard work.
After speaking with several successful bookmakers and sportsbook owners and complied it into this helpful bookie guide.
What Makes a Successful Bookie?
“Success is getting what you want; happiness is wanting what you get.”
– Dale Carnegie
Before we begin, let’s examine what Makes a Successful Bookie business. First, it is important to note that all bookmakers have different opinions as what defines success for them. However, they do agree on certain aspects of what defines a successful sports betting business.
Making Money – All bookies agree that the end goal of their business is to make money. While the amount will vary for each individual, all bookies agree on this one. As long as they can pay the bills and make enough money to live off, they are successful. However, that is only the first stepping stone.
Accomplishing your Goals – This brings up the part where they define success by accomplishing the goals they had set out to do. Of course, this will vary from bookie-to-bookie. Some of most common ones include, reaching a certain number of players, increasing your betting handle and so on.
Achieving a Work-Life Balance – Again, this is subjective depending on the bookie as some are more driven than others. However, what makes it a part of being a successful bookie is that they decide the work-life balance they want.
Player and Employee Loyalty – If your players love your sportsbook and are loyal, most bookies conside that a win. Furthermore, bookie believe that having their employees respect them and love their job is another way that define their success.
With this, we can conclude that success for a bookie is a never-ending journey. One that constantly evolves with every achievement they make.
The Habits of Highly Successful Bookmaker
- Passion – Love what they do and are passionate about it
- Persistence – No matter what challenges come their way; they never give up.
- Not Afraid to Ask for Help – Sometimes, you need help and the bookies that are not too prideful to ask for it tend to do betting. It is all of matter of knowing when to ask for it and who to ask for it.
- Proactive – Take the lead in what you can control
- Be Accountable – They hold themselves accountable and accept the fact they do not know everything
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Tips on How to be a successful Bookie
Do Not to Neglect Players
Players are the lifeline of any sportsbook or bookie operation. This is because more players equal more wagers being made in your sportsbook. In turn, this means having a bigger sports betting handle which means bigger sports betting revenues.
Despite knowing this, bookies sometimes forget about their customers as their sportsbook becomes more successful. This is because they have less time to spend on individua player as more time is spent on running the overall sportsbook.
Unfortunately, this is a crucial mistake that bookies must avoid at all cost. This is because in the end, all bookies offer the same thing to their player. They are an entity that takes sports bets from players, pays them when they win and collect when they lose.
Sure, some bookies may use a different sports betting platform and offer gambling options. While some might have more live betting actions and more prop bet or offer bigger bonuses, they all do the same thing. In fact, you could say that in the grand scheme of things, bookies are a dime-a-dozen.
Whether you have the best betting software or bonuses, it is pointless if your clients feel you don’t care about them. Thus, players will leave for a bookie that gives them better treatment. Since all bookies more or less offer the same services, it is not that big of a deal for players.
Know Your Players – This is a subcategory of not neglecting your players. This is because knowing your players has 2 uses. First, it shows you care about them. Second, it allows you to capitalize on their preferences by creating player specific promotions. And third, it will make it more likely that you can get a player referral from them.
Continue to Learn and Grow
Bookies who engage in continuous learning significantly enhance their ability to navigate challenges as their businesses expand. This is due to the fact that their minds become trained in effective problem-solving. Achieving profitability in a business is not a trivial task; it demands a wide array of responsibilities and a sustained commitment. Try not to Be Afraid to Take Risks however be watchful with your Finances
Have a Clear Vision for your Sportsbook
Having a clear idea of your sportsbook’s mission, what it does, and how it can achieve success is vital. Furthermore, It is essential to ensure that you consistently possess the capability to make sound business decisions for your sportsbook.
A well-defined vision for your sportsbook entails recognizing what you want and what you have to do to get it. This encompasses a thorough comprehension of your key goals, business strategies, marketing initiatives, and additional factors.
Ensuring that there is a unified understanding of your sportsbook business plan across your company will significantly contribute to achieving success.
The Most Successful Bookies uses a Bookie Pay Per Head Service
Interestingly enough, the majority of successful bookies took advantage of a Bookie Pay Per Head Service to reach their goals. The most obvious reason for this trend is because it is a cost-efficient method to open their own sportsbook business. This is because instead of spending hundreds of thousands of dollars to become a bookie, they can spend as low as a few hundred dollars to get their start.
This is because with a Pay Per Head (PPH), bookies only pay between $2 to $20 per active players. In exchange, they get the betting software, player betting sites and the tools necessary to manage their sportsbook.
However, that is only one of several reason as to why a Pay Per Head Service is crucial for bookies succeed. Other reasons include:
- Customer and Player Support
- Real-Time monitoring Tools
- Player Profiling
- Player Risk Management tools
- More gambling options at no extra cost
- Lines Management
Just keep in mind that not all PPH are equal. For example, a premium Pay Per Head service like Bwager.com provides all of the tools necessary to help bookies make a profit and succeed.
How to be a Bookie without Spending a Fortune
When it comes to being a bookie, the rule of thumb is to have a large bankroll for bad days, weeks and months. Furthemore, gambling operators believe that you should have a cash reserve that will last at least three months. In addition, the cash reserve should be enough to players for 3 months but also for monthly expenses.
Of course, this is in addition to having enough capital to pay for a bookie software, banking services and infrastructure. Needless to say, it can be in the hundreds of thousands of dollars if you use the traditonal method to become a bookie. However, for those who want to know How to be a bookie without spending a fortune, the answer is quite simple. Use the Bwager.com Bookie Pay Per Head service to become a bookie.
This is because you only have to pay $5 per player or less and you do not even require a deposit to start. All you have to do us answer 3 questions to open your sportsbook. Once you submit the form, you can start taking bets and wagers right away!
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