The sports betting industry has seen remarkable growth over the last few years, and it is only expected to continue in the near future.
It is estimated that the sports betting market size will be about $179 billion by 2028.
With that in mind, some people observing from the outside may feel tempted to get their slice of that pie. But they may feel intimidated with all of the big sportsbooks out there that already exist.
Some may wonder what is a bookie? Those same people might be curious about how to become a bookie in this current climate and succeed. Well, this is your guide.
Secure Finances
One of the first things that you need to do to become a bookie is to secure the proper finances. That is crucial because if that is not done right, you run the risk of not having enough funds to properly run your sportsbook.
An example of this is if you have a game where there is a lot of action on one side that the sportsbook is expected to win. However, an unfortunate result for you comes out and now you are stuck having to pay off a lot more winning bets than you expected.
In this situation, you need to make sure that you have the funds to cover unexpected losses because as a sportsbook, bettors are not going to tolerate failing to deliver their payments for winning bets that they rightfully earned.
That is a quick way to earn a bad reputation as a sportsbook and it is something that can put you out of business quickly.
The Right Software
Software for bookies is one of the most important things about having an efficient sportsbook because that can keep the user interface with the bettors satisfactory as well as protect you from having the wrong odds displayed.
The right software will be able to change odds displayed to bettors at a moment’s notice. It will also change it based on how much money is being wagered on each side of the line to try to keep it as even as possible.
That is why if you are just starting out, bookies need to make sure that their software is efficient, up to date, and accurate when it comes to displaying odds.
Pay-Per-Head
So, maybe you are a potential bookie that wants to jump in but does not know about software or is afraid of doing it alone? Well, what if you did not have to?
One option you have as a new bookie is to go with a pay-per-head system.
This allows you to hand essentially all operations of your sportsbook over to a third party for a small fee. Typically, that fee is $10 for every bettor that places a bet on your sportsbook within a certain time frame.
This allows a new bookie to not only have some pressure taken off of them when it comes to learning about all of the operations but also feel like they have a team behind them that is going to support them.
A pay-per-head company will do things such as graphic design for the sportsbook website and app, provide hardware and software, and even offer customer support for the sportsbook.
Knowledge and Passion
Next, something that will majorly benefit a bookie is having sports knowledge to keep the sportsbook accountable and to help ensure that it is running smoothly.
Sure, it is possible to run a sportsbook without extensive knowledge of particular sports, but having that knowledge will help you know when something is wrong with the odds. It will also help you to know when to strike.
An example of it helping when a mistake happens is if there is something wrong with the software and it is displaying the wrong odds for a big game. This can be something like the Super Bowl and having the Bengals as 4-point favorites instead of the Rams.
That would cause chaos and disruption for your sportsbook and without that sports knowledge of who should be the clear favorite, you may risk overlooking that if you are a bookie and lose out on a lot of money.
But it does not only take sports knowledge to run a sportsbook because you also need passion. That passion will help you have the momentum to put out fires as they come along, keep you working harder to make your sportsbook the best it can be, as well as give yourself fulfillment for the work that you are doing.
Little Time
The best part about being a bookie agent is that it does not take that much time to get started. The start-up costs and time to set up a sportsbook are minimal, as you can run the entire business from your laptop with some decent internet connection if you so desire.
If you decide to go the pay-per-head route and add a third party to your sportsbook operation, then the start-up time to get your sportsbook up and running decreases even further. So, now you have no excuses with time not to go do it yourself.
Learn How to Become a Bookie
Now you have some of the tools that you need to learn how to become a bookie. If you use these efficiently, there should be no reason why you cannot make a sportsbook in the near future.
Are you ready to jump into the world of sportsbooks? Do you want more related content about the subject? Check out some of our related articles.
