Sports Bookie Business – How To Start Your Own Sportsbook
Image source: Baishampayan Ghose, CC BY-SA 2.0, via Wikimedia Commons
How To Become A Sports Bookie
It’s strange to think that just a few years ago, sports betting was considered an underground and seedy marketplace. The general idea of a sports bookie was one of shady looking characters standing around. Taking bets in cash for weekend football and horse racing events, and operating from the shadows. But today, all sports betting has gained mainstream acceptance. In fact, just like any other form of gambling, we’re seeing it as a normal everyday activity for sports fans. The idea of enjoying sports and at the same time enjoying a wager on them today seems totally natural. Just have a look at 1xBet Sportsbook to see how far we’ve come.
Not Legal Everywhere
Yet in spite of this, you’ll find that there are still old attitudes to be found in many states across the US. For example, you can only gamble on sports legally in states like Nevada and Delaware. To that end, many sports bookies are able to make a decent living only thanks to an online presence. If you’re interested in becoming a sports bookie, then thanks to an abundance of information, along with every improving internet technology, you’ll find that starting a sportsbook has never been easier.
Today at Jackpotfinder.com, we thought we’d take a look into the intricacies of becoming a sports bookie. In particular, we thought we’d look at the pros and cons of the business.
How To Be A Sports Bookie
The online sportsbook industry has never been busier and has never taken in more money. Figures show that last year the state of Nevada’s sportsbooks alone took in more than $4 billion. And that figure doesn’t even take into consideration, online bookies. So you can imagine the huge sums of money changing hands every weekend over the jackpot games. If you do open a sportsbook, then you’ll find that you can be busy from the word go. So many people are interested in betting on their favourite sports that you’ll have many clients within no time at all.
A Customer-Centric Business
As your business is going to be directly customer-facing, it is super important that you have immaculate and attentive customer care. A good idea for making money is to specialise in particular niche sports which have high betting demand. Of course, there’s going to be tons of competition out there from other bookmakers and online sports bookies. But if you specialise, then you are able to corner a betting marketplace. Take a deep dive and see what bettors are after. And then make an effort to fulfil those expectations. Make sure that you’re offering all the best sports betting options along with the same favourable odds that the big names are offering at a minimum. As a business, you should try to keep your costs down so that you can offer an affordable price per sports bettor.
Cons: Legality
One of the main contentious issues in sports betting is the sheer number of non-licensed operators who market themselves within the sports betting space. You’ll find many of these taking bets at all types of sporting events, be they chasing the football jackpot, horse racing or even online toto sites. Technically this is against the law. But having said that, you’ll find that many gamblers believe that it’s basic freedom in that they have a right to do what they wish with their own hard-earned cash.
Actually, it’s quite possible to make a decent living as an illegal sports bookie. Though many might tell you the opposite. But if you are seriously thinking about becoming a sportsbook maker, then it’s important to be aware of the illegal competition you may be up against. If on the other hand, you do choose to go to the dark side, then be aware that there can be some serious legal repercussions.
Mobile Betting Wins The Day
Having said that, you will find that running a modern online sportsbook is very different from the days of yore. Back then, there was a constant barrage of ringing phones and a stream of constant visitors to the sportsbook office. If you were running an illegal bookmaking venture, then eventually all these visitors would alert the attention of law enforcement. But today, with ground-breaking technology, it’s quite easy to run a sportsbook from your laptop at home or even via your smartphone.
Obviously, bettors today are mainly placing bets using their portable devices. Not only that, but many streaming betting services allow players to watch live-action on their phone screens. By utilising modern betting technology, you are now able to concentrate on not just the betting action itself, but on finding the new clients that you‘ll need to grow your business.
Pros: A Business Team At Your Back
One way to start your betting business is to sign up with a pay-per-head betting provider. They will give you all the vital information and technology to get your business up and running. At the same time, they will take a small percentage of your turnover. Going back before the days of the internet, most of the work would fall on the shoulders of the bookie themselves. Of course, they might hire people to work in the front office. But then they always had to keep one eye on them in case someone was skimming the books. By using a modern sports bookie provider, you can rest easy that they will have an experienced team of industry professionals at your beck and call. As well as being able to help you in any betting situation you might come across as a sports bookmaker.
Using A Sports bookie Program
What’s great about signing up for an online sportsbook program is that they know how to provide you with the best gaming software. They also offer a huge number of sports betting markets. Not only that, but they can provide you with the facility to make use of their 24-hour customer service facilities. Furthermore, they offer backup services which include online security measures, as well as software that protects your site from any downtime. Especially during National holidays which tend to be the busiest betting times. Finally, they will have robust site security. This not only looks after the personal or banking information of your clients. But also will protect you from such things as DDoS attacks.
Cons: Making Collections
The new pay-per-head sportsbook providers will let you set up your sports bookie business seamlessly. Nevertheless, there’s still one activity that you will have to personally be involved in. And that’s the collecting and paying out of the winnings. You’ll find that being a bookie comes with plenty of ups and downs. However, many of these will happen on a Tuesday. This is because this is the general day throughout the industry when bookies make their collections. This means to say that you need to organise the when and where of this side of the business. The terms haven’t changed that much. Though by using the technology provided by pay-per-head sportsbooks it is still much easier than how it was done in the past.
So Many Options For A New Sports Bookie
If you choose to start your own sports bookie platform today, then there are so many more options available to help get you off the ground. Especially when compared to a couple of decades ago. Now we have access to online software programs that are able to track and record the accounts of your clients. With just a few clicks of your mouse, you can see which players you must pay. And which ones are owed money. It’s as simple for punters who are looking to win the jackpot online. We suggest heading over to 1xBet Sportsbook to see what one of the best sports bookies looks like.
Thanks to software that allows you to take a deep dive into all aspects of sports betting, you’re able to see which players are winning, which of them are winning the most, as well as which sports are the most profitable. This way, you’re able to adjust your odds to give your client’s the best return. What’s more, at the same time, being able to offer new sports betting markets along with some great wagering opportunities.
