What Are The Steps to Becoming a Bookie?

There are three key steps on the way to becoming a successful bookie, but none of this will happen without the use of a quality Pay Per Head service.

Step 1 – Figure out the Kind of Sportsbook do you want

Do you want to cater to recreational players or sharp gamblers?

There is a benefit to having either but you'll need to understand the skills involved in managing either player base.

With regard to recreational players, some agents are under the mistaken impression that a sportsbook catering to these types of customers requires less money upfront.  Guess again!  These are the players that typically request payouts immediately after winning.  As such, you'll be required to have enough capital upfront as well as a means of collecting money quickly from losers.

On the other hand, sharp bettors tend to keep their money in their betting account until the end of the season. In addition, they also tend to bet more and make larger wagers.  But these individuals won't be sticking around if you don't offer the most competitive odds.  You'll also need the right sharp player management software in order to ensure the proper balance between player wins and losses. 

Step 2 – Setting Wagering Limits

Establishing the right player limits helps dictate the starting capital required. The higher the limits, the more liquid cash you'll need for payouts. On the other hand, if your limits are too low, you probably will not get a lot of customers.

Step 3 – Setting Up a Banking Management System

The ability to receive and pay your gamblers is very important and not always easy to do. Yes, you could collect the money personally if you are a corner bookie but that is not always feasible. Person-to-person transactions are also an option but it is expensive and a hassle for most people. Let’s just say that a good iGaming Payment Management System will help acquire and retain players.

It is best to use a banking management System that can easily add and integrate various methods of banking.

Consider Bitcoin and other digital currencies.  A Pay Per Head like PricePerPlayer offers this payment solution as an option.

PricePerPlayer charges as little as $5 per customer per week.  This is several times less than the overhead required without the use of a Pay Per Head business (i.e. phone center and line movers as well as rent).  Did we mention that Pay Per Heads reduce crime?  They eliminate the need for enhanced security as you are no longer sitting on a cash business.

- Aaron Goldstein, Gambling911.com