3 Steps to Starting Your Own Online Sportsbook
Starting an online sportsbook has never been easier thanks to the easy access to Pay Per Head sportsbook solutions on the market today. Still, there is no magic potion that is going to make one a successful bookmaker just because this software exists.
There are three "musts" our friends from PricePerPlayer.com say are necessary before delving into this potential cash cow industry.
Step 1. Figuring out your Budget
Figuring out a budget for your online sportsbook is important because it is synonymous with the how much you can afford to pay winners, PricePerPlayer.com points out. The budget is in direct correlation with the max bet limits and the max number of players you can have. This is because you will have good weeks and bad weeks and on a bad week, you need to have the bankroll to pay your players.
For example, if you have $5,000, 10 players with $2,000 in action every month then you need to set your maximum bet for a worst case scenario. The lower the max bet the lower the risk; however, keep in mind that it will mean lower profits.
Keep in mind, that if you opt to go your own way without utilizing Pay Per Head sportsbook software, a customer will end up costing several times more than the $5 to $10 per week charged by the PPH due to the substantial amount of overhead involved.
Step 2. Find the Right Bookie PPH Provider
Not all Pay Per Heads are created equally. Anything over the $5-$10 per player in the industry is considered too expensive, though we would caution that "cheap" does not always mean quality and some Pay Per Heads offer enhanced features above the $10 mark.
For the above mentioned price range you can get a Bookie PPH platform that has the following products:
Sports Betting
Live Betting
Online Casino
Live Dealer Casino
Racebook
A good software will allow you to set wagering limits and the type of wagers a player can use while offering a top-of-the-line reporting system. PricePerPlayer.com offers this and more, including LIVE IN-PLAY WAGERING.
Step 3. Open your Bookie Pay Per Head Account and Manage Your Players
Setup can often take as little as under an hour. PricePerPlayer.com does not ask for any personal information, which means the whole process is anonymous.
Another advantage of PricePerPlayer.com is that you get 2 weeks for free with not deposit necessary to try us out. On top of that, you can open an unlimited number of player and agent accounts.
You will also be able to set up minimums and maximums per player. This is in addition to the ability to set credit limits and enable and disable games.
Next, go to “Player Sites” to see a list of websites your players can go to place their bets. If you prefer to have your own personal website and/or toll-free number just contact the PricePerPlayer.com customer service department.
- Aaron Goldstein, Gambling911.com
