How Do Bookies Work?
Bookies work pretty straightforwardly; they accept sporting event bets from their clients and then manage all of the bets through their “book”, which can be an actual book or some kind of sports bookie software program. Then, by monitoring and adjusting betting odds, a bookie will ensure that an event will always return them a profit. This is accomplished by “building” into the betting odds, their own commission, and then altering the odds in a way that will guarantee some kind of return after payments have been made to winners.
It may seem a little fishy, that bookies have the ability to adjust odds at their own prerogative, but this tool isn’t meant to discourage bettors. Simply put, bookies often work by carefully mitigating risk management. From a business standpoint, it wouldn’t make much sense to leave betting odds alone on a uniformly spread bet, meaning an equal number of bettors have chosen each side with evenly split odds. Bookies wouldn’t make any profit from this scenario since they’d be forced to use the wagers staked by losing clients to payout all the winning clients.
Clearly, to understand the guts of being a bookmaker, you need to know that it all starts with the bets. Now, you may be wondering how to take bets as a bookie? There a couple of ways this can happen, and it entirely depends on how you are running your business. Traditional bookies will have a harder time with this, since they typically hang out in local bars or sports clubs, and must “manually” accept bets. After taking in wagers, they’ll have to track down credible leads--sports reporters, ESPN power rankings--in order to properly set their betting odds, which can produce a ton of grunt work. On the other side, PPH sportsbook agents and other digitized bookies, use streamlined software platforms that provide a one-stop portal for their clients to place wagers and monitor betting odds at any given second. And since bookie odds often fluctuate, both clients and bookmakers have a much easier time monitoring wages and odds, respectively.
Start Managing Your Business the Right Way
The profession of bookmaker is equal parts research, ambition, sports industry knowledge, and good old-fashioned intuition. Bookies work by combining all these elements with the intention of producing a betting event with fair odds, a strong pool of clients, and an overall easy experience. The best way to guarantee this is by moving your book onto a digital platform, today. As an online sports bookie, you’ll have access to all client activity, reporting features, private messaging, and account management tools through a single window. That’s what we’re all about, providing a service that’ll ideally make your service even better.
Check out our software’s features and if you like what you see, then try our Pay Per Head free trial. For a month, you can experience what true bookmaking excellence should be!
