A career in the sports betting industry may be ideal for you if you are into sports and gambling. This is especially true if you are a veteran bettor who realizes that the sportsbook wins more than loses. However, the path to being a bookie may seem too challenging if you do not now how to do it. Thus, today we answer the question on How to Become a Bookie and why you should do it.
The first thing to understand is that it is not as difficult as one would think. In fact, it can be done in just a few minutes if you use a Bookie Pay Per Head solution. All it takes is the will, dedication, a few customers to get you on your way to becoming a bookie.
The Abbreviated Guide on Becoming a Bookie
How Much Money do I need to Become a Bookie
First off, let’s start with the monster in the room that everyone who wants to know How to Become a Bookie is asking. What is the cost of starting a bookie business. Contrary to popular belief, you do not need a lot of money to open a sportsbook. In fact, everyone can start a betting website on a budget with less then $5,000. From the data we have, some bookies were even able to start their business on just $2000! On the other hand, it could also cost a few million dollars to start a sportsbook.
The amount of money necessary to open a bookie operation will largely depend on your sportsbook business plan. This is because it will determine the kind of business you will run and how you will run your business.
For example, let’s say you intend to start a small bookie business with friends and family as customers. If you intend to have small betting limits like $50 or less, than you will need less money to start. Depending on the number of clients and if you use a Pay Per Head, then $2,000 to $10,000 is necessary.
In this case, the cost to open a sportsbook in this case is much lower. This is because because you do not have to worry about acquiring players, software, infrastructure or making big payouts
However, if you intend to take large wagers or have a large sportsbook, then more money is necessary. Especially if you have to buy the sportsbook software, hire staff and create an infrastructure.
If you intend on starting a large sportsbook from scratch in the U.S., expect to need at least a million dollar. This is because you have to get a sports betting license, heavy taxes, pay employees, and much more.
Sportsbook Business Plan – Is It Really Necessary?
The short of it is yes, it is necessary to create some kind of business plan for your sportsbook. However, the degree of details will largely depend on you. This will depend on your goals and the size of your operation.
Let’s say that you are planning on creating a large sportsbook and need investors to fund your business. In that case, you need a sportsbook business plan to convince them that your bookie business is a sound idea. This is because they will want to know where their money is going and whether it will be profitable or not. In addition, they will want to see the odds of success to make sure they do not lose their money. Thus, you will also need to show data on the market you intend on operate in.
On the other hand, if are just opening a small bookie operation, you can get away with just the basics. This is especially true if you already know who your clients will be like friends and families. However, some planning is necessary if you intend to make a living from it.
The fundamentals of a bookie business plan is about how much money you need and how it will be spent. In addition, if you want your business to grow, then you will have to plan it out. While it may seem like a lot of work for a home business, it will be worth it. This is because it will give you a clear and concise plan for your bookie business.
Options on How to Become a Bookie – 3 Ways to Open a Sportsbook
Since this is the Cliffs note version on how to be a bookie, we won’t go into all the nitty gritty details. Just know that there are 3 ways to start a bookmaking operation.
- White label Sportsbook Solution – This is where you are using the resources of an existing sportsbook to create your own bookie brand. You get everything from license to software but have to pay a fee and share the profits.
- Bookie Pay Per Head Solution – This is where you get the software, betting platform and share infrastructure and employees. Instead of paying a straight fee or commission to start, you pay per active player. The cost will vary depending on the service. It can be as low as $1 per player to as high as $18 per player. Find a Bookie Pay Per Head company that meets all of your needs. This is where having a sportsbook business plan comes in handy as it highlights everything you want to have. If you need help finding one, look at our Bookie Pay Per Head Reviews to help you choose.
- Starting from Scratch – This is where you build your business without using any “cheat” tools or services like a Pay Per Head or white label solutions. Using this method, you will have to buy or create a betting software and manage your own betting lines. In addition, you will also need to setup a banking system along with hiring the right employees for various positions. Last but not least, it does take time to set a business from scratch. Therefore, expect at least a year before you can take your first wager.
Why use a Bookie pay Per Head to Start a Bookie Business
Personally, we recommend using a Pay Per Head to start a sportsbook operation. This is because it is very versatile and can handle small and large sportsbooks operations. Not only is it cost-efficient, bookies do not have to worry about managing lines or monthly maintenance cost.
Furthermore, quality Pay Per Head Services comes complete with casinos, racebook, live betting and more. Last but not least, using a Sportsbook PPH allows you to start taking customers in just a matter of minutes!
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