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Monthly Archives: July 2015

Bookie Tips: Things to Do Before Starting Your Business

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So after working for someone else for most of your professional life, you are now ready to turn into your own boss by becoming a bookie.

If that is your particular case, then we have some information that can really come handy: these are the things that you must do before you put in place the first stone of your future pay per head bookie empire.

First of all, it is necessary to understand that starting a bookie business is just like climbing a mountain; it may seem very challenging from the bottom, but if you take the trip one step at a time, then reaching the top won’t be so difficult.

 

Bookie Tips: An Small, but Key Things to Do

 

Market Research

Take the time to properly research the market. Since you, as a bookie, will be working with pay per head services, you have plenty of options to offer to your players.

You can decide to offer straight up sports betting solutions alone, or you can also take the decision of adding some horse betting or even casino action to your gambling offerings.

It really all depends on what is the type of player that you want to offer your services to.

You can start by checking out sports bars and other places where players usually hang out and ask around what locals are most interested in, and with the information obtained, you can create a better plan of action and avoid pitfalls later on.

Getting Funds

Starting a bookie business means that you will require some operational budget to get started with.

If you can come up with this money on your own, then this is the ideal way to go because you will be in full control of your finances, and best of all, you will also be able to pocket all the profits.

On the other hand, a business partner is not such a bad idea.

Sure, you will be forced to share your profits with someone else, but the good part is that whenever you need to pay a big winning bet to a given player, your partner will be there to support you.

If you don’t have all the cash that you need to get started, and you want to work alone, you can get a business partner that can help you at the beginning, and once your profits have reached a healthy condition, you can start running things on your own.

Of course, if this is the way you want to operate, you must make that clear to your prospective partner (s).

Create a Business Plan

Just like you need a blueprint to build a home or a building, you also need a plan to create a successful bookie business.

A business plan can help you advance in the right direction, and it will also help you to perceive possible problems that you can solve before they actually turn into unexpected, unwanted situations.

Make sure that you stick to your business plan during the course of your bookie career; otherwise you may put in jeopardy all the work you’ve put into your new entrepreneurial venture.

Branding

As a bookie, it is always better to keep a low public profile, so when dealing with anything related to your sports betting operation, it is in your best interest to utilize an alias.

Using this alias, you can safely promote your bookie business all over town, or even online.

Make sure that you pick an alias that players like and can identify with.

The more familiar players feel about your alias, the more chances you have of closing deals.

Sports Betting: Creating your Business Plan | Pay per Head

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When it comes to sports betting, the risk of not being prepared for it is just too great. In fact, you should treat sports betting as a business, and then run it accordingly.

 

Sports Betting as a Business

Your business plan is actually your betting plan.

This is a document that you should create which points out how you are going to make cash one day (or by a single wager), and it also indicates your overall, long-term expectations.

Information that can be included on this document:

  • The time frames it will be organized by.
  • A balance sheet with info related to expenditures, income, profits and losses.
  • When it comes to sports betting, you want to focus on the income that you make from your bets, against the expenditures associated to the commissions paid to your pay per head services bookie.
  • You can also include data related to any particular training or coaching that you are currently paying for (or had paid for in the past).

Working Conditions

You also need to consider the hours that you will actually work, versus the time that you are planning to take off.

Do you need to commit to a set of specific tasks, such as paying your pay per head bookie on time? Think about this, and add the proper info to your document.

Your goal should be to find the balance between focus and freedom.

Development

It is also a good idea to add to your business plan information related to how you are planning to grow your sports betting operation over time.

What are the key actions that you need to consider and apply when necessary?

What are the skills and the knowledge that you need to acquire periodically?

Stick to your Guns

Once you have created your business plan, make sure that you stick to it. This is because a lot of bettors make the mistake of switching from one system to another, and this is a factor that prevents them to mastering a single betting system or strategy.

The Common Factor

When you get to talk to a number of professional sports bettors, even though they may run their businesses differently one from another, you can tell that they have one thing in common:

They all managed to survive the learning curve, which allowed them to make it to the earning curve thanks to continuous effort and focus.

For some people, this learning curve can take longer than for others, but it doesn’t matter how long it takes you to acquire the necessary knowledge and experience, as when you make it to the finish line, you will be ready to truly challenge your pay per head bookie.