A sports betting-related business is just thriving for the past several decades. The number of people interested in the betting industry has increased, and this is an opportunity for you to get your share from it.
However, knowing how to calculate betting odds or accept bets is not enough to start a bookie business. Aside from having professional knowledge about the betting industry, there are certain factors you need to consider before investing in it. First of all, aspiring bookie agents need to know exactly what they are going to do step by step. Without the right planning and good strategy, the business may not go well.
The article is made especially for those who plan to start a betting business. We will guide you through a comprehensive step-by-step guide on how you can start a bookie business and the right sports betting solutions to help you succeed.
But first of all, you need to know how profitable it is for you to invest in the sports betting sector in 2021.
Why It Is Profitable to Invest in the Sports Betting Sector In 2021
The purpose of starting any business is to make a profit, and it is no exception with sports betting. Of course, there are multiple risks associated with this type of business. However, there are certain rules you need to stick to and it is not that hard to succeed.
The American Gaming Association states that the revenue attained from sports betting was $576 million in 2020, on an overall $7.8 billion bet value in the initial two months of 2021. That was double the amount from the entire first quarter of 2020.
We can attribute this growth to the impact of the pandemic, which has kept many sectors including land-based casinos on hold. However, this is the best time to invest in gambling, sports betting, and the virtual sports market. So, how do you begin your bookie business and benefit from all the amazing opportunities? Let’s find out.
Step-By-Step Guide on How to Start Your Own Bookie Business
If you intend to start your own business, here is an easy-to-follow step-by-step guide that will help you.
Acquire Some Business Knowledge
Before you start, you must take the time to understand the basics of this business. You can search online for useful practical articles on how to acquire investments. Then you need to learn about running a sports bookie business. For instance, you can find a job in sports betting. If you can allow, you can also hire an expert who will assist you and will guide you through the process. This way, you avoid making the same mistakes others are making, you also will progress faster in the business.
Understand How Sports Betting Works
There is no way you can offer a sports bookie service if you don’t have a good knowledge of how sports betting works. You need to learn everything about the betting types, odds, casino games, and how wagers work. This is very important since you will need to be giving your clients a lot of tips, advice, and recommendations. As we already said, you can also hire a professional to help you in this regard. However, learning it yourself will help reduce the cost of starting the business.
Have a Good Plan
Without a good plan, you’re very likely to fail in starting a business. You need to do a feasibility study and survey to determine how well the business would develop in the jurisdictions you have chosen. The planning stage also requires that you know how much you need to get started. You also need to know your competitors and study what they are doing. Then, you can work on providing what they don’t give their clients. This makes your business unique and will attract new customers since you will be providing solutions that are not available on the market yet.
There are different ways you can raise funds to start your business. You can start by saving until you have gathered enough money to get started. Also, you can seek a partnership or an investment from a third party. Since the sports bookie business is a lucrative one, you can request loans.
Pick the Right Software
One of the major ways you can succeed in this business is by using the right software. Before now, bookies used the traditional method of manually calculating and analyzing odds. With the coming of technology, there are betting products available to help bookies manage bets, analyze odds and even provide valuable information to their clients.
When choosing software to use, there are key factors you need to consider. They are:
- How friendly the user interface is when accessing it.
- If the platform is easy to navigate, even for new users.
- The languages available on the platform.
- If it supports major payment options.
- If it is safe and secure.
- If it is mobile-friendly.
- If the Admin dashboard gives you enough control over your clients.
This is one of the most important steps you need to put more effort into if you wish to succeed in this business. Remember that you have competitors, and it would be a great idea to refer some of their clients to your new gaming website.
There are different approaches you can use to get your customers. First, you can use social media posts, SEO, or direct advertisement. Another way you can get more customers is by organizing referral programs where existing customers can get certain bonuses when new customers sign-up through them.
Partner with other Bookies
As a beginner, you may use the opportunity to partner with other bookies before you find your place in the betting industry. With your partner, you need to come to an agreement on how tasks would be shared as well as the compensation or profit. This option is only advisable if you feel you cannot run the business alone and need help. You can also decide to hire someone who you can pay to help you manage certain operations. However, since it is a new business startup, paying a professional might be pretty expensive.
Products That Can Help Your Bookie Business
Some of the biggest challenges bookies face are analyzing and setting odds, bets processing, research, placing wagers, and serving clients. Sometimes all of those things have to be done at the same time. It becomes extremely difficult when you get many clients. This is where the use of Per Pay Head (PPH) software comes in handy. PPH software is programmed to help bookies run their business smoothly.
Benefits of using a PPH software
There are many benefits bookies may benefit from when they use PPH software to run their bookie business. Here are some of them:
- Make your business more visible to users since all you need to do is refer them to the platform.
- You only get to pay per active user. So, you don’t have to worry about losses.
- A PPH software helps in analyzing betting odds as you don’t need to do this yourself.
- Players’ funds are properly managed with PPH software. All bets placed can easily be tracked even by the players. All you need to do is to oversee the processes.
Now that you have gone through the guide and you are one step closer to starting your own bookie business, the next thing is to take action. Make sure to have everything well planned out, and remember to do proper research before you start. And never forget to ask questions regarding areas you don’t have adequate knowledge about.