Throw away any notions of bookies as stereotypical mafia-looking guys with notebooks and hats swaggering around taking bets. Well, you could keep the swagger with the money you will be earning. But being an online bookie will get you far if you do it right.
A lot of people get into being a bookie from being a bettor. And while this is both in the same industry, it does not mean you’ll need the same skills. As an online bookie, you will need to know a few things. Here are a few tips to help you:
Get a Sportsbook Pay Per Head Provider
Choosing the best PPH bookie is your first step in being a successful bookie. You will need to get one that has a wide offering for your players, top of the line software, great customer service, and an easy to use site. This is crucial since your sportsbook will technically be your “place of business”.
Learn to Balance your Books
In any business, you always have to balance your books. This is in order to manage your expenses and ensure that you are making a profit. Being an online bookie is no different. Make sure that each sporting event is balanced, and adjust your lines as needed. Make sure that you can make a profit in each event. Also, that you will have enough to cover for any payouts for your winning players.
Ensure Betting Limits
At the end of the day, any action made in your sportsbook needs to be paid off. Ideally, this should come from the bets of losing players. If you can’t balance your books well, it will eat into your vig. Even worse, you may even have to spend your own money to pay for your players’ wins. To prevent any problems, set limits to your players. This ensures an easier way to balance your sportsbook. And it guarantees that you won’t need to take out a loan to pay off your players. This can be a problem, especially if you have sharp bettors in your sportsbook.