As gambler, I have often thought about starting my own gambling website because of the potential for high profits. However, after researching the matter I saw that process, while easy to do requires a lot of knowledge and dedication. I am a big believer in sharing information, thus I am writing this guide on How to Manage a Bookie Operation.
Everyone that bets on sports and plays casino games only sees the money making potential. This is because they do not see players winning nor do they see the costs of running a gambling operation. The truth is that traditionally, opening a sportsbook will cost at least a million dollars. Furthermore, the house always wins only if they have repeat customers and deep pockets.
Here is a simple breakdown of the cost for opening an online bookie website. On average, the sports betting software will cost $250,000 to $500,000. You will also need infrastructure and a support staff to run the operation which will easily cost over $8,000 per month. Thus, you will need a lot of players before you can start making a profit.
After knowing this and still want to know how to manage a bookie operation than keep reading! However, do not let these numbers discourage you. This is because you can bring the cost down significantly by using a Bookie Pay Per Head service.
Guide to Successfully Managing a Bookie Operation
Business before Pleasure
Most successful business owners agree that is one of the most challenging and rewarding way to earn a living. This is because they mostly start a business that deals with something they have experience in and love.
However, being a bookie does require the right mindset because a lot of hard work and dedication is a must. Thus, if you want to be a successful bookie, it will always be business before pleasure.
Understand your Customers
As a start-up business in a very competitive industry, it is essential to know your customers. This is because if they are happy, they will keep playing with you and refer their friends. Furthermore, by knowing their gambling habits you can increase profit by giving them enticing offers to offset their win/loss ratio.
Find a Mentor and Create a Support Network
A mentor is someone who already has done what you want to do in a successful way. Thus, by having a bookie mentor, you can by-pass a lot of trial and errors from creating your own system. This is because a good mentor will teach you their knowledge on how they became a success.
Use a Bookie Pay Per Head Service
To keep your operating cost and workload down, successful bookies use a Bookie Pay Per Head Service. This is because a PPH Service like PricePerPlayer.com gives you all of the tools necessary for a profitable sportsbook.
Thus, you have minimal start-up cost because a Bookie PPH provides the gambling software, player website and infrastructure. In addition, since the Bookie PPH provides you with a 24/7 support staff. Thus, there is no monthly cost other than the $5 per player every week.
Essentially, a Pay Per Head Service like the one by PricePerPlayer.com takes care of all aspect of running your sportsbook. The only thing you have to do is manage your operation from player management to finding new customers and advertising.