Starting a sportsbook business is an exercise in uncertainty. This is because no matter how much preparation you make, you are still entering unknown territory. Therefore, it is important to learn from veteran bookies and sportsbook owners to improve your odds of succeeding. Months ago, we sent out a survey to successful sportsbook owners about how to succeed in the sports betting industry. From the 50 replies we got back, we present you with our Guide for New Sportsbook Owners.
Most new bookie businesses start out as a one-person business. As they began their journey, most have no one to rely on if they have a question or a problem. Since bookmaking is a niche industry, the number of people that can mentor new bookies is low. Of course, for bookies that use a pay per head sportsbook to start, it is a different story. This is because they give advice and fully support all of their new clients along the way.
For those starting without the support of a Bookie PPH service or mentor, they odds are against them. In fact, according to the Bureau of Labor Statistics, 20% of new business fail in the first 2 years of operation. Out of these, 45% will fail after 5 years and only 25% of them will reach the 15-year mark. So, let’s find out what differentiate the bookies that became an early statistic and the ones that made it big!
Guide for New Sportsbook Owners from Bookie Professionals
What Value do you bring to your players? Starting a business is all about satisfying a need that people want. This is where investigating the current sports gambling market in your area is a necessary part of the process. For example, opening a sportsbook in a highly competitive area without filling a specific need will be your downfall. That specific need could be from having specific bonuses, giving discount odds or even VIP services. Whatever it is, just make sure it is what players are looking for.
Planning for the Future – By this, we do not mean being able to correctly predict the outcome of a sporting event or the future. We mean planning for the future from short term planning to long term goals.
For example, a good bookie owner plans for every sporting event that is coming up. With that kind of information, a bookie is able to promote and hype every future event to his players. Therefore, he is able to ensure a steady number of wagers no matter what sport season it is.
Too Little Financing – Today, opening a sportsbook operation is much more cost-efficient than it was 10 years ago. However, money is still an important part of being a successful sportsbook owner. Too many bookies go bankrupt because they are not able to cover their bets due to bad luck or bad decisions.
Even veteran sportsbook owners will make mistakes that cost them a lot of money. What differentiates them from the pack is that they have the financial backing to make mistakes and learn from them. There is no magic number to how much money you need. However, a good rule of thumb is to have enough money to last a season and to not overextend yourself.
The Bottom Line of Being a News Sportsbook Owner
Even though the odds are against new business owners, it does not mean your sportsbook will fail. As long as you have the right mentality, plan and have enough support, you too can become a successful sportsbook.
Sportsbook owners who use PricePerPlayer.com have the highest rate of success amongst competitors. This is because we offer an affordable solution to running and operation a fully functional sportsbook. In addition, our staff is made up of professionals that support your efforts for becoming an independent bookie. This means we give you the tools and the knowledge to make your dreams come true!