Last updated on December 8th, 2020 at 09:05 am
As the top provider of sportsbook pay per head services, we know all about the sports betting industry. Needless to say, we have seen hundreds of bookies from small to large grow into a successful operation. The big question is what makes some online bookies successful and others not? Well here are the answers on How to Become a Successful Bookie from the people that know.
In essence, there is no simple answer to this question because they are many factors that affect a sportsbook operation. Setting up a sportsbook is expensive and the maintenance cost will drastically affect the profit margin of the operation.
In addition, experience in running a sportsbook is a large factor. This is because an experienced bookie will know when to make the right decisions at the right time. In this article, we will define the main factors that will help you become a successful bookie.
The Cost Factor in Running a Successful Bookie Operation
As we mentioned earlier, starting an online bookie is a very expensive endeavor because of several reasons. Opening a sportsbook is like any other business because they are costs and risks involved in order to get started. There are three main reasons as to why the cost is so high and they are:
Cost of the Sportsbook Software – A good sports betting platform will usually cost around $250,000 or more depending on the software you get. In addition, the more features you choose to have, the higher the cost of the software.
Cost of Maintaining your Operation – As every business owners knows, they are monthly bills you need to pay every month to keep your operation running. Even if your gambling operation is online, you still have to pay monthly server fees, upgrade and even utilities.
Cost of Experienced Employees – If you started you operation in Costa Rica, you would pay around $1,200 to $2,000 a month per employee. If you were in the United States you would pay 3 to 4 times that amount.
How to Solve the High Cost Factor of a Bookie Operation
The Sports Betting White label solution is still expensive but much less than buying the sports betting software. The usual cost is a setup fee between $24,000 to $40,000 and a percentage of the monthly revenue.
A Sportsbook Pay Per Head solution like PricePerPlayer.com offers is even better because you pay flat fee per player. So instead of paying a large amount of money and/or a commission, you only pay $5 per player every week.
In addition, by using a Bookie PPH, you no longer have to worry about paying employees or maintaining the software. This is why using the PricePerPlayer.com sportsbook pay per head service will help you have a successful bookie operation.