How to Become a Bookie in 5 Easy Steps
With the online gambling industry projected to reach $92.9 billion by 2023, many entrepreneurial-minded people are asking themselves how to become bookmakers in this ever-expanding online marketplace. The prospect of making a lucrative sum from running your own bookmaking business is enticing.
While an expanding marketplace in online gambling provides more bookmaking opportunities for you, it still offers more opportunity for your competition as well. If you are serious about how to be a bookie, a profitable bookie, then keep reading to discover the first steps you need to take to build your online bookmaking empire today.
Know What Types of Bookmakers Exist
Your first step in becoming an official bookmaker will be choosing what type of bookmaking service you will operate. As a new bookmaker, you don’t have to offer online services only.
You will want to choose from the four main types of bookmaking possibilities:
- An on-course bookmaker
- An online bookmaker
- A high-street betting shop
- A mixture of the three
No matter which bookmaking route you choose, your end goal should still be to make a profit. With each bookmaking option, you will discover how you can better control your margins from each bet placed by your clientele—hedging your bookmaking service against severe losses, no matter where it is. Always do your research first.
If you’re looking for an online bookmaker, look no further than AcePerHead.com.
Know How To Be a Bookie and Get the License You Need
The license you will need to become a bookie will depend on what country you want to run your business. That said, you may need more than one license. These licenses can include:
- A premise license
- Personal Management license
- Operating license
- Personal function license
Each of these licenses will serve a different purpose. The most common license needed is an operating license. Further research about your country’s license requirements will ensure a good first step to your bookmaking success.
You Will Need a Bookmaking Budget
Working out the overhead costs of running the type of bookmaking service you have chosen is a crucial step in planning for a successful business. Most on-course bookmakers will need, at the least, $8,000 to get started.
Here are some further expenses to consider while preparing your business plan:
- Your licenses
- Rent for your building
- Utility costs for your building
- Employee wages, if any
- Hardware for on-course betting
- Software for online betting
- Internet hosting for online bookmaking
It is an absolute must that you have a solid financial plan before you start your bookmaking business. It is one of the many skills that you will need along your path to bookmaking success.
Still Thinking About Becoming a Bookmaker?
A bookmaking career can be gratifying for the entrepreneurial-minded sports enthusiast. If you think you have what it takes and are ready to make a modest capital investment in starting your business, then go for it.
There is no shortage of individuals of all ages looking to place a bet. Put your business plan to work. Show the licensing boards and regulators that you know how to run a bookmaking business.
With the right negotiating skills, planning, and leadership management, you will be well on your way to success – providing the best possible experience for your future bookmaking clientele.
If you have any other information that you would like to know about how to be a bookie, contact us or leave a comment section below.