How to start your own bookie business
As an aspiring bookie agent, you may have a rudimentary knowledge of the industry. But beyond street smarts, being a bookie requires a whole lot of planning and strategizing. Lack of planning and strategizing can lead to colossal losses. To start your own bookie business, you need to know what you’re getting into. In this post, I will guide you through the tasks in How to start your own bookie business and what you need to do to be a success in your new business venture.
Open a Brick and Mortar Office
Opening an office is essential in the bookie business world of today. A conspicuous work-space makes it easier to pilot your bookie affairs. It also allows for natural recruitment of work staff; for example, a cashier and other support staff will make your job less stressful. Technology is key to running a tight ship, check out the top 5 pay per head software providers available in the market today.
Source of Liquid Capital
To meet your daily operations, you need a source of liquid capital. Your primary source of this liquid capital should be a fat bank account, as well as a large line of credit readily available should you need it. Unlike other businesses that have investors as funding options, in this line of business, you need to be self-funded. Running a bookie service requires proper funding, or you risk bankruptcy. Technology is key to running a business like this as you need to set up customer lines of credit, grading games, taking wagers from players, all while maintaining the integrity of your software and technology as this is what is running your entire business. If your technology fails, so does your business. So the two most important things that you can not afford to scrimp on is your technology and bankroll.
Pay Experts to Help Set up Your Software
Starting your own bookie business can be quite challenging. If you try and go it alone brace yourself for the inevitable mistakes that are sure to come. But one must not be discouraged. To avoid these challenges, intelligent bookies will hire experts to lend a helping hand. For instance, new bookies who do not get experts to help set their lines are often bankrupt within a few months. Also, hire a reputable law firm to help you with BPSS Clearance when employing new staff.
Sometimes, you may be tempted to take certain risks when you think the line is in your favor. But you have to be careful at this point, make sure to understand sports betting trends. You have to know when to pull back and when to take on more risk. What determines how long you stay in business is how you gauge the risk that comes with playing with a particular set line.
Invest in your future, put aside 15 – 20% of your profits
Players win and lose; the main thing is that your business is based on a solid foundation and can pay all winning bets. Fortunately, statistics are in your favor as most players will lose more money than they win in the long run, putting the odds in your favor. Never the less you need to be prepared for a large number of players going on a winning streak; in this scenario, you need your bankroll to cover those losses. If you find yourself in this situation, you may be forced into bankruptcy. Set aside a percentage of your weekly profits as a safety net for the lean times when you are paying out more than you take in. It is recommended to set aside 15 – 20% of your profits so you won’t be flirting with disaster during bad times. To help better manage your business, find software that will help you manage and strategies for your business, You can read reviews about the top 5 pay per head softwares.