This is what life is like as a modern sports bookie.
– The modern sports bookie is helped by pay per head sportsbook software.
– Finding the right PPH provider is the most important decision for a sports bookie.
A Day in the Life of the Modern Sports Bookie
You’ve no doubt heard the term in countless movies. But what is a bookie exactly? And how does a bookmaker make a living taking bets on sports events?
According to Forbes, legalized sports gambling has only increased in popularity in recent years. In fact, it’s at the point now where over $10 billion dollars are being exchanged each year. The number of online sports betting platforms is growing at a substantial rate to keep up with the industry’s growth.
Bookmakers are largely responsible for this growth, and if you’re considering becoming your own boss, this is one way you can make a living.
What Is A Bookie?
A bookie is a slang term for ‘bookmaker‘, or someone that collects bets on sports or other events. Bookmakers, either on their own or as part of an organization, set the odds and lines on events before a bet is agreed upon.
For example, if the Chicago Bulls and the New York Knicks were playing, and the Knicks were heavy favorites, the bookmaker might set the point spread at New York -6. The bookie also sets the odds. Most point spread bets are offered at -110 odds, meaning a bettor must wager $110 to win $100. The extra $10 is the bookie’s fee for taking the bet.
The sports bookie collects the bets, pays out any winnings, and keeps his commission.
ICYMI: START A BOOKIE BUSINESS AS A SIDE HUSTLE
Technology & the Modern Sports Bookie
The various formats for betting available online now make a bookie’s job more diverse than ever. It used to be that you had to call in to place a bet, usually at a large-scale operation with thousands of bets being placed on each individual event.
Now, it’s different. Payments, for example, are more diverse than ever. You can still bet with money online, but you can also use cryptocurrencies like Bitcoin and Ethereum.
Technology also makes it more convenient than ever for bettors to put money down on events. Instead of making phone calls, most pay per head sportsbook software services now offer great technology tools, like easy-to-use online interfaces. Bookmakers today don’t need a ton of facetime with their customers to take on bets.
Balance the Book
The first lesson on making money as a bookie is learning how to balance a book. This protects a bookie from losing substantial amounts of money. Good sports bookies set the odds in a way that ensures he’ll make approximately the same amount of money regardless of who wins or loses a game.
As a bookie, you want to take in an equal amount of action on both sides of the bet. That way, you use the loser’s bets to pay the winners. You keep your “juice” or commission and you make money.
The trick, of course, is setting the lines and odds in such a way to encourage bettors to wager on both sides of a bet. The great thing for the modern sports bookie is that pay per head software takes care of all of that.
PPH services include the setting of odds and lines. Bookies can also have some input into establishing lines and odds, but they do not have to constantly monitor every single bet on their board. Modern technology allows them to offer a wide variety of bets across a large number of sports all around the world.
Is Being A Bookie Safe?
Bookmakers are given a bad wrap in Hollywood, often portrayed as slimeballs or untrustworthy guys looking to make a quick buck. That’s not all true.
Today, being a bookie is not only possible but profitable for anyone willing to take the time to grow a client base. The key to growing a successful venture is to start in a niche, perhaps just one sport that you’re familiar with.
Since there are tons of options online for gambling, it’s important that you build your reputation as being trustworthy, easy to place bets with, and above all, quick on your payouts. Partnering with a pay per head service that is highly regarded in the industry is the first step toward success as a sports bookie.
Your most loyal customers likely bet on a regular basis, and your competition will steal them if you aren’t on top of people’s money. Gambling is a lucrative business, but since a lot of money is being exchanged, it can be intense.
How to Start
The first step to becoming a sports bookie involves saving money, which is something that many people overlook. You have to have some cash on hand to cover winning bets early on.
You’ll also need to do some sports research. You need to know a little about each sport. You don’t have to be an expert, but you should know about the sports on which you’ll take bets.
The most important thing you do will be finding a pay per head software provider. With the increase in popularity of sports betting, there are numerous PPH companies in the industry now. You need to find one that fits your needs and is one you can trust to help you build your business.
All that’s left is to recruit players and build your player sheet. The modern sports bookie has it a little easier than that of bookie’s past. Pay per head software takes care of all of the administrative tasks for bookies. There are still challenges, but with the right mindset and choice of PPH service, those wanting to be a sports bookie can succeed.