So, you want to make money as a bookie? Tired of gambling? You need to make gambling an art if you’re going to be a successful sportsbook owner. It isn’t time to gamble when you run a bookie.
Often new bookies think running a sportsbook means they’ll be gambling. That’s not the case.
In order to guarantee that you make money as a bookmaker, you don’t want to gamble at all. Now, obviously bookies will “take a side” in rare cases, but not for big money.
When I say “take a side”, I mean the bookie doesn’t balance the book. If they have a few local guys betting on the local team, the bookie may let the action ride in some cases.
However, the less you gamble and the more you treat the business as an art, the better.
Tips for Running a Profitable Bookie
Here are some tips to help you learn the art of turning consistent profits:
● Balanced Book (Guaranteeing Profits)
You may have heard the term “balanced book” or “balance your book”. Your goal as a bookie is to take even action on both sides of a bet. This obviously isn’t possible with some bets like futures.
However, most of your action will come from bettors wagering on straight bets. It’s easy to balance your book on straight bets with two sides such as point spreads, money lines and totals.
If you don’t get 50/50 action, PPH shops should have a layoff book where you can layoff some of the action to balance your book. If your book is balanced, you make guaranteed profits off the vig.
● Be a Boss (Communication / Service / Support)
When I say “be a boss”, I don’t mean in the literal sense. I mean you need to have a positive attitude every single day as a bookie since you’re going to be dealing with a lot of different personalities.
As a bookie, you need to understand the art of communication. If you’re unable to communicate with your players it’s going to be impossible to run a successful bookies. Being in regular contact with clients is necessary, as you need to provide support and work out collection plans.
A lot of bettors will stay loyal to a bookmaker they have built a relationship with. If they know you’re solid and will pay them out when they win, they have no reason to leave. Retaining players is an art and without successfully retaining clients, you’re never going to be able to grow your revenues.
● Follow the Numbers
Bookies have more data to make business decisions than ever before. You need to use data and other analytics to grow your business. Don’t make gut decisions. Let the numbers lead you to the correct decision. With dozens of reports at your fingertips, there’s no excuse to ignore the numbers.
You need to be passionate as a bookmaker. If you aren’t fully committed you’re going to waste your own time. Growing a bookie is extremely hard work, especially in today’s competitive landscape.
More Pay Per Head tips:
1. Current and Future Business Planning With Real Bookies
2. Shore Up Your Online Betting Business With Real Bookies Pay Per Head
3. Engage Your Betting Customers Through Pay Per Head Marketing Solutions
4. Bookies Need to Stick With Solid Business Practices During Uncertain Times