Are you wondering how to become a bookie?
If you love sports and like to make money in unconventional ways, becoming a bookie might be a great idea. Although being a bookie used to mean operating illegally, the changing laws around gambling have made being a bookie a legal career you can pursue.
However, becoming a successful bookie looks much different in real life than in the movies. Instead of sitting in a smoky, dark, room and having an intimidating reputation, being a bookie in real life involves knowing how to manage your business like a true entrepreneur.
You have to learn marketing, customer service, sales psychology, collections, and more, to be effective. And that is just the job. If you want to be a successful bookie, you need to do your research and make sure you have a realistic understanding of what being a bookie is really about.
Fortunately, by following a few tips and implementing a few industry best practices, you can start your bookie business and give yourself a real chance at success. If you want to become a bookie but aren’t sure how, this short and simple guide is for you.
Learn All You Can About the Business
One of the first steps for becoming a bookie is to learn all you can about the business. Throw out any preconceived notions you have from watching TV shows and movies and instead, research the realities of being a bookie. By understanding the business, you can make an informed decision about starting a bookie business.
Understand Your Business Options
An essential step for starting your bookie company is to understand your business options.
You can establish a pay-per-head (PPH) business, which involves clients paying to place bets. You can operate offshore, which will give you a variety of options for operating your business. You can also establish a licensed business in your state, an option that is not available in every state.
Obtain the Proper Licenses
To officially establish your bookie business, you need to obtain the proper licensing. There are a few types of licenses you need to apply for, depending on the type of business you want to establish. To determine what type of business to establish, take a look at the gambling laws and use them as a foundation for figuring out the type of bookie business to have.
Study Sports Betting
An essential step to take to become a sports bookie is to study sports betting. There are a variety of strategies to bet on sports and to become a successful bookie, you need to understand all of them. As with any business venture, understanding everything about the business is a great way to increase your chances of success.
Choose Your Sportsbook Software
Part of establishing your bookie business is finding the perfect sportsbook software. This is the software you will use for all the bets, which makes it an essential part of your business. Look for software that is affordable but also has all the features you need.
Consider Working With a Mentor
One of the best bookie tips to follow is to consider working with a mentor. This is a great way to learn the business and gain the skills you need to be successful. Choose a mentor who is well-established, successful, and has a working style you admire.
Hone Your Skills
To be a successful bookie, you need to have a variety of skills, such as customer service, vetting clients, marketing, financial management, and more. Even if you are skilled in these areas make sure you are consistently working towards improvement.
Prospect Your First Customers
To be a successful bookie, you need to have a steady stream of customers. However, like every other budding entrepreneur, you need to start by finding your first customer.
If you have friends and family who enjoy betting, talk to them about redirecting their bets through you. If not, a great tip is to frequent sports bars, strike up a conversation, and gently lead them to your service.
Grow Your Player Client Base
After you find one or two clients, you need to focus on growing your client base. You can do this by encouraging referrals, partnering with another bookie, or becoming a specialist for other bookies. Marketing should be something you do consistently, even when business is booming.
Organize Your Payouts and Collections
Part of becoming a successful bookie is learning how to organize your payouts and collections. The way you handle these tasks can help you attract clients or repel them.
Make sure you can always payout and you understand the best way to collect. You should also keep records of every transaction you make.
Manage Your Risks
If you want to become a bookie, you need to learn to manage your risks. Because of the nature of your business, you might run into clients who cannot pay, which will affect your business overall. You can manage your risks in a few ways, such as lowering the wager limit or adjusting it on a case-by-case basis.
Practice Transparency
To avoid becoming a stereotype of a bookie, practice transparency with your clients. Make sure you are not making any unreasonable claims that are misleading to your clients or any partners you might have.
By practicing transparency, you will build trust with your clients, which will result in customer loyalty. Not only is this good business in general, but it is also a great way to keep yourself out of legal trouble.
This Is How to Become a Bookie
By following these tips for how to become a bookie, you can establish a successful business.
Start by learning all you can about being a bookie, establishing your business, and finding a mentor. You should also learn how to attract clients to your business as well as create systems for payouts and collections. Make sure to manage your risks and practice transparency with your clients.
Follow these tips to establish your business as a bookie.
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