What comes to mind when thinking about bookies? A lot of things pop in the mind's eye and many of them are the stereotypical days of old. Bookies come in all shapes and sizes, some of them are named Vinny in Brooklyn and he works out of the corner bar on Dekalb Ave., or the bookie in Chicago on the south side hustling for business with his buddies and hoping that word of mouth somehow helps him strike it rich. Some bookies deal with horses only and that’s how it all started. The corner bookie business would be nothing without horse action. Horse bettors are faithful to the cause, they are there every day betting on the ponies and the tracks they love. Bookies have come a long way over the years and we want to explore the basic principles of bookmaking.
So you want to be a bookie…
The business in general used to be difficult. There were the days of beating the pavement for clients and depending on word of mouth to expand the business. Those days still exist on some level but not to the extent they once did. Technology has come along and changed the game.
The Bookies Mini Bible
**Myth Busting—
- It is often thought that bookies must be rich in order to be a bookie. This is a myth. You do not need to be rich, yes you need a bankroll in order to back up the bets that you are offering. Any bookie that is going to put his name on the line by offering bets to his friends, the public or anyone that wants to bet, they must have the money to pay their clients when those clients beat them.
- The house always wins: This one is the biggest and best myths known to mankind! The house does not always s win and if you have ever been any kind of bookie on any level, then you know this to be true. There is one reason that the ultra-mega sportsbooks in Las Vegas make any kind of living; casinos! The casino supports the sportsbook. Sportsbooks are an afterthought in Vegas, however, they are a big afterthought and they are popular, especially during the biggest sporting events of the year, but the fact remains, sportsbooks are supported by the casinos.
The sportsbook business is marginal, there are grand times and then there are the lean times. Every bookie will go through the lean times especially during baseball. Baseball is a sport that gamblers have perfected, they win on baseball and the biggest need for the bookie, is cross-action. If you want to stay ahead of the game during baseball, then you must have players and they must be playing with you on a regular basis.
Rules of the Game—
- Have a budget. Smart bookies set limits for their players and they know exactly how much they can afford to lose. In order to beat the players you must think like a player. If you are a bookie or a perspective bookie then it’s likely you have been a gambler. Most Bookies have become tired of the handicapping fight and have decided to throw in the gambling towel by becoming bookies. Stick to the budget. Players will ask for higher limits, be careful, know what you can afford.
- Have an accessible website. Your players must be able to access what it is you offer, and they want to access it 24 hours a day. In this day and age, every online bookie under the sun is offering a players bonus, free contests, free plays and many more promotions. You must stay ahead of the game with your offerings and be competitive, or your players will be gone with the click of a mouse.
- Offer all of the sports that the “big boys” of the industry offer. Your players want to beat you at every level and in order to do that, they will play every sport you offer. Make sure you offer them what they want and make sure you are using a user-friendly interface.
- Offer wagering options and offer a lot of them! You must offer the best options and you must “keep up with the Joneses”. The other bookies are offering what you don’t and that’s a guarantee.
- Have bet slips graded within five minutes. Gamblers want to re-bet and if they are waiting on games to be graded, this slows their spending down. You must grade bet slips within five minutes or you will lose players.
- Pay out on time. If you don’t, you are dead! Work something out with each individual player or have a general payout rule in place, but whatever you do, do not have the reputation for slow pay, or worse, no pay.
How is all of this accomplished?
Simple: Pay Per Heads
Find a great pay per head provider. Do an online search and read the reviews for the best pay per heads. The pay per head industry has revolutionized the gaming industry by offering you the bookie a turnkey option that can be up and running in a day, for a very reasonable cost (around $10 per head, per week). Find them now because they do all of the work for you. They are your accountant, they set the daily lines which you have access to control and they offer the website.
Why go this alone? Find a great pay per head and turn your business into a cash generating machine. You will be amazed at the difference. Find a pay per head that offers a free trial and see if you like it. Find one that has a no obligation policy and one without any upfront costs. You won’t be sorry, and you will be on the path to success.
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