- An online sportsbook is a great side business.
- You Don’t Need sports knowledge to be a successful bookie
- The four most important traits that every successful bookmaker possesses.
- Financing your sportsbook startup and making its profit
- How Bookies Make Money
- Pay Per Head tools for sportsbook profits
- Make Money on the Side with a Successful Sportsbook Business
Bookies are no longer just characters in movies; today, “Regular Joes” are becoming bookmakers and building wealth while doing it. With modern technology, just about anyone can be a bookie these days and it can be an incredibly lucrative side hustle that can easily turn into your main gig. Here is everything you need to know about becoming a bookmaker with your own professional online sportsbook.
An online sportsbook is a great side business.
The internet has opened doors to lucrative online businesses that allow people to make extra cash outside of their day-to-day jobs. Many people use the extra cash they make to cut student loans and credit card debt; some save for the future; some invest their extra money in stocks and bonds. One side business that doesn’t get enough attention is the online sportsbook. That’s quickly changing.
The U.S. Supreme Court recently struck down a law that allowed states to ban sports betting. Some financial analysts believe that 2020 is the year sports betting explodes. Already, 14 states have legalized some form of sports betting. Six states and the District of Columbia are on their way to sports wagering legalization. 24 other states have gotten the ball rolling towards sports betting legalization, as well. Legalization opens the door for entrepreneurs to run profitable sportsbook businesses. But what does it take to be a successful bookie? Let’s take a look.
You Don’t Need sports knowledge to be a successful bookie
Many of us grew up on a weekend TV diet of NFL, college football, Major League Baseball, and the NBA. So even though we may not know a lot about sports, most of us know a little something about sports. The good news is that you do not need to have expert knowledge about sports to run a successful sportsbook. For example, you don’t have to know that Tom Brady has six Super Bowl rings. Heck, you don’t even have to know who Tom Brady is!
However, you must have some traits to become a successful online sportsbook owner. Luckily, most of you already have three out of four of the following traits listed. The other is easy to learn.
The four most important traits that every successful bookmaker possesses.
Social Skills both online and off
Most of us use at least one of the following social media sites: Instagram, Facebook, Snapchat, or Pinterest. Some of us use multiple social media sites. Once you start your bookie side hustle, you’ll realize that social media is an important tool to keep in touch and gain customers.
Social media isn’t the only social skill required, though. You should also know how to “work a room”. For you, that means showing up at sports bars, restaurants or other venues that cater to potential clientele: other people who like sports and like to gamble.
It also means working your sphere of influence.
Do you know stock traders?
Are you a college student who lives in a dorm?
Do you work or hang out at a sports bar?
Are you a member of a fantasy sports league?
Sports fans wagered over 6 billion on the Super Bowl last year. Less than $150 million came from Nevada sportsbooks. That means that a lot of people, from all parts of the world, put a few bucks down on the Super Bowl. It’s likely that you know some of those people. Betting on sports is fun. It can also be profitable. When you’re neighbourly, friendly and sociable, you can easily grow your online sportsbook.
This is the one bookie agent trait that some of us lack. Nonetheless, everyone has a bit of skill in accounting. If you live on a budget (and most of us do!), you have some financial knowledge.
Running a business is like running your financial life. You can only spend as much as you earn. Keeping in mind that credit can be expensive and detrimental if managed unwisely, is as important in running a sportsbook business, or any business, as it is in keeping personal finances.
There is a lot of free, easily accessible information out there about financing your sportsbook and keeping your business in the black. Do your homework, and you should be just fine!
Drive to succeed
All successful business people have this trait. You must want to succeed. If you don’t, you won’t. Starting a sportsbook means you have the drive to be successful at something new. Once you start your sportsbook business, you have the drive to build and grow it.
Attitude is everything. Whether you’re a “The Secret” kind of person or not, few can deny that when we have positive thoughts, good things happen. You can’t become a successful online bookie if you have a bad attitude about it. You won’t sign new clients and you won’t stay on top of your business. Being a bookie is fun because betting on sports is fun. Keep it light with a great attitude and you’ll profit.
Financing your sportsbook startup and making its profit
Most businesses must spend money to make money. The same is often true for online sportsbooks, but not always if you start out low and go slow. It helps to have seed money, but it’s not required.
How Bookies Make Money
Bookies make money from bookie fees. Those bookie fees are called “juice” or “vig” or “vigorish.”. Any time a client makes a wager, the bookie gets a processing fee. The fee is often 10% on against the spread and over-under wagers, those this amount can vary depending on the line.
Bookies don’t get fees on Moneyline wagers, but sports bettors don’t often make Moneyline bets; Moneyline bets are somewhat unique. If you’re giving some serious thought into becoming a bookie, you can delve deeper into why. Because bookmakers earn money on the juice or on player losses in the case of Moneyline bets, seed money isn’t always required; on day one, you can profit from fees that your sportsbook generates.
Bookies protect their profit by getting an even distribution on both sides of an against the spread (ATS), and over/under (O/U) total wagers. When money is evenly distributed on both sides of a spread wager, the bookie pays off the winning side with the losing side. They keep the juice as profit. If a bookie finds he is overextended on one side of a game, he can always use his per head tools to lay off a portion of his risk.
Pay Per Head tools for sportsbook profits
Using pay per head bookie software tools is the best way to ensure profit. Bookmakers access tools through their pay per head company. The following per head tools help ensure even money distribution on spread wagers.
The layoff account protects bookie fees
Probably the most important pay per head tool in a bookie’s arsenal is the layoff account. The layoff account allows bookies to “lay off” money wagered on one side of a bet. Here’s an example.
Your client bets $100 on Team A. Nobody bets $100 on Team B. You profit 10%, or $10. That goes to you. If Team A covers the spread, you must pay $190 to your client. That’s money out of your sportsbook business. But you can use the layoff account to keep the $10 as profit and pay your client. You bet $90 on Team A in your layoff account. You pay back the client’s $100 and then pay the client’s $90 from your layoff account. You keep the $10 as profit!
Bet alerts, override tool, and line mover to encourage even action distribution.
While we can’t dive deep into every tool you’ll use to protect bookie fees, we’d like to mention a few of the most useful features that help ensure even betting action.
BetAlerts – Set up an alert to know of a possible “steam” bet.
Override Tool – Once alerted to a possible steam play, use the override tool to shut off wagering until things have settled.
Line Mover – Change betting lines to reflect the game’s new wagering reality.
If some of the terms above are a bit confusing, that’s okay. The most important thing you must do is sign up with a reputable Pay Per Head Software Company that has all the tools you need. Agent Success Reps will help you learn how to use the tools to successfully run your online sportsbook.
Make Money on the Side with a Successful Sportsbook Business
Anybody can make money on the side through an online sportsbook business. All you need are social skills, a drive to succeed, a positive attitude, and some financial knowledge. By signing up with the best pay per head partner, just about anybody can run a successful online sportsbook today.