Learn the easy way to own your own sportsbook.
Key Points
– Owning your own sportsbook is much easier these days.
– There are a few things you need on hand to start your own sportsbook.
Own Your Own Sportsbook
A sportsbook, of course, is an establishment that accepts bets on sporting events. For years in the U.S., the only sportsbooks bettors could find were located in Nevada. Most were inside of casinos.
With the changes in legislation in the U.S., 33 states now have some form of sports betting. Most states offer the ability to bet on sports online.
Regardless of whether it’s a physical sportsbook or an online one, they both work the same way. Bettors place bets. Sportsbooks take the bets. They charge a fee – juice or vig as it is commonly known – and pay out winning bets. They keep the losing bets.
The goal of the sportsbook is to try and take in an equal amount of action on both sides of a bet. The commission, or juice, on bets is how sportsbooks make their money.
There’s a bit more to it, but if you ever thought about becoming the next bookie success story the time is now. Take your love of sports and turn it into a profitable business and own your own sportsbook.
ICYMI: HOW TO APPROACH BETTING UNDERDOGS
Why Own Your Own Sportsbook
With a love of sports and a love of sports betting, running your own sportsbook is really the perfect business. Ultimately, while doing what you love, you can make a great deal of money. That is the objective for just about anyone that starts their own business.
Making money might be the primary reason why you want to own your own sportsbook, but there are other benefits as well. You will have complete control over what bets are offered and how they are priced. When you have a problem with any wager, you can simply void it.
You control every aspect of running your business. There may also be tax advantages when you own your own sportsbook. That will depend upon where you operate your business.
What You Need to Start Your Sportsbook
Running a sportsbook can be a dream come true for a sports fan. Parlaying a love of sports into a career is what any true sports fan would love to do. There are some things that you would need if you want to own your own sportsbook.
One is an initial investment. It is recommended that a bookie have a certain amount of cash on hand to cover any initial losses. The amount of money needed up front will depend upon the initial number of players. Typically, the new sportsbook owner is going to need $5,000 to $10,000 on hand.
The biggest thing a bookie needs is the software that will essentially run his operation. We look at that in the next section.
How to Set Up Your Betting Business
In addition to your startup capital, you will need to find a sportsbook software provider. This is much easier to do in today’s sport betting-crazed environment.
The advances in technology in the pay per head software service industry have contributed to more aspiring bookies opening up their own shops. It takes some research to find the right PPH, but it is worth taking the time to do so. Find the one that best suits your needs.
By finding the right pay per head software service, you will essentially have a system in place that runs your entire business. Your PPH will provide a professionally designed website where your players will go to take care of all of their betting business.
Your bookie software has a built-in payment processor to take deposits from your players. Players can then withdraw when they have available funds to do so. The software also comes with a customer service call center. This is the biggest time saver for the modern bookie.
Players with any questions, can contact a professional via phone, text, email, or online chat. The days of bookies answering phones in the middle of the night are long gone.
With a huge amount of time on hand thanks to the pay per head software, bookies can then focus on marketing their sportsbook. Social media is a great way to acquire new bettors. Email campaigns and more can be used to bring in new customers.
Tips for Running Your Operation
There are a number of things the average bookie can do to run a successful sportsbook. Here are a handful of tips to get started on the path to success.
- Research popular teams in various sports. Bookies should know which teams are popular in the different sports and make sure they are offering action on those teams.Action should include traditional bets – moneyline, point spread, and totals – as well as a full range of props bets.
- Offer attractive odds. The best sports bettors in the market will shop for the best lines and odds. Make sure you are competitive or bettors will go elsewhere to place their bets.
- Continue to promote your sportsbook. Even after you have a solid number of bettors, keep promoting your sportsbook in an effort to gain more customers. More players on the player sheet equate to higher revenues and higher profits.
- Provide outstanding customer service. This is why your choice of pay per head bookie software service is so vital. Your customer service department’s effort in handling issues with customers is what will keep those customers coming back for more. Paying out winnings quickly and on time is another plus.
If you can do these simple things as a new bookie, you can be well on your way to a successful and profitable career when you own your own sportsbook.
