Insider Tips to Ensure Success in Bookmaking Business

If you are debating whether to open your own bookmaker shop, but worry about not making it in such a competitive business, then keep reading to learn the way to run a bookie operation.

Bookmaking done right can become a very profitable operation, but every startup has risks and in this business success or ruin can come faster than in most other trades. And having some insider tips will make the difference in making your shop as profitable as it can be.

Tip # 1

You are not a gambler, you are a business owner! This is perhaps the most tough hurdle to beat on a personal level. I am going to assume that if you’re curious about becoming a bookie, then you have placed a couple of wagers in your day.

To make your business thrive you need to think like a bookie; this implies everything comes right down to numbers, the purpose of a business is to make money and therefore the way to do that is by keeping things as balanced as you’ll be able to. Avoid getting greedy, remember you make money off the loses of your players, having too many bets on one facet is a fast way to ruin yourself.

In my experience the best way to maintain objectivity during this business is by employing a pay per head service who is aware of the way to run a bookie operation with success, a great place to start with is BookieBuddy.com.

Tip # 2

Know you players. I cannot stress this out enough. Try to grow your business by means of referrals, and make sure those referrals are solid and can really vouch for the new guy. Unless you are taking money upfront, then you are putting yourself at risk of not having the ability to collect.

Tip # 3

Analyze the betting patterns of your players. It is not enough to understand that Doug always bets on the Dodgers. Like with any business, knowing your clientele is key to having success, first you want to understand what they like, and second you need to be watchful for any changes in betting patterns.

 
Key Points to know:

• What sports do your players bet on?
• Do they like props, alternative lines and futures?
• Do they wager on other things like horse athletics or casino games?
• Do they use mobile devices to place their bets?
• What is the average wager worth?
• Are some of your players colluding?

Keeping up with all of these may be daunting task, but one reason why BookieBuddy.com is the best platform to run your business from is that their experts are trained to identify these things and they will notify you as soon as something looks suspicious or they see an opportunity for you to increase your profits.

Tip # 4

Understand your Bankroll. This is an extension of tip # 1. You need to know how much money you’ve got, to be able to cover the bets. Bookmaking is not an exact science and there’ll be brutal weeks that will wreak havoc on your wallet, if you are unable to pay your players then you have no business.

Keeping a pay sheet is one of the most important things in this business. Your pay per head service will do the bulk of the work for you, they will offer you with detailed reports on players win/loss however you need to make sure you collect from the losers and pay the winners.

The priceless advice here is, when you have a good week don’t withdraw and pay all of your profits right away, always set aside a portion of your winnings for a rainy day, week or month; and always pay your players on time, that way you have leverage on them when you need to collect.

Tip # 5

Work with people who are smarter or at least more experienced than you. This is where the employees of your pay per head service comes in handy, they have the expertise, resources and experience to help you turn a profit in the shortest amount of time.