Hi! This is the fifth installment from our How to Become a Bookie series.
Here we explain what a bookie is, quickly view what his top functions are, and also talk about the budget.
What is a bookie?
A bookie is a freelancer who runs a sports betting operation, supported by price per head services.
Bookies nowadays don’t take bets, as the price per head company does this job for them either through a call center, or online.
In order to start a bookie business, it is recommended to possess some knowledge, on both betting and sports.
Top Functions
Amongst the top functions of a bookie are:
Do payments and collections
For a bookie business to work, he needs to always pay his clients on time. Sports betting is based on mutual trust, and timely payments really help to build a good reputation.
Of course, the best part of a bookmaking operation is collections. If you are fair by paying won bets, you are also entitled to collect from those who lost their wagers.
Remember, if you are fair to players, they will be fair to you.
Recruiting new players
The more players a bookie has, the more substantial his profits are.
Since a bookie doesn’t have to personally process wagers, he can occupy some of his free time to recruit new clients for his business.
There are many ways of doing this, but the best way to get started is to visit the places where sports bettors frequently hang out together, starting with sports bars.
Online Marketing
Online marketing is way cheaper than traditional marketing.
A bookie can offer his services using a marketing website or blog, and also by remaining active on social media circles.
Budget
A Bookie needs to work with an operational budget.
Which includes money for:
- Paying Winning Bets.
- Recruiting new clients.
- Player incentives.
- Marketing.
Thanks for watching! Feel free to check the rest of our series, or contact us for more information.
