Bookies as they are known in the gambling market, take wagers on the most famous sports events like football, tennis and also other well-known social events like political elections of countries such as Great Britain and others.
Their job is to predict the outcome of a specific event, take players funds who bet on the event and then pay out their profits. They make their profit by taking a commission of bettors winnings.
There are two conditions that are necessary in order to become a successful bookmaker. First of all you should have customers and the second to condition is to make a search and find the best betting site and become a member of it.
So to resume, the first steps you should follow in order to become a bookie are the following:
1. You should gather as much information as you can about the business by taking part in a lot of betting forums or read as much articles and blogs as you can in order to hear the opinions of experienced bookies.
2. You should find new customers to expand your list. In order to do this, you should be loyal and gain trust of your customers by paying them always on time, preferably fully in cash. This way your customers will be satisfied creating positive WOM for your business since they will talk about your excellent services and reliability guiding more and more people to join you.
3. You can cooperate with another bookie so you can both gain profit out of it.
4. Obtain a good Pay Per Head Bookie Software to improve your work.
5. Start your Business.
There are also some characteristics a good bookie should possess since you cannot obtain them by reading any article or blog. A good bookie should be able to deal fast with all necessary calculations, be organized, always updated on latest news about sports and able to understand all types of sports wagering and most importantly have a good sense of risk. Finally, it is necessary to have some start up cash to cover your overhead and be prepared to work full time since a bookie should be available and aware every day, even on weekends or Holidays.
Bookmakers gain their profit from service fees, also known as margin. When a bookie allows bettors to make stakes, the bookie is providing betting services and earns a service fee for that provision.
The profit comes from fees charged to bettors, not the stakes bettors make.
Bookies make money by taking a fee, a percentage of every dollar /euro that is placed in a bet. This fee is usually 10%, though in some cases that percentage can be higher. For example, a tight line on the Superbowl might call for a bettor to lay more margin than the usual 10%.
For instance, let’s suppose that bettor wagers $100 on Team A to cover the spread against Team B.
We immediately take our 10% fee of $10. That’s our fee on the provided betting service. If the sports bettor wins a bet, we pay out $190. If the sports bettor loses a bet, we keep the $100.
On launch, make sure you have top up your bookie bankroll as much as possible in order to ensure you will be able to pay out unpredicted events and lower the risk that a big loss would put you quickly out of business.
On conclusion the most important step is to choose a good broker in order to increase your profit on booking services. Brokerstorm should be your best choice since you will be offered the best commission and position taking risk against your players.
Visit https://brokerstorm.com and feel free to make your registration. As soon, as you register, you will automatically receive an e-mail including both test accounts to check all available services and available deposit methods.
Should you have any further concern or query, feel free to contact Brokerstorm customer support to receive a friendly, fast and professional reply using any of the following contact methods:
Online Chat : www.brokerstorm.com (08.00 am to 00.00 am UK time zone )