Difficulty: ModerateInstructionsThings You'll Need:
An idea of how sports betting works
Start up money for your venture
Sportsbook software
Offshore data hosting
Office in a licensed jurisdiction
How to Start a Bookie Business
Step 1Come up with a good plan. Every successful business starts with a good business plan, and being a bookie is no different. Plan how you will grow and develop your business. There are many good business plan templates on-line. Although none of them are specific toward running a bookie business, getting a generic business plan template and filling it in with information about your business will help you get on the pathway to profitability and to stay there.
Step 2Register an offshore business. The only place in the United States where sports betting is legal is in the state of Nevada. Other states may have off-track betting for horse races but that’s it. If you want to start a bookie business, you’re going to have to move offshore and set up a company in a country where Internet sports betting is a legally licensed business. Costa Rica is the traditional capitol of on-line bookies, but Curacao, Antigua and Khanawake are also good options to explore.
Step 3Choose a software provider. The software you use is very important because it manages all of your customers' betting accounts and also allows the bookie to change the betting lines. Ideally, you would have an equal amount of action on each side of the game. You would then use the loser’s money to pay the winners, and you tax the winners a 10 percent vigorage (or vig) for using your betting service. That is ideally and pretty much never happens. There is always more action on one side of the game so, to accommodate that, the bookie needs to adjust the odds to try to encourage gamblers to bet on the other side of the event. Therefore, it is important to select a very well designed bookie software program.
Step 4Select the payment processors that you plan to use on your site. Using these companies is what allows customers to instantly deposit money into your bookie business as soon as they are ready to place a bet. Click2Pay, Neteller and Moneybookers are among the largest processors. You will also want to have options available for bank drafts, money orders and credit card billing. Ideally, you want to present your customer with as many payment options as possible, making it as convenient as possible to put money into their sports betting account.
Step 5Build your website. Since the software to run your sportsbook can also be used to automatically process wagers on-line it is important to build a nice Internet website to be a central part of your bookie business. In fact, you want as much of your business as possible be handled over the Internet because that means you do not need as large of a staff and will also have lower telephone bills. The main thing is to have a website that pops in terms of giving people a “wow factor”. The site should also impress upon them that you are a legally licensed bookmaker and are a much safer place to bet than with the local bookie in the back of the bar.
Step 6Provision all supplies for your new office. This should include everything from desks and computers, to provisioning the toll free telephone numbers that your bookie business will use. Hire an adequate number of staff and train them. They will not only need to speak English fluently, but will also need to be trained on how to use the bookie software, as well as have a rudimentary understanding of the mechanics of sports betting.
Step 7Advertise your new bookie business. If you want people to place bets with you, they have to know that you are out there. Use whatever advertising methods your budget can afford. Using referral affiliate partners will be your strongest advertising tool, as these webmasters will put advertisements on their web site in exchange for a commission from customers that they refer to you. Since they only get paid if they bring business to you, it is like having risk free
bartender i need a partner!
would you like to move out of this country?
WOULD LIKE TO BE SETUP BEFORE FOOTBALL STARTS.
if your not tied down(wife,kids, grandmother)
your the man i'm looking for
around
I think The Bartender is the guy for you. I was talking to him just last week as he said something about hoping to meet some dude to move out of the country with and start a sportsbook. He also said something about his wife and kids can fend for themselves. Good luck you two. Seems like a match made in heaven.
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Be kind whenever possible. It is always possible. Dalai Lama
bartender i need a partner!
would you like to move out of this country?
WOULD LIKE TO BE SETUP BEFORE FOOTBALL STARTS. if your not tied down(wife,kids, grandmother)
your the man i'm looking foraround
Thanks for sharing these information. As for any business to start there should be strong strategies and plans. These all apply in betting and bookies business also. for stating bookies business you should have all the information related to the betting and different kinds of odds.
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