So here is the answer to becoming a bookie
Anyone can become a bookie. As long as you have a head for numbers (and with all of the gambling software available today, that is not really an issue anymore), a bankroll that will cover all of your bets and some clients.
See how easy it is to start taking bets...
Now here is the real question, "How to become a successful bookie"
Having the Right Software and Betting Platform
First, you need to have the right betting platform. Today, any successful operation will give it's bettors several ways to bet on sports.
If your clients are not able to bet on sports when and where they want, they will find another service. So make sure that you have a good reliable software to help you out.
Buying a betting or sportsbook software is not cheap and requires a lot of maintenance as no one wants there sports betting website down 10 minutes before a game goes off. So shop wisely an expect to spend over $100k for the software and at least $100-$200 a month on maintenance.
For the starting bookie, there is an alternative called a Price Per Player service. It's basically a service that gives you your own sports betting website and charges you per active player every week.
I have seen pay per head prices vary from $3 a week to $35 a week depending on the options you want for your players. The basic options is just a regular sports betting website. But you can add digital casino, live dealer casino, poker, horse racing, live betting and much more.
Some of the better pay per head companies even offer toll free numbers for your book with a customer service staff.
Having the Right Odds at the Right Moment
When most bookies first start out, it's not just a matter of taking bets but also to make sure that the betting on both sides is more or less equal as you make money not from winning the bets but from the "Vig" or the "Juice" which is the commission you charge for taking the bets. The average vig is 10% but some large sportsbook and betting operation sometimes charge 5%.
This is where being able to change the odds instantly comes in as that is a very important part of being a successful bookie.
If that is not done right and all of the betting is one sided and that side wins, you will be losing money.
More Bettors, More Money or is it More Bettors, Less Money?
Obviously, the more players you have the better the chances at making money. Just make sure that you have the right players for your book. If you have a lot of players that bet big, then make sure that you the money to cover their bets.
In addition, if you have a lot of players that are professional, then make sure that you have the right odds so that both sides will remain equal.
That is of course not always the truth and it all depends on how much work and the type of players you have. I know several sports bookies that have only 50 players and are able to make a very nice living from these players. Heck I know people that only have 2-3 clients that are able to make a living.
In the end, it is still a number's game so the more layers the better.
Hope this helps and I will try to add more details about becoming a sports bookie in my next post.