Everyone who gets into the sports betting business wants to know how to be a successful sports bookie. It is, after all, extremely lucrative if you can run a sportsbook that earns money in the long term. There are some people who enter the industry thinking that its easy, so they tend to relax and not focus on strategy and sports betting management. But that’s exactly what is needed as bookies make money.
Let’s break it down to the basics first. A bookie earns money by facilitating bets from people. A bookie earns through the vig, or the vigorish, which is sort of a transaction fee that players pay every time they place a bet. So if your player makes 3 wagers a week, then that means you earn from your player thrice in that period. You can earn in other ways, too, such as extra winnings after paying out from your players and collecting from the losing bets.
Bookies Make Money
So when learning how to be a bookie, we generally tell people to get the best sports betting software platform that they can get. Why? Because for you to win money from sports betting, you need to manage your lines, manage your players, and keep track of the sporting world. This can be time-consuming. Of course, having a sportsbook software that specifically caters to your bookie needs will make things easier for you to earn money.
We’ve covered the vig, which you will collect from each player every time they place a wager. So the more your players place bets, the better it is for your business. Likewise, you can also earn money from any extras that you collect from the winnings, minus payouts. This can be done if you are good with line management. This means needing to keep track of sports news, team and player news, and even the weather. You will need to check stats of teams, and other factors to make sure you are offering your players the best odds in the market, while maintaining a steady profit.
Another option that a pay per head bookie can offer, are other gambling options. Aside from the usual futures and exotics, there are also horse racing events, political and Hollywood events that people can wager on. You can also offer casino games where your players get to play different tables and games offered in casinos worldwide. All in all, there are various ways you can get an income in sports betting, and as a pay per head bookie, it all becomes easier.