Last updated on October 12th, 2024 at 08:24 pm
Everyone who gets into the sports betting business wants to know how to be a successful 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 it’s easy, so they tend to relax and not focus on strategy and sports betting management. But that’s exactly what is needed if you want your sportsbook to earn 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.
First Things First
Before we even begin to go into detail about how a bookie earns, we first need to talk about the industry you are joining. There are two main fields of knowledge that you need to dive into. First, is the world of sports. As a bookie, your main product is the sports betting odds you will offer in your sportsbook. If you do not know anything about the events your players are betting on, then how are you supposed to manage the betting lines?
You will need to learn everything you can possibly learn about the sports you offer in your sportsbook. Keep in mind that your sportsbook software can offer you dozens of leagues across multiple sports on any given day, so your knowledge needs to be quite extensive. You can, however, focus on the sports that your players are most likely to bet on.
If, for example, your customer base is located in the US, then its safe to say that your market will likely look for action in sports leagues like the NFL, the NBA, NHL, MLB, and collegiate sports. You will also need to always read the latest sports news to stay updated on roster changes, stats, and more.
Sports Betting and Line Movement
Next, you need to know more than just the basics of sports betting. For this one, you will need to understand how odds are made, when and why they move, and more. Of course, you will not need to worry about oddsmaking as your sportsbook pay per head provider will include this in their service. All you will need to do is move the lines as needed. However, you will need to know when you need to move the lines to ensure minimal risk and maximum profit potential.
Basically, a bookie earns from the vig that you collect from your players each time that they make a wager. But there is also a delicate balance to make in your sportsbook to ensure that you earn. What exactly is this? As a bookie, you need to work on getting a balanced amount of wagers on either side of a wager.
For example. If the bet is a simple moneyline bet on who will win, Team A or Team B, you want to have a balance between both bets. If you notice that Team A already has $500 worth of wagers, but Team B only has $200, then you should try to move the lines. Why? Because if Team A wins, then you need to pay out the $500 plus their winnings. And you will get that from the $200 of the losing side, Team B. Since there are only $200 worth of wagers, you now have to pay out at least $300 out of pocket to make bank.
You can avoid situations like that by moving the odds to favor team B. That way, people will be more likely to bet on Team B, until you get the wagers as close to $500 as possible. To do this, you will need to keep an eye out on the specific bets that your players are making to plan your actions accordingly.
How Do 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 well. You also need to manage your players, and keep track of the sporting world. This can be time-consuming. Of course, having sportsbook software that specifically caters to your bookie needs will make things easier for you to earn money. With all the manual labor taken care of, you now have the time to check the latest news.
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 also means needing to keep track of sports news, team and player news, and even the weather. You will need to check the 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, is other gambling options. Aside from the usual futures and exotics, there are also horse racing events. Plus, there are also 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 from sports betting. And with the right tools for a bookie, it all becomes easier.
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