How to be a bookie takes a lot of hard work. You must have that desire to learn new things and the techniques to manage the business efficiently. If you intend on how to be a bookie and make more money, you must follow the simple steps designed to equip you with the tools of the trade.
A bookie or a bookmaker does not earn his money from bets placed by the punters, he gets his income by charging a transaction fee from his players’ wagers called “the vigorish or vig.” A bookmaster may also lend money to the bettors as another income stream in his business.
To better understand how a bookie generates his income, the bookmasters create a market by drawing interest and finding clients willing to take the chance to win the event. The bettors play the odds by analyzing the game so they can place their bets on the players they choose. The seasoned gamblers have adequate knowledge on how to do about with the information they have and play the odds provided by the bookie himself. This is how gamblers classify themselves by playing for a chance to win and betting to win.
Before investing your money to be a bookie on certain pay per head websites, a bookie should make sure that the site he’ll be doing his business with is a legitimate company. Be aware of the red flags that other entities warn you about. The are plenty of pay per head companies that are only after your money. The following tips will help bookies gain access to genuine pay per head companies.
Pay per head Investment Scams
These are some red flags of a pay per head financial scam:
• Scammers disguise themselves as legal companies but are instead gambling fronts. They promise you great returns and disappears like a thief in the night with your hard earned money. Pay per head investment scams will try to lure bookies to enlist in their company by offering prediction software that promise huge returns of investment.
• Usually, the promise will include accurate prediction results. The tip of a winning combination involves horse racing that tempts bookies of the promise of large revenues and profits. The software will sound realistic spewing statistics like weather conditions, health dispositions of the horse, the draw, or the jockey’s health.
• Oftentimes, the information provided to bookies and bettors are the ones found in the newspapers that would cost less than registering in online pay per head scams.
The schemes are alluring as it may sound most specially when delivered by a seasoned pay per head sales representative.
A legitimate price per head software will offer the potential bookie a free trial period to test the features packaged in their program. The free trial period is an indication that the company is intent to provide you with good service.
Poor bookie software will not attempt to have their software tested. Pay per head software glitches will surely occur and cause the potential customer to back out from the deal. Another reason for the no trial period is that the customer will find out that the software and services are no good and the scheme is only after your money.
Learning be a Bookie and be good at the trade
For you to be a good and effective bookie, you must have the drive to become one. That reason in taking the first step to change your life to a better level is what you need to succeed in the bookmaking business. The four reasons inherent to become a good bookie:
1. The desire to learn how bookies generate large revenues and profits.
2. A regular bookie wants to enhance his skills to earn more.
3. You want to know how an effective bookie manages his own bookmaking business.
4. The feeling of opening a new booking business thrives within you.
Steps to become an effective bookie
Product Knowledge and acquiring wisdom of the business – learning the secrets of the trade is spread on the following areas:
• Managing the business – One has to learn to become a bookie and be a good manager if you want to earn more money in the trade. Being proficient in making money and a leader bookies is what you need to be successful as a bookie.
• Mathematical knowledge is an advantage – Sports betting involves numbers and profits acquired is due to playing the numbers game in choosing the right side for your wagers.
• Bookies should learn about all categories in sports and gaming. Educate yourself on sports betting and what specific sports are in the season. Know players of their weaknesses and strengths. Be aware of any personal shortcomings of teams and individual sportsmen for wise selection on bets.
• To successfully invite players to efficiently place their bets on your wings, a good bookie should speak the same language as their betters do. A good bookie should know all the different types of bets and on all things related to wagering in sports and horse racing.
• An efficient bookie should not solely depend on sports betting as his means of income. He should also include horse racing and casino betting in his tools of the trade.
• Interpersonal skills play a big role in persuading players to be in your team when betting for players of the game. A bookie should vary approaches to punters interested to place their bets thru your bookmaking business.
• Focus on making your customers happy with the services you render to them: After the mastery of communicating with your gamblers and setting a portfolio on a pay per head software,
Getting of Funds
To become a good bookie, you need adequate that will smoothly oil a bookmaking business. The sources of your funds could be from:
• Credit cards and other forms of credit
• Bank accounts
• From friends or family members
• Angel Investors and other methods
Funds from your own pocket are advisable since all profits will go to your own account and no debts are in place to pay. An option is always open for ways in acquiring the funds you need like having to make a deal with a financial investor.
Credit cards and credit institutions means that you may have to part with some of your profits to return the money on credit. Funds borrowed from friends a relatives should have paybacks on time otherwise broken relations will occur.
• To become a bookie, register with a legitimate and effective bookmaking software. Choose the best bookie software that offers powerful proven systems that will help you and your players get returns of investments efficiently.
A superb bookmaker software will guide you to become a good bookie with service offering that will make a bookie be more productive in operating the business. The software company will develop your knowledge on how things are done systematically.
The pay per head software will give you the advantage to work with your players and recruit more gamblers to your fold. The website will grant considerable access that will help you manage your bookie business as well as the players availment of services.
• The last step is to grow your business portfolio with your site and players. With all the tools set for the business to operate, invite more players to your team and add casino portfolios in your group. Cold calling and approaching potential clients are in your itinerary now.
This step to become a bookie is to put on a strategy to persuade customers to join your sports betting team. Expect that some players will not be playing with your group on a long term basis. Some of them will be leaving soon enough. New players brought in will balance players leaving your team.