Love sports so much that you want to be a bookmaker (slang: bookie) yourself? Anything is possible! With that being said, here are the following steps on how to be a good bookmaker.
Choose the sport for you!
Being a good bookmaker starts when you finally got to choose the sport just for you. Go for sports that only have 2 outcomes: win and lose. Do not start with sports that are hard to track such as drag racing, horse racing, and the like. Go for badminton, tennis, and the like for a simple start.
Select your favorite
Select your favorite (and stick to it), player, team, and the like. May it be Cristiano Ronaldo, Roger Federer, Serena Williams, Cleveland Cavaliers, New York Knicks, you name it!
In the world of sports betting there are only 2 types of favorite: the winning favorite and the favorite loser.
Price the favorite loser
To be a good bookmaker, keep track of the favorite player who always loses. The bookmaker must turn that factor into odds and shorten it so that you do not have to shell out a huge amount of money. If the favorite wins, a bookmaker can make a big profit out of it.
For starters, go to one of the bookmakers and use their tips and odds as a guide to be a good bookmaker.
Price the outsiders
Now that you already put a price on the favorite loser, do not forget to put a price on the outsiders.
Keep the betting book balanced
To be a good bookmaker, you have to pay out less than the bets they take on the losing favorites.
Take note that a bookmaker has no idea how much will be betted on each player. What happens is a bookmaker will monitor how much money is betted on each player. By adjusting the odds, a good bookmaker adjusts the odds to balance their book and ensure their profit.
Amateurs (or traditional bookmakers) only control and manage how much money they take on each player, so do not be like that.
What sets a good bookmaker from the amateurs and traditional is, he makes sure that all the events they put a price on will give them huge profit in return. On the contrary, a bad bookmaker only balances the betting book just to guarantee the profit (this action is called an over round).
For example, in a drag racing event, a normal bookmaker sees to it that he will make 3% on each of the first 5 racers and then 1% profit on the others. Take note that it is a difficult task to balance a betting book on one event only that is why this is a no no.
Qualities of a good bookmaker
Now that you know the difference of a good bookmaker from an amateur or traditional bookie, if you are sports better, now is the time to know the qualities of a good bookmaker.
The bookmaker’s customer service reputation
To choose a good bookmaker, the very first factor you need to check is their reputation and the services offered.
Choose a good bookmaker who offers 24/7 customer service. This is for bettors who may have the time to bet at any time of the day. This is also essential if the bettors have questions, experiencing issues, and the bookmaker is not around to assist you.
Bookmaker’s services and offers
Aside from their customer service reputation, check the services and offers that they provide. A good bookmaker must have contact methods, deposit methods, transaction fees, and account management.
Find the lowest bookmaker margin
It is quite difficult to look for information on bookmaker sites about the margin they handle. Plus, every sports book has their very own margin.
To choose the lowest margin, compute the margins managed by a particular marketplace. As for choosing a good bookmaker, find the one with an operator who gets less profit from the market.
A welcome bonus
A welcome bonus is very famous in the world of online sports betting. Getting a bonus is great but thit is not a basis of a good bookie. You have to take a look at the terms and conditions of the welcome bonus. This is because some bonuses are released after playing via a free online bet and win 2 – 3 times.
Welcome bonus/es may be 100% free however, at the end of a game, the value of an ordinary sports book is more valuable.
The bookmaker’s features
Online bookmakers offer a lot of features like live in – play betting, Asian handicap betting, cash – out options, live streams, results services, and promotions. Example of good features are Paddy Power’s money back special offers, Bet365’s 0-0 bore draw insurance on all matches and 100% acca win bonuses on football sports betting.
After all, getting a lost bet refunded can lessen the rage of losing a bet.
In the market value, there are a variety of standout names in sports betting. The more industrial prices that a bookmaker puts out on a favorite sport/team/icon, the more profit will they will garner later on.
A friendly tip for sports bettors, have several good bookmakers (all at once) in your account then use a matching tool (or just browse manually) to monitor who are the best odds on the market you are betting at.
Without a doubt, online bettors are naturally spending a lot of time spent in the sports book of their chosen bookmaker site. Consider things like how a sports book operates, site that is easily navigated and easy to the eyes, can find good markets, a good variety of bet type, betting slips can be handled easily, easy to take multiple bets, and presentations with readable fonts.
Top 10 good bookmakers
To be a good bookmaker, do not forget the people who will rate and analyze you: the sports bettors. Bettors base good bookies with their website’s look, functionality, usability, sports coverage, markets coverage, odds quality, betting limits, live betting, live streaming, customer service, safety and fairness, and of course bonuses and promotions.
With that being said, here are the top 10 good bookmakers you should look up to (and serve as a guide) if you want to be like them.
- Bet365: Bet365 ranks 195 in Alexa Global Traffic Rank and has +26% overall quality based on the collected ratings from bettors.
- Bet – at – home: Bet – at – home ranks 2, 915 in Alexa Global Traffic Rank and has +0% overall quality.
- Parimatch: Parimatch ranks 3, 285 in Alexa Global Traffic Rank and has +41% overall quality.
- Betfair: Betfair ranks 4, 704 in Alexa Global Traffic Rank and has a +19% overall quality based on sports bettors.
- Rivalo: Rivalo ranks 5,522 in the Alexa Global Traffic Rank and has a +19% overall quality based on the collected data from sports bettors.
- Skybet: Skybet ranks 7,044 in the Alexa Global Traffic Rank and has a +4% overall quality of services from online sports bettors.
- Marathonbet: Marathonbet ranks 16, 130 in Alexa Global Traffic Rank and has a +4% based on sports bettors online.
- Pinnacle: Pinnacle ranks 17, 639 in Alexa Global Traffic Rank. So low yet it has a high rating of +63% collected from loyal sports bettors of the bookie site.
- Sports Interaction: Sports Interaction ranks 18, 426 in the Alexa Global Traffic Rank and has a rating of +11% based from the online bettors.
- GoalBet: GoalBet ranks 18, 340 in the Alexa Global Traffic Rank, so low but it belong to the top 10. The sports betting site has a +19% rating based on the few loyal bettors visiting the site.