Start your own Sportsbook
Are you thinking about starting your own Sportsbook? We won’t waste any time discussing how lucrative the sports business is. If you’ve come this far you already know that. The tricky part is finding solid players that know how to collect when they win and most importantly how to pay up when they lose. If you’re acquainted with even just a handful of guys that love to gamble or bet on sports then you’re already half way there!
Once you’ve established a small book of players the next step is to hire a reputable off-shore Pay Per Head company to manage your accounts online. A good PPH firm can do all the heavy lifting from taking and recording the wagers online, managing the lines in addition to providing casino and racebook software as a suggested add-on. The online racebook and casino offers an entirely new level of potential profits that most agents (bookies) don’t even think out about when entering into the sports business although one that should NOT be ignored. If you’re looking to find a way to keep your guys occupied during the off-season than the online casino and racebook is definitely worth serious consideration to keep your guys playing 24/7 throughout the year. But lets stay on topic here; starting your own sportsbook can be the hardest and easiest thing you’ve ever done. So what’s involved in starting your own sports book besides knowing square players?
Depending on the size of action you take this can be an extremely relative question. You may have players that range anywhere from $10 bucks to $10k per game so it may vary. Keeping a bank roll that’s to scale with your players is key so you don’t get in over your head. Most agents have been known to start their book with as low as $500 to $5K. It all depends on how heavy your guys like to play and how much action you expect your players to take. Analyze if they are recreational players or are they wise guys just taking shots? Knowing your players and studying how they play will teach you volumes or how to prepare for them. Try to take the time to study their plays and you’ll eventually begin to understand their patterns and how to counter them. And as the old saying goes; every winner is a loser. So don’t get too excited if your guys hit a lucky streak. It’s good to pay them from time to time. The longer they chase the more profits you’ll make and occasionally winning helps to feed their appetite. The typical gambler normally loses at least 40% of what they play so statistically speaking all you need to do is wait them out. Always remember that cooler heads prevail and your not in the “sports business” as much as you are in the “patience business”… welcome to the BIG leagues kiddo!
Start with a Solid Per Head provider
Who you select as your per head provider/partner can make or break you. If they don’t offer solid online software with sound line management you’ll be hemorrhaging money in no time. The word “partner” was used intentionally because your PPH provider is indeed your partner. Not only are they responsible for managing and recording the wagers they manage your lines and server up-time. In summary these guys need to be on their game 24/7 to insure your player have access to the system with up to the minute line management. In addition you should have an assigned per head rep. This person should be knowledgeable and well versed in the various profiles and limits that should be in place in order to insure your success as a bookie. If your rep has spent any considerable amount of time in the PPH industry they should know what strategies are successful for their clients and vice verse.
Customer service is key in this industry and since most clients are drummed up by “word of mouth” your reputation and future business is always at stake. Paying your players in a timely manner is probably the best advertising you can get. No one can stink up the room more than a happy player after he’s won. They literally won’t shut up about it and it’s only a manner of time before one of their buddies ask “who is your guy”? A player recommend from one of your clients can be worth it’s weight in gold and can easily provide 50% (or more) of all future business. Once you’ve established yourself as a square bookie your clients can be of great assistance in helping you gather new ones. The bottom line is if you treat your client well he will likely reciprocate. Always encourage your players to recommend new ones. Offer bonuses whenever possible to encourage this type of behavior from your players. You won’t regret it.
Not only should customer service play a prominent role in your own business dealings but it needs to be the number one priority of your per head provider. With the exception of procuring new players and making collections a good PPH provider should be handling everything else on your behalf. Never again take a wager from a player directly. This is extremely important for a variety of reasons which we won’t get into here although laws may vary from State to State (if you know what I mean). In summary, the more your provider can do for you the better. This is one of the many advantages of hiring an off-shore PPH provider. What happens off-shore stays off-shore.
Security Tip: as an added measure always be sure to keep a pass code on your mobile phone. Remember that no legal authority has permissions to access your cell phone without a warrant unless the phone is unlocked. If it’s unlocked than it’s free game. Enabling “Private Browsing” on all your browsers is never a bad idea either. If the correct measures are taken all records can be kept off-shore with no link to the agent.