6 Best Practices for Starting a Bookie Business
Legalized sports gambling is a billion-dollar business in the United States. Despite being illegal in many states, it is a growing business opportunity. So, if you want to be a bookie, keep on reading and let’s talk about some of the best practices that could increase your chances of success.
- Find the Right Software
One of the first things to do is to find the right bookie software. There are many options, but this does not mean that you can pick just any software. Look for one with user-friendly features, making it effortless to navigate. If you are looking for the best bang for the buck, choose pay per head software. This means that you will pay only based on the number of users of the bookmaking website.
- Try Fantasy Sports Betting
When you are starting in sports betting, you don’t have to accept bets with real wagers. Instead, you can try fantasy sports betting, including Sharpbookie. The latter will allow you to accept bets from real players but without involving real money. This is a good opportunity to test the market. For the players, on the other hand, this gets them involved in gambling without using real money.
- Steal Lines
The mere mention of the word stealing may have some people worried thinking that it’s illegal. However, it is legal! If you don’t have bookmaking experience, a good practice is to use the lines of the major sportsbook businesses. This means that you don’t need to hire professional bookmakers to do the lines for you.
- Mind Your Marketing
Marketing is crucial for business success. It gets the word out and attracts people to your bookmaking business. Think of the most effective marketing strategies you can implement. Among others, it is good to embrace social media marketing to reach your target market. Make sure that you secure the proper licenses. Otherwise, you are risking the possibility that social media networks will shut down your accounts.
- Join a Group of Bookmakers
To make your bookmaking business more successful, it is a good thing to maintain a close relationship with other bookies. This will help you become aware of what is happening in the industry. Bookies also talk about their clients, and hence, this can be an opportunity to identify some bettors you need to avoid.
- Look for Ways to Build Loyalty
As a bookie, one of your priorities is to create a loyal following. In any business, it is cheaper to retain loyal customers than to attract new ones. Offering promotions and rewards will help to encourage your customers to stay. Create a VIP package that will reward those who bet often. Maintain a close relationship with your bettors. They will appreciate it and they will not leave.
Being a bookie is not an easy business. To help you start on the right foot, consider our suggestions above. From using the right software to creating loyalty programs, consider our suggestions above to build a successful bookmaking business.