Sports’ betting is a very lucrative and fastest growing industry in the world. The large sum of money involved attracts a lot of people to dabble in this industry either as a gambler or a bookie. People unrelated to this business stereotype a bookie as a crook involved in illegal activities. But that is not true. A successful bookie is someone who is a master in sales, understand numbers and human psychology. They are smart in making money and keeping their customers in good humour.
Becoming a bookie is not very easy. It involves a lot of hard work and working around the clock to make a decent amount of money. This business needs a lot of skill at taking bets, managing the customers and the books. Bookies need to have in-depth knowledge of the sports they are involved in. E.g. If they are dealing with football betting they need to know about each player, their strength and weaknesses, their past records etc.
The first step to start this business is to invest in a robust gaming platform. Bookie software is required which can manage players, their credits, wins and losses and every aspect of their wager with the bookie. It is very important to invest in platforms which are secure and scalable to handle all kind of data securely. The platform should also be able to offer multiple payment options like all major debit, credit cards, wire transfers and even bitcoins to get paid on time. The software should also offer the latest features like mobile betting, which has become popular with players on the go.
To build clients, the bookie should start with a small number of bettors to build long-lasting relationships with them. The best way to build a clientele is to start taking bets from friends and family, which makes the bookie earn instant credibility. A happy customer refers the bookie to other bettors which helps them to build their books. Frequenting places where the probability of meeting bettors are more, striking conversations with them also helps to make new clients. Offering better odds than their current bookie also helps to bring in new customers.
The bookmaker should also have an eye on the budget and know how much money to keep in reserve. The bookie should have enough money at hand to be able to sustain multiple weeks to cover all the payments to the clients. Paying out winnings immediately to bettors can make the bookie very popular among other gamblers in no time.
The bookie needs to be very assertive in his dealings with the clients while recovering his dues. Any leniency, may result in no money in the bank. To avoid this, the bookie should not let the players wager too often or for very large amounts. They should have a settlement day to collect the dues from their clients. Credit should be given only to reliable players.
There is no doubt that there is a lot of financial risks involved in this business. But if the bookie is ready to give time to the business to grow, create a good relationship with his clients, is fair in money dealings he can be successful in this business.