When starting a bookmaking business, you have to prepare for your start-up emotionally and financially, but also you have to be committed to it. Here are five questions to ask before you start your own sports betting business:
1. Am I passionate about sports betting? The start-up phase can be very demanding, especially when the hours are long and the initial profits (if any) are lean. As a bookie, you’re a business owner and also a salesperson. Your enthusiasm is often the difference that hooks bettors, lands deals and attracts investors. It’s unwise to start down the path of sports bookmaking unless you’ve got enough enthusiasm that will get you through rough patches and keep you interested long after the initial passion has faded.
2. Am I willing to risk? Your bettors will not be the only ones taking risks. While you sit in a lot more secure chair than your clients, you are still working with bets. There’s no guarantee of success, or even a steady paycheck. If you’re risk-averse, bookmaking probably isn’t the right path for you.
3. Can I take on different responsibilities? When you have your own business, you will be the one making all the decisions. Consider how you might feel being responsible for decisions such as: Do I work from home or do I lease office space? Do I hire subagents? Do I pursue high rollers or book for the masses? Do I advertise? Do I borrow money from friends or family? Do I use my savings? The answers to these questions can lead to success or downfall, so you must feel confident and ready to take responsibility for your decisions.
4. Can I take on different tasks? While a corporate employee focuses on a special skill or role within the larger corporation, a bookmaker must contribute everything to his business. Local bookies in particular must be versatile and play a number of roles, from bookkeeper to marketer and collector. If you become a bookie, take on many different types of tasks.
5. Will I be able to endure? Working seven days a week, losing touch with friends, abandoning old hobbies and interests and not making time for loved ones can quickly lead to burnout in the midst of starting up— and ultimately to business failure. Stick to good habits to maintain work/life balance, such as not working one day a week, making time for hobbies such as golfing, and spending time with your family.
Take some time to consider these questions, and then if you think you have what it takes to be a professional bookie, visit Price per Head website and learn more about this exciting industry. Price per Head is the leading provider of outsourcing and sportsbook software solutions for your sports betting business. We take your bookmaking operations to an offshore sportsbook using the latest software and technology. All the booking is managed from outside the country in a safe and consistent manner, and Price per Head keeps you informed of every move through our real time reports.
Eva Wilson
Writer for,
Price Per Head