Some of the prominent bookies you know started as small walk-in betting shops. For example, a brand like William Hill started as a series of betting shops in 1934. After technology innovations, the bookie is now on online platforms.
For a bookie to become this successful, it must meet several needs. After realizing their needs, a bookie’s small business can turn into a lucrative business. The following are five common bookie needs.
1. Offering Unique Products
There are four types of bookmakers, online bookies, betting shop bookies, on-course bookies, and a combination of all three. You need to be a bookie that offers something different from what other big brands are doing to make it in the industry. For example, if you choose to be an online bookie in an already saturated market, offer something unique to attract players.
2. Entering the Gambling Industry
There are two ways to become a bookie, first, you can choose to be an affiliate or partner of an existing bookmaker or start a new bookie from scratch. Both of these ways work perfectly well. For example, there are new bookies every few months. Also, you will find bookies such as Paddy Power and Betfair that have merged to become one.
3. An Operating License
Another requirement is operating licenses. Having a license allows you to operate in countries specified by the license. It also ensures ethical and fair gaming among bettors. Depending on where you are and the type of bookie you are, you need several licenses. For example, you might need an operating license, personal management license, premises license if you are a betting shop bookie, and a personal functional license.
4. A Budget
Becoming a bookmaker requires a lot of money. The amount may vary depending on the type of business you are running. For example, if you are an online bookie, you won’t spend on rent. However, the initial website design, server uptime, and traders will cost you monthly fees. Remember, you also have to spend more money to acquire licenses. Unfortunately, most regulators don’t refund feed paid when your business fails to meet the requirements to become a legitimate bookie. Overall, while some costs will be recurring some will not. Whichever the case, you need to have a budget.
5. Skilled Workers
A bookie needs specific skills to run each type of business they have. For example, if you are running an on-course bookmaker, you need to be more decisive and flexible. Essentially, you have to decide whether to have strong views about a horse race or stay out of it.
Another skill you need is good customer service, whether you are an on-course bookie or any other type. People will wager on your site or shop. While at it, they might face several issues or need clarification. It is up to you to practice good customer service, otherwise, you might leave customers unsatisfied.
Having the knowledge of numbers is also an important skill. As a bookie, you will be dealing with odds and finances. Understanding what each entail is crucial to running a successful bookmaker. Another need is to know how to master content and sales. That way, you know exactly what to do, how and at what exact time. Other skills include leadership and management skills, and negotiation skills.
From above, you see that you need several things to become a bookie. Most of the requirements such as obtaining a license, you can achieve on your own. However, running a successful bookie is much more than the initial steps you take to set up your business. You must be ready to serve your clients/punters at all times. With a pay per head bookie software service, you don’t have to worry about managing your sportsbook, numeracy, sustaining your business, or providing unmatched customer service.