3 Mistakes Newbie Bookies Make

When it comes to starting a bookie business, there is no sure recipe for success. However, there are a couple of pit falls you can learn to avoid when starting as a bookie that will help you steer your sports betting business in the right direction.

Bookmaking for an area too small. It’s normal for bookies to start locally, but the growth of your sports betting business will quickly hit a wall if the market you’re targeting is too tiny. Consider the kids in school who dream of playing in the NBA. Some of them can be really good at what they do, but because there are only 30 teams in the NBA, chances are even the best high school players will not make it into the Lakers or the Bulls. The solution: Pick a bigger market that gives you the chance to grab a slice of the pie even if you remain a local bookie.

Not preparing a business plan. Even if you are not considering investors in your sports betting enterprise, you still will need a plan for your bookie business.  Local bookies usually start businesses without investors and in fact, around 80% of local bookies start their business without the aid of additional investors. Instead, they put to use what they already have. But just because they don’t have investments doesn’t mean bookies don’t need a business plan. 

Flying solo. It is difficult to build a growing bookie business if you intend to do everything by yourself. Truth to be told, a sports betting business may require little capital to start, and the price of hiring an accountant, administrative assistant or other employee can eat up your budget. So what is the answer? Using pay per head services. Clients generally don’t mind outsourcing as long as they have access to a proper interface and there’s a skilled professional giving them support.

In a nutshell, pay per head services are outsourcing your bookmaking business in a way that your players will be able to bet online or over the phone thanks to state-of-the-art booking software and high quality web page design. It also allows booking agents to keep control of all player betting activities through detailed reports available at any time and constantly updated.

All in all, it is impossible not to make mistakes along the way. But keep an eye on the road and you will be able to see the mistakes ahead and take precautions.

Michael Hill is an avid sports fan and a sports writer who has been in the betting and price per head industry for years. Michael writes about his experience and offers tips for other aspiring entrepreneurs who wish to make a living with sports bookmaking.

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