How Much Money Should I Prepare For Bookie Business?
In case you are really interested in becoming a bookie, it is normal for you to be curious about knowing how much money you may need in order to start a business journey. The good news here is that you don’t actually need a high amount of money to get started. However, it is always good to have some kind of funds before you begin because you should be ready to pay your players on time to create a nice business image.
What is the amount of money I need to prepare?
We all know that eventually the long-term players are going to lose when they gamble on sports. However, you still need to have money in hand so that you are able to pay when your players do end up winning.
In case you have 10 ~ 20 players and you’re going to allow them to bet $500 to $1,000 per game, then you better be ready to have a bigger funds saved up. To be more specific, you need to have a minimum funds of $10,000, because your players might simply get fortunate within the first couple of weeks and start off winning. This is just an approximate figure and of course you can prepare more if possible.
Start big is risky
When you firstly got players who like to wager $500 to $1,000 per game, you may be excited about a great amount of profits you can possibly make from them. However, you may not win all the time or you don’t actually have that much of funds to risk for start-ups. Simply imagine that for a player to win $3,000 per week who usually bets $1,000 a game, he/she would just need to win three games throughout that particular week. Which means that such fast money movement could become quite risky and causes you business to go out of control.
Therefore, when you have these kind of bigger bettors to start out with but you can’t afford to pay so much money at once, then it would be recommended to set up much lower limits. After then, you just simply inform your players that for the time being the limits will be $250 or less. As long as you successfully build trust and comfort with your players, you can raise the limits at any moment or any points you desire.
How much do I prepare if I start out small one?
On the other hand, in the case that you are looking to be a bookie but you only have under 10 players and you are actually just beginning from scratch. A small funds of $2,500~3,000 will probably be more than enough to get started if you set up well the betting limits. Obviously your players might start off and immediately start losing during the first weeks of betting, after then you might not even need to worry about having extra money on the side, but simply collect the losses instead.
Suggestions for new bookies
Apparently, more money you could have set aside for paying your players the better prepared you can be if they win, and the bigger swings you’ll be ready to deal with when starting out. However, do not feel discouraged from becoming a bookie even if you don’t have that much money saved to pay winners. Instead, this means you should cautiously begin with a lot smaller limits on your players and build up your online business slowly so you’re protected early from the fortunate chance player’s start off winning.
Another suggestion for new bookies is to make use of a Pay Per Head website that specifically has a worldwide max payout feature that can be utilized to all wagers positioned through their website. This unique feature permits bookies to set a max payout on every wager that their players place. Which will help bookies to be protected against players winning more than they could afford to pay. It is an excellent feature to utilize particularly in case you are just starting out the bookie business as a newbie and have very limited funds to work with.