Investing on your Bookie Company to Attract External Funding
By this I mean that a prospective investor prefers to share his cash with a bookie company where the owner has invested some of his own money during the early stages.
Investing on your own Bookie Start-Up is a Good Sign for Investors
Even if your initial investment is not considerable, an investor sees this as a good sign that can prompt him to share his own funds with your sports betting start-up.
For example, if you are requesting a six-figure investment from a given individual, he would be happy to see that you have contributed at least a five-figure sum.
What you really want to do when you are looking for someone to invest in your bookie company is to scale in order to reach projected revenues by a determined date.
Actually, to quantify how much you have invested in your own sports betting operation is very important because investors not only want, they need to see that kind of data. And, by showing them this info, you are truly increasing your chances of getting funded.
Not only you can let investors know how much capital you have put into your own bookie business, but you can also put a figure to the hours you have worked, and to other expenses related to your bookmaking operation.
This is really good because it shows the people that you want to get funds from that you are truly committed to what you are doing and that your company is truly worthy of an investment.
The Executive Summary
What you need to do is to show prospective investors an executive summary, which is a document consisting of 1 or 2 pages where you offer detailed and easy-to-read information, including:
- A good description of your bookie business
- Possible problems and its subsequent solutions
- A proficient revenue model
- The current board members of the sports betting company
- And of course, the funds that the bookie company is seeking from the investor (s)
Be Prepared for Investors’ Meetings
It is important to recall that getting meetings with investors is not easy. When they accept to meet with a bookie entrepreneur, they already know a little bit about what the bookmaking business has to offer, and they expect to get convinced at the meeting.
So, when facing an investor, it is crucial to avoid making mistakes, especially because it is common for an investor to meet privately with his partners after he has heard an entrepreneur’s pitch, as it is during these private meetings that he actually decides if he wants to contribute any cash to a given project or not.
Before meeting with an investor, be as prepared as you can. Show that person that you have put some of your own hard-earned cash into the bookie operation, and most of all, avoid going unprepared to answer any type of questions the investor may have for you.