If you are clear about your goal of becoming a pay per head service bookie entrepreneur, your immediate first task is to start looking for funding.
With money, you can get the things that you need in order to start running your sports betting and gaming operation the right way.
The question is: Where can you get that cash?
Pay per Head Service Bookie: Where to Get the Money
If you are looking for funds in order to get your pay per head service bookie operation started, here are some of the best suggestions:
Personal Savings: Your own savings account is probably the first source you can turn to in order to look for the cash that you need to start your pay per head sportsbook software operation.
If you have saved enough cash, you will be able to both fund your wagering and gambling operation, and to keep your personal finances in a healthy condition.
Credit Cards: Credit cards are a great way to get the cash that you need to start your bookmaking and casino operation.
However, if you choose to use this type of funding, pay attention to the kind of interest rates and extra fees for cash advances that comes attached to the credit line agreement.
Also, make sure to use a single credit card for your pay per head bookie software business.
This will allow you to separate the expenditures related to your wagering and gambling operation, from those related to your personal life.
Credit Unions: Since a credit union is owned by its members, you can get better interest rates than those offered by other financial institutions, including banks.
If you happen to belong to a credit union, try to get a loan first, but be aware of the fact that credit unions are often more adverse to risk than regular banks.
So it is essential for you to possess a clean, strong credit history in order to have the chance to get the cash that you need to get your pay per head service bookie business going.
Investors: Many new pay per head sportsbook software companies out there rely on money from investors to fund their operations.
If you decide that you want to work with an investor, it is important for you to consider the fact that you will definitely need to give them something in exchange, and in their case, it is usually equity in your pay per head service bookie company.
And, once you have granted equity to an investor, he will have a say in how the bookmaking and casino business is run.
If you are the kind of pay per head sportsbook entrepreneur who doesn’t like anyone telling you how to run your bookmaker software and gambling operation, investors may not be your best option.
Home Equity Line of Credit: If you own a house, and have built up equity in it, you are most likely eligible for an equity line of credit.
These lines of credit are quite advantageous:
- You don’t pay any interest unless you borrow against your line of credit (a loan origination fee may still apply).
- Loan terms are usually longer than regular loans. Usually 15 years or more.
- They are tax deductible.
The downside of this way of getting the cash that you need to start your pay per head bookie service company is that you are putting your own home as collateral, and, if you are unable to make the corresponding payments, you may lose your house.
Inheritance: Although you may get taxes on an inheritance, this is a great option to get the money that you need as you will still be left with a substantial amount of cash, and all of it yours.
Friends and Family: If you don’t personally have the funds that you need, you can opt for asking a family member, or even a good friend, for the cash that is required to start your pay per head service bookie business.
The good side of it is that you are probably not going to be subjected to any type of loan interests.
But, on the downside, if you don’t pay the money you owe either to your friend or family member, the relationship can turn sour.
These are the best sources to get the money that you need to get your pay per head service bookie service operation started, however, it is likely that you may have other great ideas of your own, so brainstorming is definitely a must-do for you.