Starting a Wagering Business in Five Easy and Simple Steps
Starting a Wagering Business is the right choice for any person with the willingness to succeed.
This is exactly the formula that can grant a top bookmaker the kind of success that can allow him to retire early and enjoy his earnings.
Starting a Wagering Business: The Steps
When it comes to Starting a Wagering Business, there are certain steps a bookie must take:
First Step: Finding the Cash
Without money, there’s really no wagering or gambling operation. So, finding the cash is definitely the first step when Starting a Wagering Business.
The reason is because a bookie needs to have some backup cash in case some players win.
This is particularly important during the early stages of the sports betting and gaming operation.
And the reason is because a bookie needs to keep a good reputation; so paying winners on time is essential so they can continue to spread the good word of mouth.
Where to get the money
There are a few ways in which the top bookmaker can get the cash he needs:
Personal: If the agent has the cash he needs in the bank, then this is the best option. The reason is because the agent don’t owe money to anybody, and is also able to keep all the profits.
Friends and Family: This is another good option. Especially if the family member or friend is someone that is fond of sports betting and gaming activities.
With that said, it’s important to only do a cash deal with a relative if you feel that you’ll be able to pay. Otherwise this can lead to unwanted long-term tensions.
Investor: You can also get the help of an investor. This is a person that can give you the money you need in exchange for different things.
For example, an investor may want to partner up with you. In this case, the investor is not just an investor anymore; but also someone that has a word on the decisions related to the wagering and gambling operation.
There’s also the kind of investor that just want a good return on his cash, on a periodic basis.
And, there are those that will give you the money, and charge you a fixed percentage on top of it.
Choosing what the best choice from the aforementioned ones really depends on the specific needs of each bookie.
Second Step: Finding a Pay per Head Shop
The second step when Starting a Wagering Business is to make a deal with a pay per head shop. A PPH shop is a company that provides web and call center betting solutions for bookies.
Plus it also offers the agent the sportsbook software he needs in order to monitor everything related to his operation.
If the top bookmaker wants to get the best possible deal related to his bookie software and the other services; it’s essential that he works with a pay per head company that’s located overseas.
This is because an offshore PPH Shop has better monetary resources to guarantee the high-quality of its services; without breaking the pocket of the agent.
In other words: Working with an overseas pay per head shop means that the top bookmaker gets a better value for its cash.
Third Step: Hiring Sub-Agents
Once you’ve found the right pay per head services provider, the next step related to Starting a Wagering Business is to hire sub-agents.
These are the individuals that are going to serve as the face of your operation locally, or in different areas.
Since these guys are going to be managing cash for you, it’s important that this is people you can really trust.
In order to avoid mishaps, hire new agents on a temporary basis. This allows you to test the abilities and the loyalty of each new prospect.
And then, when someone passes your tests, such individual can become part of your actual team of sub-agents.
Now, the least you want to do is to waste time unnecessarily. So in order to avoid training sub-agents yourself, what you can do is to let a trustful sub-agent to do this job for you.
Fourth Step: Hire Other Much Needed Personnel
Apart from sub-agents, there are other professionals the bookie should consider hiring:
This is someone that can slowly but surely become the right hand of the agent.
This is because this is the person that knows everything related to the figures of the sports betting and gaming operation.
And such an individual is so important because it depends on him to tell the bookie if the operation is going well; or if for some reason things are not going well.
This person can be in charge of many things. Especially those that are considered secondary tasks.
For example, since the job of the bookie is to recruit new clients, an assistant can help by setting up business meetings.
An assistant is also an excellent option for bookies that don’t want to be pending of their businesses all the time.
So, the personal assistant can have as many, and as varied tasks as the bookmaking agent wants.
Step 5: Tell Players About It
Once everything’s in place, the next step when Starting a Wagering Business is to tell players all about your new pay per head services.
Its important that the solutions you acquire are easy to understand and manage.
This is because your don’t want to take a long time providing training to players on how to place wagers online or over the phone.
So, when researching the best PPH Shop, make sure to ask them for a demo so you can test their bookie software yourself.
This will allow you to see if this is actually the data management tool you need; or if on the other hand you need to continue to look for one that is more friendly to users
As you can see, Starting a Wagering Business starts by getting the cash; and the cycle ends up by telling players all about it in order to get everything moving in the right direction.