Investing in sports gambling can be risky and unpredictable, similar to stock markets or currency exchange. However, the fact is that sports are available to a larger audience, as the majority of people living in the US enjoy attending sports events, which is so unlike a stock market. Setting up and owning your own sports betting company has become one of the fast-growing markets globally. And this company, when managed efficiently, the return on investment is noticed immediately. The question which mostly arises among people or players is how to become a bookie or a bookmaker?
A bookie is also called as bookmaker or turf accountant. They focus on accepting and paying off bets on sporting games and gambling, on agreeable odds. For a bookie, setting a right line increases their chances of gaining high profits and if the betting odds are not placed incorrectly the bookmaker may lose tons of money.
Tips on how to become a bookie
- First and foremost on a personal level, you need to assure yourself a business owner and not a gambler. You need to think like bookies, knowing how to balance out the numbers and money.
- Know your players well. Increase your business by finding referrals.
- Be analytical with the betting patterns of the players and be vigilant in any changes taking place on betting patterns.
- Have a good understanding of your bankroll. Need to be watchful of the amount of money existing in your bank to cover the bets.
- Lastly, work with people who are more experienced and smarter than you are.
Depending on the various countries bookmaking can be considered legal, illegal or may be regulated. In the United Kingdom, bookmaking is considered legal as it has been a small contributor to the British economy is a few ways. Ideally, bookmaking is illegal in the United States, but an exception being Las Vegas, as it’s a popular place for gambling and casinos. In few other countries like Japan, Singapore, Canada and Sweden, only the legal bookmaker is operated and owned by the State.
Bookies make money, not just by placing bets. They charge a transaction fee on their customer’s bets known as “the vig” or “vigorish”. The most important task for a bookie is to accept bets, a line or the betting odds should be set. Bookies must make adjustments with the odds placed, right from the time the sporting event starts until the line is closed. The adjustments are made based on the total bets and amount of money received. Placing too many bets or money on a single team increases the risk for the bookie.
At time bookies may lend money to their bettors. The various types of gambling, placing bets and bookmaking can many a time be illegal. The legality of most types of gambling is placed by the state government. Few bookies can have their hands in organized crime; some operate independently or by simply betting with few close friends, with members of the family or office colleagues.