How To Minimize Risks To Be A Successful Bookie

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With the recent rush of people looking to start their own bookies after the supreme court effectively legalized online gambling, Premier Per Head have been inundated with requests from new customers about minimizing the risks that bookies inherently take when taking bets.

In this post we are going to write about some of the things that you can do to ensure that you get the most return when you either run a bookies or are investigating the opportunity to start your own bookie business.

Steps To Profit For New Bookies

  • 1. When you first start out as a bookmaker you want to start building a solid profit base and growing from there. In this instance the most successful of bookie startups is to be a niche bookmaker. By this we mean start with a single sport and get customers who are hungry for that market. You can expand to a larger audience when you have the capital gained from your niche market. The key point is to not try and be all things to everyone as that can be very difficult when first starting out. The key is of course profitability.

The best thing you can do is to focus on a sport which has just 2 outcomes, either win or lose. Sports such as Tennis are a great place to start. If you think of sports like horse racing then there are a lot potential outcomes, of course you will have a winner, but you will also have those horses that are placed which can potentially be paid out on.

  • 2. Pricing the favourite correctly is very important. Of course when you work with Premier Pay Per Head our expert odds makers help you do this. An odds maker will work out the probability of the favourite to win. That probability is then turned into a figure which your customers can bet on. Of course, it is your bookies and if you want to set your own odds then you can. The odds makers will then shorten the odds to ensure that they don’t have to pay out as much if the favourite was to win the game.
  • 3. Getting a price for the underdog. The potential return of the outsider winning the game will obviously be considerably higher that it would be betting on the favourite. Again the odds makers set these figures to ensure that they are reasonably priced. If for instance you had Novak Djokovic playing an unknown player then obviously the chances of the underdog winning are very slim so a gambler could stand to win a big amount from a small bet. But the chances are very slim. Backing the favourite in a match like this means you will have to wager a lot of money for a small return.
  • 4. The key to being a profitable bookie is having the ability to balance your betting book. It is common sense but the bookie of course wants to pay out less money than the wagers they have been taking on the loser of the game.

Of course, the bookie themselves don’t know exactly how much money will be staked on each of the players as people can place their bets weeks in advance, minutes before the match or even during the match. However, as have the fastest lines in the business it means that the odds that you are offering to your customers are in touch with the situation at that point in time. By the odds adjusting it can ensure that the bookie will return a profit by the end of the game.

If you are just starting out, then you can limit your exposure by having a maximum bet which means you will have a limited exposure. Of course you will not want it to be set so low as many gamblers like to stake relatively big money and if there is a maximum that is too low then people may not choose to bet with you.

You need to remember that running a bookies is a game of ups and downs, with the right support of a pay per head company like Premier Pay per Head you can utilize all the benefits of pay per head you will be able to run a bookies at a profit. Along with highly advanced software you also have a highly experienced team working behind the scenes to ensure that your bookies is profitable.

If you are thinking of starting your own bookies without using a pay per head service, can you imagine doing all of this without the use of software and having to work out all of these prices manually. In the old school way of doing things, all day on the phone and monitoring the games in order to set prices. These days, it is literally all done for you. So even when you branch out and start taking bets on other sports such as horse racing, even when a race has 10+ horses running the whole experience is effortless.

With this kind of backup, even a sporting amateur can run a profitable business. Take a look at the website for yourself and if starting your own bookie business is something that appeals to you then submit your details and one of the managers will get back to you and show you first-hand how easy it is to get setup and running in no time at all.

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