The decision to start your own business requires a solid start-up plan focused on the service and/or products you plan to offer. At the heart of that plan needs to be the existing passion and desire to move into this direction.
While most people will use the desire to ‘be their own’ boss as the main motivating factor, you better love what you do or it will become old quicker than you think. The main reason why avid sports fans and equally avid sports bettors consider becoming bookies is the love of the games.
If you have a strong working knowledge of the mechanics behind sports betting, then you have the right foundation to start booking the bets instead of placing them. Taking a few bets from friends and family is a good way to get your feet wet but you still need a fundamental business plan if you have a sincere intention to run and manage your own bookmaker operation on a full time basis.
Given the high level of automation in the sports betting industry, most of the daily and weekly activity is processed online. That is why starting even a small operation with a bookie services provider in place makes good business sense.
The Pay Per Head Business Model
Today’s bookie services are commonly referred to as pay per head sites. These are sports betting companies that have already made the costly investment into professional online sports betting software solutions.
These software packages were not cooked up in someone’s home office. The bookie software applications offered by the best pay per head sites would mirror what the biggest commercial online sportsbooks are using to power their million dollar betting sites.
The term ‘pay per head’ is tied to the low weekly fee charged for each of your active betting customers. If you cover 10 active sports bettors at $10 a head, you now have the capability of running and managing your own independent sportsbook for $100 a week in operating costs. This presents a very low cost to entry into a fast-growing and very lucrative industry.
The Start-up Bookie’s Most Common Mistake
The most common mistake most new bookies make is to start things up without the help of a quality pay per head site. Their idea is to build up the customer base before taking the operation online. That is like opening up a retail store and then adding the cash registers a few months down the road.
Just about everyone of today’s top-rated price per head shops has no minimums on a private bookie’s customer’s base. This means that even if you just have a handful of sports bettors interested in using your bookie services, you can immediately operate your business online.
This lets you learn as you go with a smaller scale of daily and weekly action. Managing an online book for even five or 10 bettors comes with its unique set of challenges. You will want to make sure you fully understand the basics of the bookmaking process before expanding that base to 50 or 100 weekly bettors.
Pay Per Head and The Perfect Business Partner
There is also a definite learning curve when it comes to working with a pay per head site. This is one of the most important business decisions you will ever have to make. Getting it right the first time will save you tons of frustration, aggravation and most importantly money over the long haul.
Think of your PPH service as the perfect silent business partner. You need to find one that will always keep your short-term and long-term success top of mind.