When learning how to run your own sportsbook, most experts will point you to a bookie software solution. It is, after all, a very practical choice to make. Building your own sportsbook costs much less. Unless you are willing to throw away hundreds of thousands of dollars to create your own, it will take much longer to recoup that cost.
How much money do I need to be a bookie? This question can be computed for an estimate, but it will largely depend on your own operation. Will you start off with around 10 players? Or will you have a larger operation with 50 players?
How to Choose Players
- But don’t just look at quantity for your sportsbook players. Look at the quality of players you will bring in. Your goal as a bookie is to get your players to bet in your book, and to generate a profit from it. This means your players will have to be able to do the following:
- Give you a profit more than their per head fee. If you spend $10 a week on a player, then you should be earning more than that from them. The key is to encourage wagers, and to adjust your limits and lines to ensure a profit margin.
- Pay up on time. Your players will need to be reliable enough to pay for their wagers. Ideally, you set up a day in a week to collect from them. Again, limits will prevent you from profit loss, but pick your players. You want to take in wagers from college students betting on the NCAA? Sure, but make sure they actually have the money to pay.
- Not rely on credit. When a bookie issues credit, a bookie takes on additional risk. If you are working with a player who has a proven record of paying well, then feel free to adjust your limits, or to give them credit. But be careful with giving credit to those you are unfamiliar with, especially if you are taking in a lot of high-value action.