WHAT IS “BOOKIE”?
The word “Bookie” is the slang word standing for a bookmaker. A bookie is someone that handles the gambling process when it comes to sporting events. Bookie takes money from clients to purchase and maintain stocks. After reading this post, you will find out how easy it is for you to start your own sportsbook adventure. several states are legalizing it after the Supreme Court ruled that states can regulate sports bets. This has allowed a plethora of people to become a bookmaker themselves.
WHAT DO YOU REQUIRE TO BECOME A BOOKIE?
To become a successful BOOKIE you require to have a few sets of skills and several key characteristics.
- You are fine with numbers
- You have a well-organized personality
- You have a healthy constitution for risk
- You are interested in sports
- You have got some start up cash
- You are familiar with sports wagering or you want to learn more about it
- You can work on weekends and holidays
- You have a good working attitude
- You have patience to deal with customers
- Willing to learn and study more
FORMAT OF BOOKMAKING
In the 21st century, gambling has become viewed as the form of entertainment. Today, it’s totally fine to be a bookie instead of being view as associates with black markets or any illegal activities. Betting software allows clients to set up online betting platforms. Most betting resources operate via mobile
phones and tablets. Thus, you can become a bookie without leaving the comfort of your home. SwissBet offers one stop service providing you to own, manage and operate an online betting exchange platform.
STEP 1: BOOKIE’S FINANCIAL CAPITAL
Clients that want to be a bookie MUST pay attention to the financial capital. Similar to any other kind of business, a betting resource requires enough cash flow to cover the obligations such as domain, IT maintenance, payroll, and so on. A bookie’s main obligation is to make payouts on winning wagers, as well as to pay for the bookmaking software. You will need to have the money that it takes to pay those that place bets on your platform. You will need anywhere from €500-€1,000 per game in order to keep your business afloat if the business goes badly.
Throughout the betting activities, a bookie tends to collect on losing wagers. This is how it is about to make a profit. Before you go any further, make sure that you have a big enough financial cushion to survive if something goes wrong. Don’t forget, unforeseen events can never be excluded.
STEP 2: CHOOSE A SUITABLE SWISSBET SOLUTION
Clients may be confused over which solutions to choose, hence SwissBet provides 2 Solutions for
Clients. Read through our articles and you’ll have good idea on which solutions best suits your type.
- White Label Betting Exchange (Link to White Label article)
- Turnkey Betting Exchange (Link to Turnkey article)
STEP 3: LICENSING FOR BUSINESS
There are 4 classes of such licenses:
- poker, baccarat, bingo and other games from the category of “game of skill”, in which the result depends on the player’s skills;
- lottery and casino using RNG (random number generator);
- bets on sports and other significant events (presidential elections, awarding the Nobel Prize, court decisions, );
SwissBet will assist in obtaining all required documents to apply for these licenses. Depending on which solutions or services clients choose, they might need to apply for all 4 of these licenses. If you have plans not only to open a Betting Exchange platform, but also to start a betting business or a lottery, in some countries you can get a single document for all these activities. If there are no such plans, you need to issue separate licenses for each kind of activity.
The procedure of registration of the license depends on the country. The most straightforward and low-cost registration are in offshore zones, but registering there may entail problems with the reputation and the tax authorities. The license in the Eurozone, the USA and Australia will not cause such problems, however it will cost much more. Thus, a license for a casino in Curaçao or Costa Rica will cost 30,000–40,000 thousand dollars a year, in the United Kingdom of Great Britain, the Republic of Malta or Romania — more than 150,000 thousand euros a year.
The cost of such a license includes both the cost of the document itself, which must be obtained from the state body, as well as a number of related payments. Some of them are disposable, others need to be done at regular intervals.
STEP 4: PAYMENT SYSTEMS
Once complete obtaining a license for your platform, you will need to set
up payment options in order to accept funds from players, pay out prize money and withdraw money from the platform to your bank account. Therefore, SwissBet recommend clients to use the services of payment system providers, with which you can connect dozens of payment gateways under one contract. It is wise to use providers as their providers works in large volumes of transactions, so their service charges will be comparably lower due the fact that bank charges lower commissions from them. Besides being more profitable, it is much convenient and simple to use, which is a crucial step as more players have their own preferred payment systems. Here are some of the most popular payment service providers in the gambling and gambling business:
Step 5: Launch your Platform
Once complete with the preparations and customisations, your platform is ready for test. Throughout the testing phase SwissBet Technical Teams will fix bugs and errors. Then on your platform is ready to launch, subsequently you will need to start the marketing for your platform. To start with, marketing strategy is crucial in this step as this will determine your platforms future progress and developments. Hence, if these steps are done correctly your platform will starts to pay off.
You will need players to patronage and leave positive reviews in social networks, forums and relevant medias. To attract a large number of players to visit the site, a good marketing strategy will be required and to focus on. These are some of the factors should be considered:
- POSITIONING – Identify which of your project stand out among your competitors and the Pros & Cons of your This is important and what needs to be paid attention on.
- PRE-LAUNCH CAMPAIGN – Before the development of platform completes. Announce the launch of your platform through varies of platform and inspire potential customers to anticipate the launch. Media Personalities helps to create hype and should be consider even though it might be costly.
- PROMOTION – Once platform is launched, consider online advertising, SEO, banner networks, marketing influence, to preserve interest in your platform and reel in new players.
- CUSTOMER CARE – Throughout the whole process, players tend to face different issue and wish to resolve as soon as Your mission is to satisfy all players needs, therefore 24/7 customer service, technical support service will be need to solve every issue. Creating section on the site helps too especially answers for frequently ask questions. On the other hand, providing Demo of games is another good idea to let players test the thrill of the platform.
- PLATFORM REPUTATION – As a bookmaker, we hold high regards on reputation in this betting industry. Therefore, we should spend more time to pay more attentions to customer feedbacks as this will reflect on how new customers or hesitant customers to view on our platform.
- AFFILIATES PROGRAM & INCENTIVES – Developing a loyalty incentive programs for loyal players will benefit your platform as loyal customers have full knowledge of your platform and able to recruit and guide new players to use your platform. Secondly, the platform needs favourable terms to attract referrals in order to expand our client base. With these terms ready, we can recruit agents to help reel in new players. Over the time, your site becomes more well-known, the terms can be reviewed to attract more referrals or aggents.