Have you ever wondered how some of the most popular bookies on the internet got started? Many of them were small businesses that made their way into the betting industry and became quite big. Was it worth it, though? By the looks of how big some bookmakers are now, like William Hill or Paddy Power, then it was definitely worth it.
It is a very profitable business to become a bookie agent. Unfortunately, it’s not easy for anyone to start a betting company since certain skills and a great deal of money are needed. Additionally, to become a bookie, there are also other things you should take into consideration before you start your business.
This is the purpose of this article. In the following paragraphs, you will learn everything you need to know about how to become a sports bookie. You will see all the necessary steps you have to take in order to start your own successful betting agency. Also, the benefits of a betting exchange software could give you another way to run your betting business.
What do I need to become a bookie for betting exchanges
To become a bookmaker, you must follow some specific steps. Of course, we are talking about an online betting service, which is the most popular way of betting nowadays. If you think that it is difficult and complicated to start such a company, the following guide will help you greatly.
You will see that the things you have to do in order to start your own sportsbook are pretty understandable. The eight simple steps listed above will guide you through the process. However, some of them require high attention if you want to complete your goal and become a bookie.
1 – Understand how the exchanges work
The services that are the most profitable and require the least amount of money to start are the betting exchanges. These betting sites attract many punters, especially professionals and high rollers. So, to become a bookmaker, you need to know how the betting exchanges work and what types of bets are available on these sites.
2 – Training in trading
The biggest advantage betting exchanges have is trading. This means that the players have the ability to buy and sell odds, which gives them a different way to bet than typical sportsbooks offer. But to offer that, you must know how trading works. Training in trading is necessary and will help you understand how this way of betting works.
3 – Get your platform from Swissbet
To become a bookie and have a modern, competitive betting site, you will need a top betting platform. The Swissbet solution is one of the best out there, offering top services for your betting site. Swissbet delivers great software with live betting and pre-match betting solutions, betting shops, mobile betting, betting exchanges, and many more.
4 – Decide the commission
Since you want to become a bookmaker, you must have an idea of how much you want to earn from your business. Betting exchanges earn money from the commissions and fees they charge punters. Usually, the commissions on these betting platforms are about 3-6% of the players’ winnings. However, this is a decision you have to make on your own.
5 – Keep track on everything
A betting exchange cannot be run by one man alone because there are many things that you have to keep track of. To become a bookie, you must know the betting markets, the odds, have knowledge of new registrations, deposits, withdrawals, and many more things. If you want to have a successful betting site, you must keep track of everything.
6 – Create a bank account for the payments
A big part of betting sites are the transactions. Punters deposit and withdraw money all the time, and you will usually have to manage large amounts of money. That’s why you will need to create a bank account, specifically for all the payments. It is advisable to choose a trustworthy bank with fast payment times and procedures.
7 – Create your website
One of the most important things you should focus on if you want to become a bookmaker is your website. It’s the first thing punters will see, so it needs to be easy-to-use, easy-to-read, and fast. Responsiveness is also something you should consider, since most players prefer to bet from their mobile devices these days.
8 – Secure your business
Since your business is online, it must be secured from digital attacks. Betting sites hold lots of personal information. Even though most data is encrypted, there is always the possibility of losing much of it in a hacker attack. So, if you become a bookie, be sure that your site has the most updated security protocols and encryption methods.
Advantages of becoming a bookie through a betting exchange software
In the betting industry, there are two types of betting sites. Sportsbooks and betting exchanges both attract many punters worldwide. However, they differ in the way they operate. But what should you choose if you want to start a business and become a bookmaker?
The better choice would be to start a betting exchange, and there are many reasons for it. The biggest of all is that you don’t need to have a great deal of money to start. This happens because punters compete with each other. So winners pay one another. The only thing you do is offer the platform and keep a small commission on the players’ earnings.
Additionally, betting exchanges are a better option for anyone who wants to become a bookmaker because they attract more players. The odds are usually higher than those at typical sportsbooks, and there are rarely any limitations on how high the stakes will be. Considering the above, it’s natural for punters to prefer exchanges over sportsbooks.
Another thing that attracts punters to betting exchanges is the ability to trade. Especially professional players are used to such ways of betting, so exchanges are the only choice for them. As a result, if you become a bookmaker by using betting exchange software, the sure thing is that you will also attract professional punters who are keen on betting large stakes.
You should also take into consideration the competition that you will have against other betting sites. From this point of view, the betting exchanges in the industry are significantly fewer than sportsbooks. In this case, the competition with other betting platforms will be smaller if you choose a betting exchange software for your site.
Lastly, opening a betting exchange will offer you guaranteed profits. As we mentioned before, punters on betting exchanges bet against each other. Since you don’t have to pay any earnings to the winners, you will only have profit for any bet placed on your site. This happens to be the best and most important advantage of using betting exchange software.