Are you looking to be a bookie? Sportsbetting giants started their business from scratch and attained the supremacy they are now known for.
But, how to become a bookmaker? Getting a lucrative and profitable business has always been on making the right choices and having proper skillsets. And, indeed, the fund to get started with the company is equally important. Want to recognize all of these aspects? Go through the page thoroughly.
Decide A Route for You
When you have already chosen bookmaking as your career, decide from online bookmaking, on-course bookmaking, and betting outlet which option you would like to go with. Online betting is now more popular than ever because of providing a more excellent range of betting options accessible around the clock.
But, creating your uniqueness amidst a market full of competition would be the first hurdle to overcome. You can proffer regular promotions, and sign-up offers attract new players, keeping loyal players entertained alongside.
Becoming an on-course bookie is always another option if you are interested in partaking in horse racing on your local track. Opening a betting outlet means that you need to buy or rent real estate and employ staff along with an operating license. And for both of these, separate licenses would be required.
A bookmaker can go legal without proper regulatory licenses. In terms of the UK Gambling Commission, you may need the below-mentioned licenses for serving the facilities from their governance.
- Operating License
- Personal management license
- Personal operating license
- Premises license
All of these licenses are subject to specific fees. Application of licenses doesn’t mean success, and the fees you have to provide are non-refundable even if your application is unapproved.
Keep Your Budget Ready
As you have seen, your question, how to be a bookmaker encompasses several expenses, costs, and overheads for setting up a bookmaking business. For opening the business as an on-course bookie, approximately £8,000 to £10,000 would be required as an average initial cost.
Some of the probable expenses you would have are:
- Premises rent (if you are going to open a betting shop)
- Premise’s electricity, heat, and light
- Wages of staff
- Pitches on the racetracks ( for becoming an on-course bookmaker)
- Software (for tracking markets, ensuring online security, or printing betting slips)
- Hardware (computers, printers, batteries and boards, FOBTs, and others)
- Server for hosting (for opening an online bookmaking site)
The Skills You would Require to Become a Bookmaker
Depending upon your decision of which kind of bookmaker you want to be, there are specific skillsets you need to be accustomed to.
But, generally, if you have the following competencies and traits, it will be beneficial for your business.
- Negotiation skills
- Management and leadership
- Customer Service
- Decision Making
- Logical flexibility to react to situations
Numeracy is the skill of comprehending finance and odds; it’s an imperative attribute for a bookmaker. Negotiation skills are required when you have to bargain with your local authorities, staff, or betting partners. And, for running a business successfully, the importance of having decisive leadership and management skills is unquestionable. Efficient customer service, the capability of making well-thought decisions, and reacting to any unprecedented situations are all essential skills, which would prove their importance in time.
All of these facets would bring a proficient answer to the question – how to be a bookmaker. Go through several blogs and experienced people to accumulate knowledge about the business as much as you can. Manage the funds that would be required. You can also acquire Pay Per Head software if you are trying to access the online sphere. And start running your venture right after obtaining needed licenses.