Want to Be a Bookie? Find Out How to Be One
Do you want to become a bookie? Then the first thing you need to know is how much money you need to have for the new venture. You might be asking, “I want to be a bookie, how much money do I need?”
The answer is not that simple. The amount of money you need varies and depends on how many active players you have. Also, you need to factor in the maximum bets on each game. For instance, having 20 players with a maximum wager of $1,000 a game will require you to have a huge bank roll.
Although bookies have the advantage as players continue to gamble on sports, you need to prepare for weeks when most of your players end up winning. In recent history, it happened during the last Super Bowl. Many sportsbooks lost a lot of money because of the bettor-friendly results.
How Much Money You Need to Be a Bookie?
In the example of 20 active players betting at $1,000 per game, you will need at least $10,000 bank roll at launch. In fact, players can get lucky during the first couple of weeks. Also, they can win a couple of thousand dollars each week.
If you are starting from nothing and have betting limits of $300, then you can get away with a smaller bank roll. If you don’t have a huge bank roll, then consider reducing the maximum bets o your players. That way you can build up the business slowly over time without the risk of not having enough money to pay off winners.
Another way to save money is to use an online bookie software from a PPH provider. You just need to pay for every active player weekly, instead of paying a huge amount for the software.