When getting into the sports betting business, you will go for either one: a sports bettor, or a bookie. But since your idea of a bookie is probably clouded by stereotypically scary men in movies, we’ll explain what is a bookie, and what a bookie can do. Because surprisingly, bookies are hardly the scary type. In act, there’s a little bit of math skills needed here.
Basically, a bookie is a bookmaker. You make a book that has lines, or odds. These are projected outcomes you made, that your players can bet on. Your job is to make sure that your books are balanced well on either side, so that you can minimize risk, and ensure a good profit.
How Does a Bookie Earn?
Of course, knowing how to be a bookie will not be complete without learning how exactly you can earn money from. In a nutshell, you earn money from getting a commission from each wager that your players make. You can also pocket extra winnings from wagers. This commission is called the vig, and this is your profit. If you have any other expenses that you make, such as the best bookie software, then you deduct the cost from the vig, and you now have your net income.
How Do You Become a bookie?
You can be a bookie just by opening your very own sportsbook. The common trend today, is to go digital with online sportsbooks. They charge your for a minimal weekly fee per player. This means, regardless of how many wager the player makes, you one pay a specific amount each week for that player.
Once you have opened a sportsbook, you can now move on to monitoring your books. This means checking the lines and making sure that you are balancing your sportsbook well. Its usually an automated process so it will be easier on your part. They also have features that will allow you to review your operation and see where you can improve. This data is what you use for strategizing and planning for your operation in the future.