To start with its definition, a bookie is short for a bookmaker, defined by Merriam-Webster as someone who determines gambling offs, accepts and places bets, pays out winnings and collects loses on behalf of other people. A bookie facilitates gambling, most commonly on sporting events and horse racing.
Bookmakers make money from charging a vig or vigorish, which is a transaction fee, not by betting themselves. The most significant role for bookmakers is to set the odds, often using calculations from different sources looking to receive equal money on both sides of a betting line.
Before the internet, bookies set all their own odds, collected money when a player lost, and paid out money when a player won. While this sounds simple in principle, adjusting the odds and juice is a critical part of the operation to guarantee a profit. Achieving a 'balanced book' required getting an equal number of bets for each side of a betting line. Also when receiving a large, bookmakers would lay off the risk by betting themselves on other bookmakers to cover their risk, acting as market makers, making sure they were covered regardless of the outcome.
This is not much different today in principle, but with tools like Probookies, bookmakers simplify these processes and provide the line management and risk management tools that make their lives easier.
Gambling has lost the old-fashioned portrait of sketchy and rough individuals. Betting sites have extended worldwide, and as more states and countries legalize gambling, we can see Sportsbook sites regularly advertised on television and online, making bookies an integral part of the sports ecosystem.
How to become a bookie?
Being a successful bookie is a combination of several skills, like sales and marketing, customer service, and organization, alongside with an entreprenurial mindset and some knowledge of the sports betting business.
The two most important activities that a bookie needs to do well are, acquiring players to serve as the customers of your business, and master the industry tools with a pay-per-head service like ProBookies, that will enable you to take and manage your players’ bets efficiently and profitably.
The bottom line is clear, the more bets you take, the more money you will make, and a professional customer management platform is a must. As a bookie, you want to make sure that you mantain an edge over your players, managing your risk and reward, for which Probookies pay-per-head is an essential requirement.
Understanding that it's not only about the big customers, but also about players that wagers only $100 a week with you. Doing the math, these players have the potential to generate up to $5,000 a year in revenue, so if you invest your time wisely, achieving a wide customer base of 100 or more players will build you a solid revenue stream and put you in the path of financial independence.
With Pprobookies as sportsbook pay-per-head solution, you can focus on growing your business, as you rely on the best services in the industry to provide your customers with a wide suite of betting options, including live betting, live casino, and racebook options.
The sports betting industry is not only one of the fastest growing industries in the world, but it is also a wide market, with many niche opportunities that allow you to focus on the specific needs of your potential market.
It is also an innovate envirorment, where changing trends and new demands drive the betting industry to constantly evolve, creating new oportunities ever day.
Our ProBookies staff, including wagering clerks, line managers, and customer service representatives, will work for you around the clock to bring the best betting experience to your players.
Start your 2-week free trial today and see why ProBookies is #1 in the industry.
