Now that you have decided to throw your hat into the ring and officially become a bookie, you must follow one simple rule-budgeting. There is only one person that controls your destiny as a bookie and that one person is you. There is only one obstacle standing in the way of your success-your budget. You are the one and only person that knows beyond a shadow of any doubt how much is in the coffers.
- You open your pay per head sportsbook with $5,000 as your personal bankroll, (example only—there is not a set amount, there is no requirement to open a PPH and nobody is keeping score, this is personal, and it’s on you.
- Maybe you have $10 and you simply want to see how a PPH works. You are free to do so.) For the sake of this example we will say the bankroll is $5,000. Remember, we are telling you to never allow yourself to be able to lose more than 20% of your daily net worth. So, in this example—no matter how many bets you take in any given day, you must not allow yourself to be able to lose more than $1,000.
- This may seem like a lot, and it is. It’s 1/5 of your entire bankroll. Never forget, you are the house and it’s going to be difficult for your players to beat the juice. As a bookie, the bets that you are offering will have juice applied, such as -110.
- The gambler must beat you 52-55% of the time in order to beat the juice (that’s not breaking even, this number reflects beating the juice) Beating the house 52-55% of the time is not an easy task, sure, players are good and what’s even better than good for the player, is old fashioned luck. They will beat you from time-to-time, but they will not beat you consistently.
- Work your butt off in order to have cross action. You need players and you need as much action as you can get. If your budget says that you can afford to lose $200 per night, then you need 20 –$10 bets. What you must be prepared to do is find players. With one or two players, you are cooked!
- You are simply gambling with them and you may as well ditch the juice unless it’s a lopsided game. You may as well bet straight-up, a friendly handshake, a friend bet. You can’t have this, and you must find players. You may want to advertise, to hit social media with a vengeance and peruse the local watering holes. No matter how you get players, get them, it’s a mandatory must in this business.
- Line setting and odds making – You must have a good idea of how odds making works. If you are operating any kind of sportsbook then you know that you must offer lines and odds on a daily basis and you must offer them either late in the evening after all the day’s events have gone off the board or finished, or early in the morning. Either way, you must offer daily lines and odds.
- You may have been a gambler for years and you may know this sports gambling business like the back of your hand; that doesn’t make you a great line mover or odds setter. You must have help and a PPH will help you do this very thing.
- A PPH will set the daily lines for you. In fact, they do all the work for you. The only thing you do Is direct your clients to the website, take their deposits and get the games on! You do absolutely nothing other than read reports and know exactly how much you have taken in for that day, how much you have lost and how much you have won. The PPH offers on demand accounting reports that show you everything.
Operating a sportsbook is a dream for many and now it can be a reality if you choose a fantastic pay per head. The PPH will charge around $7-$10 per head with no money upfront. You can even sign up for an extended free trial. Find that perfect pay per head today and open your online sportsbook, casino and racebook tomorrow.