How to become a bookmaker?
To become a bookmaker, you must first respect these key points:
- Know the sport
- Know the world of sports betting
- Study your competitors
- Employ a team of researchers
- Have sufficient funds
- Develop the right website and app
- Obtain a licence according to the law in the country you practice
By respecting these seven different points, among others, you will be able to become a bookmaker. Beware, however, that the road is full of pitfalls and extremely competitive. Why not register with the various sports betting sites beforehand, so that you can study their qualities and faults as best you can?
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To become a bookmaker, in addition to taking legal and financial advice, there are seven main areas to work on as mentioned above.
Knowing the sport
Obviously, first of all, you need to have a fairly solid and thorough knowledge of many sports. By surrounding yourself with many specialists and having a solid base of sports information yourself, you will be able to calculate odds that are both attractive to punters, but also and above all profitable for you in the long run. If you don’t know much about sports, then don't go for it. Even if you rely on the best traders of the moment, you will never be able to manage your business.
Know the world of sports betting
In addition to knowing the sport, you should also know the world of online sports betting inside out. Without knowing the basics of betting nor how bookmakers work, you will find it extremely difficult to break into the world of professional bookmakers, as you will not be able to offer service of good quality. If you want to strengthen yourself at this level, don't hesitate to sign up with the best bookmakers like Bet365 or 1xBet. They are very popular with punters and can certainly inspire you.
Study your competitors
As well as having the basics about other bookmakers, you should also carry out a very thorough study of your future competitors on the professional bookmaker market. By taking the time to study each of them, you will be able to discover their strengths and weaknesses, and thus determine the positioning you should choose to make a place for yourself in the business. For example, do you want to make tennis betting your specialty? Then you will have to do better than bet365 and Vbet, who are known to be the best in the business. Don’t put it all in before you are ready for it.
Employ a team of statisticians
Once this first phase of research has been completed, you should then surround yourself with specialists in the best possible way. In addition to having people with a great sports culture, you must also be able to count on mathematicians and statisticians, who can determine at any time the odds to be given for each bet in each discipline. As we have seen in another page on the SportyTrader guide (How do odds work in sports betting?), these odds are the central element of sports betting, the one that will attract punters on the one hand and make you money on the other. So don't skimp on the recruitment of traders - as in the stock market - who will be the real pillars of your financial success. They are the ones who will sustain you in the long run.
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Have sufficient funds
Apart from a good knowledge of the market and the domain, as well as the help from professional traders and analysts, you will also need a good sum of financial capital if you want to become a professional bookmaker. In addition to being able to pay out winnings to players when they win their bets, you need to have a certain budget for promotions, website development and management, communication campaigns, legal expenses, etc. If this is not the case and no financial institution trusts you, you can kiss your aspirations goodbye. Becoming a bookmaker - and fortunately - is not for everyone. It is above all a business of risk management. We see every day investors come into the business with great enthusiasm and desperately end up losing everything.
Develop the right website and app
To attract punters and allow them to place as many sports bets with you as possible, you will also need to offer them a great website and mobile app. In addition to being able to receive bets and keep your business going (if your site doesn't work, how can you make money?), you will also have to do better than your competitors, to encourage players to spend their money with you, and not with your competitors. So the task ahead will not be easy, and it is better to find yourself the best developers and technicians in the field. Obviously, this is going to cost you.
Obtaining a licence
Finally, the last major point after having worked on all of the above, if you want to officially launch your bookmaker business, you might need a licence from the authorities depending on the countries you practice. Policies vary in different countries. In the UK there is the Gambling Commision that regulates the gambling industry and issues licences to gambling companies. There is the South Africa National Gambling Board that regulates the betting business in that country. While in Nigeria, it is the NLRC (National Lottery Regulatory Commission) who have that responsibility.
So you understand that becoming a bookmaker is a difficult industry to be in. You need to have strong nerves to have the means to achieve your ambitions. May the odds be ever in your favour!
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More about Bookmakers
- Transactions with bookmakers : what should I do ?
- Are Betting Sites Safe?
- What to look for in a Betting App?
- How to bet with online bookmakers?
- How do bookmakers make money?
- How to unsubscribe from a bookmaker?
- How do bookmakers set the odds?
- What are the biggest maximum payout on UK betting sites?
- Bookmaker Operations: How to Proceed?
- How can I tell a good bookmaking site from a bad one?
