Heard the term “bookie”, but unsure exactly what a bookie does?
A bookie or bookmaker helps facilitate gambling for people. They don’t do this for free, though. They charge a small commission (vigorish) on every wager placed.
Think of it like this…
If a bookie wasn’t interested in making money they would offer even money odds.
For example, if the Raptors are -3.5 against the Heat, a bookie with no interest in making money would set the betting odds at Raptors -3.5 (+100) vs. Heat +3.5 (+100).
If this bookie had one player bet $100 on the Raptors and another player bet $100 on the Heat, the bookie would end up paying the winner $200 and be left with exactly zero left.
That’s why bookies charge a commission. Point spread bets are priced at -110. Using the scenario above at -110 odds, the bookie would payout $191, leaving a profit of $9.
So, what is a bookie in gambling? The pay per head bookie finds players to bet and earns money either when their players lose or off the commission if you can balance your book.
The Life of a Bookie
Here are some of the things you can expect to be doing on a daily basis as a bookie:
• Deal With Players: Some sports bettors can sometimes be an annoying bunch. Some will want to be rewarded with bonuses and free plays when they lose, others will expect to be comped to remain active. Some will just call you up to complain about anything.
If you can deal with different personalities well, you’ll make a great bookie.
• Follow the Action: Keep your bet ticker open 24/7 to be notified when any bet is placed. You can also create big bet alerts to be notified when a “big bet” is placed. You set the minimum bet to be notified. Following the action is important to watch your exposure.
Finding out you have thousands of action on an NBA team to cover ATS 5 minutes before tip-off isn’t going to help. You need to manage your risk and exposure throughout the day.
• Marketing: Sports bettors aren’t just going to find you. It’s important to spend some time coming up with a marketing plan, whether online or local. Being a bookie in gambling is all about the volume. The more betting turnover you have, the more you’ll make long-term.
Social media is filled with sports fans, bettors and even a lot of expert handicappers. There’s a huge audience. You may even be able to have some betting influencers promote your brand.
Look at your marketing options, come up with a plan and then execute.
Being a bookie isn’t always fun, as you deal with lots of people daily, may have problems with getting your money sometimes and you’ll be dealing with a lot of numbers.
However, watching NFL Sunday knowing what you need to happen for the perfect day makes it a ton of fun. Being able to make your own schedule and even travel the world are also perks.