Become a successful bookmaker to make money through setting the betting odds

Published On November 15, 2018 | By Sheri Croll | Gambling

Sports gambling is getting common in UK and the other parts of the world which the increasing accessibility to the digital technologies. People now have the access of online gambling websites on their Smartphone which enables them to place the bet on different sports. Now they don’t have to take out the time from their busy schedule to visit casinos for gambling. They just need to look for the right bookmaker for taking the bets. Due to the increasing number of betting on the sports, the demand of the bookmakers has also been at rise in the past few years. Thus, if you are thinking about becoming a bookmaker then this can be a lucrative fulltime or part time career option for you.

Learn to set the betting odd

The major job of the bookmakers is to set the betting odd before every bet. It is not just the probabilities that are considered, bookmakers have to use strong analytical skills and some tools as well to make the projections about the odd.  They have the option to take help from the betting exchange. Many Bookmakers in uk online take help from the exerts to learn the process of setting the betting odd and how they can trick the players to take more bets from them.

 Improve your player base

 It is important for the bookmakers to get first get the players for them. For the bookie, getting the players is not as simple as advertising for something.  “Words of mouth” is the best way to get more number of players for you. As soon as you get considerable number of players, you will be able to take more bet which means more profit to you. An important aspect of increasing your player base is to analyze your player. You have to know the following matrices to provide the best bookie services to the players:

  • Sports in which your players are more interested
  • Devices they used for placing bet
  • Average wager worth

Knowing these things will boost your bookmaking business and help you to earn profits. Keep your players in check and prevent them to wager often or for huge amount.  You should also decide the settlement day and let your players earn the credits. They will then build trust on you which helps you to build your customer base in return.

Know the sports

 For the bookies, it is important to know the sport well before accepting the bet.  You should learn the basic rules of the sports from which you want to begin taking the bets. Learn about players, teams, current sports statistics, betting trends in the particular sports and even the tiffs which are going between the players, team and others in the sports industry.  Your extensive knowledge into the sports can help you to become a good sports bookie.

Go digital

Bookmakers are required to have the efficiently working website to accept the bets. They should also have the smoothly working payment services to make it convenient for the bettors to deposit money for the bets and enable you to make the payout to the winners easily. You can also use the bookmaker software for maintaining the records of the players and handling each of their bet in the simplified manner.

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