If there is any business that has the largest monetary turnover in the world, it’s the industry of Bookmaker. The net profit of the bookmaker’s industry, according to what they say, is from 7 to 15%, if not more than that. In this post, you’ll learn about how to open a betting shop, in case you are considering going into this line of business. Before pitching your tent in this area of business, deciding on which indicator of profitability you are targeting, is the first step.
What Is Sports Betting?
Sports betting aims to enable bettors to earn more money by investing money. Players place bets on the outcomes of several sports such as Tennis, Football, Track Cycling, Horse Racing, Basketball, Rugby, Baseball, and others. In 2017, the sports betting market was worth $270 million, in the United States alone. This is because of the obvious fact that, sports betting has emerged as the most rapidly growing/promising industry
The Relevance Of The Bookmaker Betting Shop.
Opening a betting shop business, even if the number of shops you have is not much, will still count as a good step to profit making. Investments with great prospects for years to come can successfully be made. For those who want to make profits this way, this is a good opportunity to further development since there are no legal alternatives to this. Bookmakers provide people with a lot of chances to make money by placing bets and the industry itself is fast growing.
Office Space Rental And Staff For Opening A Betting Shop.
In order to open a suitable betting Shop that would allow people to place bets, a room with an area of 20sqm is required, and if you are running on a minimum budget, 10sq.m is possible. The place must be spacious enough to accommodate at least one worker with a table and a computer for a cashier. At least, one employee (A cashier), should be in the workplace.
Tips For Office Space Selection.
(1). First floor, front of the street, not a residential building.
(2). Preferably a popular and passing place.
Equipment For The Bookmaker Betting Shop.
The necessary equipment for starting a betting shop is not so expensive and can easily be gotten with a few dollars. Here is some required equipment from MOHIO:
minimum technical requirements;
* Display 17″ (15″) TFT screen (anti-glare glass fitted).
* Touch Screen 17″ (at least 15″).
* Ram: 4GB.
*CPU: 2.2 GHz dual-core.
* Thermal printer ( print with 80mm)>
- STHR TSP 100
Opening a Betting Shop: Basic Terminologies in Betting
These terms will help you understand sports betting and the industry better.
(1). Action: the activity of placing bets.
(2). Punter/Bettor: this is the person who places a bet.
(3). Sports book/Bookmaker: an establishment that accepts bets.
(4). Wager: any type of bet placed on the specific outcome.
(5). Buck: a buck is a $100 bet.
(6). Dime: this is a $1000 bet.
(7). Exotic: any bet that is not a straight bet.
(8). Future: this is placing bets on a long-term winner of a particular sport.
(9). Live betting: betting on events in progress.
(10). limit: the maximum amount of bets allowed on a sports book.
(11). Nickel. a $500 bet.
(12). Stake: the sum of money wagered on a specific outcome of an event.
(13). Sharp: a professional punter.
(14). Underdog: the side that has the chance to lose in an event.
(15). Ticket: a receipt for the confirmation of the bet placed.
How A Bookmaker Makes Money On Bets.
Every day, the Bookmaker presents its list of quotes for various sports (including virtual). Each of them has its own specific coefficient by which the winnings are calculated. The Bookmaker accepts bets and then pays out to the winning players who have guessed the result, or (more often) makes a profit on the losers. There are certain benefits of earning money in this business:
(1). The possibility of speed in the increase of the initial capital.
(2). You begin to earn in a short period of time.
(3). Money is earned legally and honestly.
(4). Modern and secure management system from MOHIO, which allows you to multiply profits and a wide range of other systems.
Offering multiple betting methods can enable your users to leverage the bet type that suits their betting style the most. Having multiple bet types on the platform, not only helps sports betting business owners to provide diverse betting opportunities to their users but also, helps in boosting the engagement of the bettors.
(1). Parley. This involves the link between two or more bets and to win the bet, the Bettor must win all the wagers that are present in the parley.
(2). Diverse Esports Round Robin. These are a series of parleys.
(3). The point spread. This is used to even the odds.
(4). Straight bet. Straight bets allow bettors to bet on one game that supports a total, money line, or point spread.
(5). Outright. The concept of outright betting is simple. Players must place bets on a tournament’s or competition’s outcome.
(6). Money line. Bettors pick the result of a particular game.
(7). Overlander. These bets require punters to bet on under or over a specified number.
Legality Of Sports Betting.
The legality of the business is one of the frequently asked questions in relation to the subject matter. The answer is yes. Sports betting is legal and several countries like; European countries, Argentina, Australia, Brazil, Canada, China, Ghana, Columbia, Philippines, Nigeria, Mexico, New Zealand, Kenya, Peru, Costa Rica, India, South Africa, The United Kingdom, allows bettors to place bets.
How to Open a Betting Shop: Obtain a Gambling License
There are rules and regulations peculiar to every country when it comes to sports betting. There are certain countries and provinces where betting is banned while there are others that have few sports betting businesses, dominating their market. It is important to gather the necessary information about such countries and their provinces, before embarking on a sports betting business.
Marketing Strategy For Promoting Betting Platform Software.
Creating a marketing strategy is an important step to building a successful sports betting business. There are several methods to marketing your business effectively. Social media marketing, affiliated marketing, advertising, loyalty programs, registration bonuses, and refer and earn programs are some of the proven ways to market your sports business.