College Bookies
More and More College Bookies are Popping Up
Could you be pondering about how to become one of the many college bookies that are popping up? Reports state that a large number of college students wager on their favorite players and teams. Yet, some of them choose to be bookmakers for their colleagues.
They have discovered that it is more lucrative to be a bookie than to depend on winnings. We present to you three tips to be a becoming one of the upstart college bookies.
1. Learn What Being a Bookie Entails
In the current economy, you might not achieve some financial goals if you solely rely on your thriftiness. You might have to use other methods to meet your college needs. This is a leading reason why some students have two part-time jobs.
Most colleges have a broad selection of players, teams, and sports, unlike high schools. This offers you many advantages when you establish a bookie business. It will earn you money to cater for your expenses.
The most famous college sports include basketball, hockey, soccer, and volleyball. So, it isn’t difficult to offer a great gambling service to your college mates. You will easily graduate after learning how to start and successfully run a bookie.
It isn’t compulsory to be a sports enthusiast to own a sportsbook. You can save some money to back wagers that some students lay and provide a strong Wi-Fi connection.
2. Take the Next Step
You can start the bookie once you have mastered what it takes to be an operator. Some students might be eager to wager at your bookie. They can be colleagues, classmates, friends, or relatives.
Raise enough capital to finance, pay license fees, rent an office, pay staff wages, settle bets and have a cash reserve. You can charge each bettor a 10 percent acceptance fee whenever they wager.
Some people call it a bookie fee or vigorish (vig). Also, hire trained odds compilers to create and adjust odds and lines for you.
You can sign up at a popular pay per head (PPH) company. Various PPH providers offer different gambling solutions to independent sportsbooks. For instance, a provider can charge you $10 per week for each active bettor.
The PPH company will offer you exclusive access to its customer support, payment processor, and bookmaking software. Hence, it will save you huge sums of money that you would have spent on building a website, payment system, or software. Besides, such companies have professional websites that they have encrypted.
3. Manage Risks
Each business has various risks. You might encounter some setbacks shortly after launching your bookmaker. They shouldn’t demotivate you but help you make better decisions.
Now, it is easy to be a college bookie in the United States after many states legalized sports gambling. Many college bookies claim that one of the leading risks is gamblers being unable to settle their betting debts. Some of them can be your family members or close friends hence putting your friendship, money, and relationships at risk.
Some college operators increase their gambling credit blindly without assessing their players’ betting patterns. It will be difficult to collect money from bettors who are losing several consecutive wagers on credit, as they won’t manage to pay your money after a while.
As an operator, you need to have a cash reserve to make prompt payouts. Bettors will start losing trust in you if you consistently delay settling winning bets.
You can create a betting limit for each player to reduce this risk. Besides, you can lay off risky wagers to avoid being bankrupt.
Some college students like being financially independent before they finish their studies. Besides, you might have a lot of free time especially if you are a part-time student. Being a college bookie can earn you huge profits if you understand various sports and market your business aggressively.
