The world of gambling is absolutely booming! Estimates suggest that the industry’s worth is expected to hit an all-time high of $516 billion by 2030.
Becoming a bookie can be a great way to make money off of your favorite sports, especially as apps and websites make the betting process easier.
At the same time, you’ll need to avoid some major mistakes if you hope to hit it big. Here are five of the most common bookie mistakes to watch out for.
1. Failing to Understand The Subject
Becoming a bookie for a quick payday might seem like a good idea, but you’ll end up losing a ton of cash if you lack a proper understanding of the topics you’re betting on.
The good news is that you can bet on just about everything, from sports to reality shows and even politics.
Whichever path you choose, make sure it’s one you understand from an insider’s perspective. That way, you can create fun and unique scenarios when setting betting odds and creating a list of updated gambling events.
2. Ignoring Local Guidelines
While the general attitude toward gambling has taken a favorable turn, there are still regulations in place that you’ll need to follow, particularly if you’re in the United States.
Each state has its own laws. For instance, you may need to register with an advisory board before opening your bookie account.
3. Not Setting Betting Limits
This is one of the more common bookie obligations that gets ignored. While betting can be a fun and exhilarating hobby, it can also be dangerous under certain circumstances. Gambling addiction is a real affliction that can ruin lives.
To keep things light, don’t forget to place betting limits — both upper and lower — on each betting period.
4. Waiting Too Long to Distribute Winnings
As pointed out in the article ‘how to be a bookie for dummies‘ the point of your endeavor is ultimately to make as much money as possible. That means keeping customers.
The easiest way to ensure players return to your site is to dole out their earnings in a timely manner.
The sooner you can deliver the results, the better.
5. Forgetting to Advertise
Of course, to have returning customers you’ll need customers in the first place. Think about how you want to advertise.
While you can use some of the most successful apps and websites as examples, you won’t necessarily want to replicate their strategies. After all, you likely only have a fraction of the money these corporations do.
The best course of action is to go where your audience is. If you’re looking to start sports betting for instance, you’ll want to advertise on sports forums and news sites.
Avoid These Common Bookie Mistakes
Starting your career as a bookie takes some practice. And while you’re bound to make a few mistakes, try and avoid the common bookie mistakes listed above. You’ll save a ton of frustration and money.
For more advice on working as a bookie, make sure to check out the other content on our gambling blog!