Have you considered becoming an online bookie?
It’s a lucrative industry that continues to grow with opportunities for gamblers and bookies alike.
But many online bookies struggle to build a successful business and attract new clients. After all, the competition is fierce and there’s now a low barrier to entry for becoming a bookie.
Starting an online bookmaking business will require capital upfront. If you’re not careful, it’ll be you who’ll be gambling away your fortune!
So how do you stand out from your competition?
Here’s what the best online bookies do to succeed with their business:
1. Research the Games
Your first step is to research the games that you wish to offer bets on. As a general rule, you shouldn’t offer games that you aren’t interested in.
For example, if you’re a basketball fan but there’s more money in fantasy football, you should still stick to basketball.
If you don’t have a personal interest in football it’s best to not offer bets for it.
At the same time, it’s not wise to offer bets for unpopular sports. For example, if you love baseball but it’s declining in popularity you should not offer bets for it.
2. Delegate Your Tasks
As your bookmaking business grows, you’ll feel a greater burden with your tasks. Once you feel overwhelmed, this is when your business will take a downturn.
You’ve got to delegate your tasks to others. These tasks include taking calls, answering questions, placing bets, etc.
While this will add to your cost, it’ll pay off in the long-run. The more you delegate, the more efficient your bookmaking operations will be. You’ll be able to take more bets and increase your profits.
We suggest you visit this site for more on online bookie services. You’ll learn how an online bookmaking service can help you delegate your tasks and scale your operations.
3. Market Your Bookmaking Business
As soon as you launch your bookmaking business, you have to start marketing it aggressively.
Even if you only have 1 or 2 regular bettors, you have to present yourself as running a legitimate bookmaking business.
It might start off as your “side hustle,” but you have to give the impression that you want to make this a full-time business.
You can start by printing business cards, flyers, brochures, and stickers for your bookmaking business. Hand these out wherever you go and to whoever you meet.
You can place flyers and brochures at your local businesses. You can also distribute them at malls, shopping plazas, and universities. You can display your stickers on your laptop, car, etc.
Hand out your business cards at every networking event you go to. If you meet anyone interested in betting, make sure you hand them a business card!
4. Create a Business Plan
Before you launch your bookmaking business, you have to create a business plan.
Within the business plan, you have to outline the following:
- How many bettors do you wish to get within the first year?
- How will you stand apart from your competition?
- What are your marketing strategies?
- What’s your budget and maximum expense limit each month?
- What’s your ideal monthly profit margin?
Your business plan is a blueprint, but it isn’t set in stone. In fact, as your business grows make sure you revise your business plan. You can add more goals or alter your goals.
If you find that you aren’t hitting your goals, you might wish to simplify them. While you want to think big, you want to be realistic with your goals as well.
As your business succeeds, you’ll be able to update your goals and aim higher.
5. Collect Data
As you start getting a few bets, make sure you start collecting data on your bettors.
For example, you can calculate the average number of bets each quarter. If you notice that it’s stagnant or decreasing, you have to figure out how to increase this.
If you see that basketball gets more bets than football, you want to put more focus on basketball.
At the same time, you’ll want to research how to promote football bets more. You might want to put more focus on marketing placing bets on football games.
Of course, part of collecting data are your overall and average earnings. You want to see if there’s an upward trend in your earnings each quarter.
Create reports based on the data you collect. Each quarter you should have one session where you look at these reports to plan your strategy. You can update your business plan based on these reports.
6. Customer Service and Experience
You have to make sure you offer great customer service and a great customer experience.
Let’s start with answer customer’s questions. Your website should have a detailed FAQ page to address customer’s concerns about placing bets with your bookmaking business.
You can also have written and video tutorials to guide your customers on how to place bets with your service.
You want to also set up options for customers to contact you when they need further assistance.
Have a dedicated email address where customers can send you their questions.
You should also have a live chat option on your website. As your company grows, you might want to hire support agents to answer questions over the phone.
The next step is to look at customer experience. This refers to a set of practices that makes your customer loyal to your business.
For example, you can send them an exclusive e-newsletter with information on placing bets.
If they’ve been with your business for a year, why not offer them exclusive discounts?
You have to remember that a customer can walk away from a bookmaker at any time. Create an engaging relationship with them so that they stay with yours.
Become One of the Best Online Bookies
Follow these 6 steps and you’ll have no problem with becoming one of the best online bookies!
Make sure you focus on creating your business plan with your goals for your bookmaking service. Delegate your tasks to your team as your business grows.
Put an emphasis on providing customer service and a great customer experience. Always plan to be 10 steps ahead of your competition.
You can also find more great business advice on our website!