How to be a bookmaker
I Want to Be a Bookie, How Much Money do I Need?, Bookmaker’s GuideThere are a lot of misconceptions about bookmakers, I suppose this is true of almost every profession if you were to ask me what an investment banker does, I would probably quote some movie plot; but, I know most movie scripts are not accurate representations of reality. And this is particularly true of online bookies, some of the most honest and hardest working guys in this industry are small independent bookies trying to carve out a niche on the internet. With little resources and a lot of competition, becoming successful in this field is extremely hard. There is no definitive list of steps to becoming a bookie , there is no magical formula, but there are some factors that improve the chances of success, if you are an aspiring bookmaker, then you need to read this. If you thought becoming an online bookie was as easy as setting up a webpage that requires little maintenance, and it just generates a few dollars a month in passive income, then you are barking up the wrong tree.
How Bookies Cheat
How to become a bookie: preparing for the perils of life in the betting jungle
How do I become a bookmaker? With the betting ring routinely reported to be in freefall since the advent of Betfair, the number of hardy souls prepared to stand in the ring day in and day out is dwindling by the year, but there are still those who are attracted by the way of life and the potential for profit, so if you are among them, how do you go about becoming a bookmaker? Adrian Pariser, better known to racecourse regulars as Sam Harris, is one of the old school whose links with the industry were passed down by inheritance. In those days you had to go through a magistrates' court to get your licence and then renew it every few years but, as I recall, because I was just carrying on the family business there were no great problems getting a licence of my own. Robin Grossmith, year-old director of the Federation of Racecourse Bookmakers, has seen many in his profession come and go.
You could work
If you are seriously interested in becoming a bookie then it is important to know how much money one should have in order to begin this business venture. The exact amount of money that you will need to become a bookie can actually vary and that mainly depends on how many players you plan to have betting with you and how much you plan to allow them to wager on each game when you begin. Yes over the long-term players are going to lose when they gamble on sports, however, you always need to be prepared to have money on the side for the weeks that they do end up winning. Players are going to win sometimes, and they have to win sometimes, otherwise, they would never continue to play week in and week out. Also if they lost every single week then they would quickly run out of money to bet with, which is not exactly what you want because then they will not be a long-term player. For a player to win say 3k in a week and bets 1k a game that would mean he only would have to win 3 games a week or just be up 3 units during that week which is not unlikely.
In gambling parlance, making a book is the practice of laying bets on the various possible outcomes of a single event. The term originates from the practice of recording such wagers in a hard-bound ledger the 'book' and gives the English language the term bookmaker for the person laying the bets and thus 'making the book'. A bookmaker strives to accept bets on the outcome of an event in the right proportions so that he makes a profit regardless of which outcome prevails. See Dutch book and coherence philosophical gambling strategy. This is achieved primarily by adjusting what are determined to be the true odds of the various outcomes of an event in a downward fashion i. The odds quoted for a particular event may be fixed but are more likely to fluctuate in order to take account of the size of wagers placed by the bettors in the run-up to the actual event e. This article explains the mathematics of making a book in the simpler case of the former event.