Often, I write information about how to make money as a sports bettor. Some professional bettors are able to turn a long-term profit, but there's no doubt that it's hard to do.
Navigate to the Sportsbet Homepage, click on 'Join Now' on the top right-hand corner of the page. To create a new Tennessee smartphone sports betting account or not? The law in Tennessee says you can't have more than one active account with a particular sportsbook. Therefore, it's important to know whether you have an account with a specific operator already.
But learning how to beat the bookmakers isn't the only way to make money in the sports betting world. The bookmakers are the ones making most of the money, so you could consider starting your own bookmaking business.
The problem with this is that the legal issues and cost often make it difficult or impossible.
But there's another way you can make money in the sports betting world. What if you were able to sell sports-betting tips and advice to others?
If you want to know how to start your own business selling sports picks, I've compiled a guide to help you get started.
The profit potential can be big. For most bettors, it can offer the chance for far greater profits than betting on games.
If you can find 100 people willing to pay you $100 a month for picks, you can make $10,000 a month. Or you can make the same if you can find 1,000 people willing to buy picks for $10 a month.
The number of sports bettors making $10,000 a month is small, but if you know how to market your services, you have a real chance of making money with less risk than betting on games.
Models
One of the first things you need to do is decide which model you plan to use to sell picks. The three main models are:
- Subscription – In the subscription model, your buyers pay a set fee, usually on a weekly or monthly basis, and receive a set number of picks each term. This is a good model for ongoing income, because once you get someone signed up, you just have to keep them happy to keep the money flowing.
- Package – A package is somewhat like a subscription in that you sell more than one pick at a time. But it's usually a one-time fee for a package of picks. A common package is for all of the NFL games for the week or all of the MLB games for the day.
- Individual – Selling individual picks is just like it sounds. You sell your pick for a particular game. This can be by the game of the week or by offering a series of games where your customers can pick the individual games they want picks for.
Of course, you can use more than one model, or a combination of models. And these aren't the only ways to sell picks. These are just the most common.
One model isn't necessarily better than another, and once you build your customer base, you might want to offer multiple options.
You can have different levels of subscription models and different size packages. A subscription model could have a silver, gold, and platinum level, where the silver members get 5 games a week, the golds get 10, and the platinum members get 20.
If you sell packages, you can sell a set package with specific games, or you can sell a package of credits, where your customers can pick a set number of individual games they want picks for.
The model you use is up to you and depends on how you want to run your business. I suggest starting with one model and expanding from there.
I prefer the subscription model, because if you do a good job keeping your bettors happy, you can predict your income from week to week or month to month, and you only have the marketing cost of acquiring the customer the first time.
Marketing
The thing that makes or breaks your ability to make money selling sports betting picks isn't your ability to pick winners. The most important thing is your ability to market your services and acquire paying customers.
You can use a wide range of marketing options to build your business. Here are a few ideas to help you get started:
- Social Media – It seems like everyone is on social media of some sort these days. People spend a great deal of time on Facebook, Twitter, Instagram, and a host of other media platforms.
The biggest issue with building your sports betting customer base on social media platforms are the cost and the terms. Some social media outlets avoid gambling-related ads and services, and the ones that allow gambling ads have a competitive market that drives the prices up.
- Print – Print advertising is available in a wide range of options, including newspapers and magazines. Just like with most forms of advertising, you need to keep a close eye on your costs, but if you can figure out the formula for making more than you spend, print advertising is plentiful, so you won't run out of places to advertise.
- Radio – Radio isn't one of the most popular forms of advertising, but many sports bettors are radio listeners. They listen to games and sports talk radio, so if you can buy radio spots during games and/or on sports talk shows and stations, you can reach your target market.
You can find thousands of radio stations that are looking for advertisers, so you have plenty of options.
- Television – Sports bettors watch games on television and follow sports news on stations like ESPN. You sometimes run into the same challenges as social media, as television stations can be afraid of running gambling-related advertising.
- Pay-Per-Click – You can run pay-per-click ads, also called PPC, on the internet. Search engines like Google and Yahoo sell ads where you only pay when someone clicks on your ads. Read the terms and conditions to find out if they take gambling ads.
- Your Own Website – You should create your own website if you want to sell sports picks. But creating a site is only a small part of the battle. You still need to get potential customers to the site. You can drive traffic to your site using the other forms of marketing listed above and learn some basic search engine optimization (called SEO) strategies to get search engine traffic.
In order to succeed, you need to be able to get potential customers to your site. You need to explore these marketing options and any others you run across to see if you can profitably get new customers.
When you figure out how to acquire new customers for less than what they pay you, your new business has a chance to grow and create a long-term profit.
If you continually need to find new customers, it can be costly, so try to maximize the value of each customer you get. You can maximize the value by increasing the amount they spend on their first purchase and by getting them to continue spending money after their initial purchase.
Delivery
The next thing you need to consider is how you plan to deliver your picks. You have a few different options, and the technology available today makes it easier than ever. Here are the most common options:
- Email – Email is the best way for most pick sellers to get started. All you need to do is get your buyer's email when they sign up, and then add them to your list. You can get email list software that makes it easy to manage your list and still sends emails for free.
- Private Website – You can also set up a private area on your website that people have to log in to access. You can post your picks to the private area, and each of your buyers can have a separate login and password to access the picks.
- Answering System – You can record your picks on an answering machine or through a cell phone voicemail system. This becomes complicated when you sell different picks and packages, and how do you keep someone who drops your service from continuing to call and get your picks? You can find ways around this, but this isn't the way I'd get started.
- Fax – Fax delivery is not as popular as it once was, but some people still use it. Even if your buyers don't have a fax machine, some of them can receive faxes as email now. I don't recommend using a fax delivery system, because email and a private website are easier to set up or have set up, and most people who bet on sports at least know how to use one or the other.
If you don't know anything about setting up websites and private areas online, I suggest using email to get started. If you can get a private area set up, it can be better than email, because you don't have to worry about your emails not getting delivered or being put in a spam folder.
You can also offer a combination of both email and a password-protected section of your site, so your buyers can use whichever method they prefer.
Pricing
A big decision needs to be made about how much you plan to charge for your subscription, picks, and packages. If you research the prices charged by current pick sellers, you can find prices ranging from a few dollars to hundreds of dollars.
To some degree, the less you charge, the more likely someone is to try your services, but this isn't 100% accurate. People decide to spend money for a variety of different reasons, and sometimes it takes just as much effort and money to get someone to buy at a lower price as it does at a higher price.
You need to charge enough so that you can afford to advertise to get new customers, but you don't want to charge so much that many people can't afford to buy. This is something that many businesses struggle with.
In business, you want to be profitable and maximize the profits, but finding the right mix is challenging. The best thing to do is test as many options and price points as possible to learn where you can make the most profit.
Most people don't think anything about spending a few dollars a day on coffee, or cigarettes, or the lottery, or something else. Most of us have something we spend money on without thinking about it.
If you spend $3 a day on something, that adds up to around $90 a month. This is a decent estimate of what you might be able to charge your customers, if you can convince them it's a good deal. I see many pick subscriptions and packages around $100 a month.
Of course, I see many at much higher prices, too. Part of your price strategy involves your target customers. If you target the average weekend sports bettor, you might charge $49.99 a month. But if you target high-end bettors, you might be able to charge $499 a month.
One way to offer something for almost everyone is by providing different subscription levels, or packages with different prices and services attached. An entry-level membership might cost $19.99 a month and provide five picks a week.
The top-end subscription might cost $199 a month and provide 20 picks a week and advanced analysis for some games.
You can set your prices at whatever you want, because there's no industry norm. But you should set them at the point where you can maximize your profits, whether this is from many people at a low price or fewer people at a high price.
One thing to remember is that it's difficult to raise your price for your existing customers. But just because you have some customers paying one price doesn't mean you can't charge more for the same service for new customers.
Do You Have to Be Good at Picking Winners?
Most people think they have to be good at picking winners to sell picks. While it helps if you're good at picking winners, the truth is that if you do a good job marketing, it doesn't really matter.
It doesn't matter if you consistently beat the sportsbooks, because no one is going to buy your picks just because of this. Everyone that tries to sell picks claims that they can beat the books.
You can find all kinds of outrageous claims and fuzzy math to back them up. I've seen all kinds of supposed proof, and after a while it all seems like a sleazy sales pitch.
And once you learn how some sleazy operators work, you're probably never going to buy a pick again. But you don't have to operate like them.
Here's an example:
If you can use effective marketing and advertising to generate a stream of paying customers, you can simply flip a coin when you make your picks. Or you can give half your customers one side of a game and the other half the other side of a game.
Let's say that you can get 400 customers to sign up for a game-of-the-week package for $49 a month. The first week, you give 200 of them one side of a game, and the other 200 the other side of the game. You do the same thing the second, third, and fourth week.
After the first week, 200 customers received a winning pick, and 200 received a losing pick. After the second week, 100 customers received two winners in a row, 200 customers have received one winner and one loser, and 100 customers have received two losers in a row.
After four weeks, you have 25 customers that have received four straight winners, 100 customers that are 3 and 1, 150 customers that are 2 and 2, 100 customers that are 1and 3, and 25 customers that have received four straight losers.
The 25 customers that have received four winners in a row are likely to continue, and the 100 that are 3 and 1 are also likely to continue. You could offer anyone else that doesn't continue their subscription a half-off deal for the next month.
If you can keep acquiring new customers for a reasonable amount of money, you can build a profitable business model and never have to make a real pick.
I don't recommend doing business this way. The reason I showed you this example is so you can see why marketing is more important than being able to pick winners.
Of course, it's best if you can pick winners and learn how to become a good marketer. If you can consistently give your customers good service and winning picks, you can build a solid business that can give you a good profit for years to come.
Do You Have to Be Sleazy?
You just read an example of a sleazy pick seller. A person who runs a business like the one in the example is dishonest, and an argument could be made that they're a thief. They don't offer any true value to their customers.
But the sleaze factor doesn't stop here in the pick selling business. Many sellers make outrageous claims about how great their picks are and how they guarantee winners. They can run a different scam much like the one in the example by offering a money-back guarantee on their picks.
You pay for a pick and supposedly get your money back if it doesn't win. They give half the buyers one side of a game and the other half the other side. When the losers try to get their money back, they get offered a free pick or a series of free picks instead.
Let me be clear about this: you don't have to be sleazy to sell sports picks. Most people aren't going to believe anything you tell them anyway, so why make untrue and outrageous claims?
Set up and run your business in a different way. Try being honest and try to give true value to your customers. Most pick buyers are so used to getting screwed that if they find a seller who gives good service and is honest, they can be turned into lifetime customers.
It's up to you how you set up and run your business, but companies that don't offer any real value to their customers tend to fail. It doesn't always happen fast, but eventually they tend to crash and burn.
It costs so much to acquire new customers that you can't afford lose too many of them once you have them. When you run your pick-selling business ethically and continually offer value, you have a good chance to survive and thrive. It's not a guarantee of success, but it gives the best odds for long-term profits.
Conclusion
If you want to create a way to make money from the sports betting business, consider starting your own pick service. Use this guide about how to start your own business of selling sports picks to get started.
The key is figuring out how to be an effective marketer and offering good service and value to your customers. If you can do these two things, the rest will take care of itself. In this guide, you learned how to pick a model, price your services, and deliver your picks, and the best marketing options to get started.
Now all you need to do is take action. Either build a website or find someone to build one for you, offer a subscription service or package, and start driving traffic to your site
The two most important activities that you should do when learning on how to become a bookie are learning how to acquire players and signing up with a pay per head service like Realbookies.com to take your players' bets automatically with our betting software.
If you are in college and thinking about becoming a bookie, click here to see how a student took bets to pay off his college debts
The bottom line in bookmaking business is:
The more action you write, the more money you make. You will always want to add what you believe are solid players, not only to expand your business, but also to replace those customers who have proven to be bad debt or simply have been worn down by the house advantage.
How To Do Sports Betting
Understanding that the customer who wagers only $100 a game will lose $3,000 to $4,000 over the course of any given season should give you plenty of incentive to hit the bricks. If you use your time wisely, reaching a customer base of 200 or so (a little better than average) should be no problem.
Getting new players is not as simple as advertising in the newspaper or sticking fliers on the windshields of cars when becoming a bookie. Nor can you just go out to the backyard, shake the customer tree, and watch them start falling to the ground.
Steps to become a bookie:
- Learn about the business from blogs and experienced people
- Find players
- Partner with another bookie so that you both win
- Get a great Pay Per Head Bookie Software
- Start running and managing your business
What you have on your side, however, is word of mouth.
'I won $3,000 from my bookie this weekend, and he paid me in full at 10:00 A.M. Tuesday.' If enough co-workers and room mates and drinking buddies hear that, they are sure to say, 'Hey, you think you could get me on with your bookie?'
The best thing you can do to expand your client list is continue to treat the customers you already have with respect, courtesy, and professionalism-and to always pay in full, on time, and in cash.
People like to talk, especially when they just spent their lunch break picking up a sack of money, and if all the talk about you is similar to that above, you will have no problems adding new players.
What if you are starting out with no customers? There are still ways to maximize returns on your efforts. The first step to becoming a bookie is to understand the basic truth that gamblers know other gamblers.
Think back to the first time you talked to a bookmaker. Didn't you know somebody who was gambling and he set you up'? Or were you in the employee break room when one of your co-workers had a sports page out and was checking the lines? Nothing has changed since that time, except that gambling has become more popular than ever.
Should you open shop?
If you are considering opening your own sportsbook operation, odds are you know people who gamble on sports. Some of them are probably looking for a new outlet to wager. I always told potential customers who already had a bookie that if they would try me just one weekend, they would never go back to their previous bookie, and in the 8 1/2 years I was in the business, none ever did.
If you follow the guidelines on this page and conduct your business based on the information here, you will create many ex-customers for other bookies around your city.
You can start a football season with as few as 10 customers, and by the time bowl season has arrived, word of mouth recommendation should swell your pay sheet to 50 or 60.
At that level, even if the customers are small time, you should be employing an office clerk and a fax clerk while still leaving yourself a profit of $100,000 or so for six months of semi-work. Another way to increase customers as a bookie is to spend your leisure time where gamblers spend their leisure time.
But… Is It legal?
Here is a list for places where land-based Sportsbooks are legal. Also, remember that some states have started to loosen up regulations as well.
- Aruba
- Australia
- Bahamas
- Belgium
- Canada
- China
- Costa Rica
- Dominican Republic
- Ecuador
- France
- Guatemala
- Honduras
- Hong Kong
- Indonesia
- Ireland
- Italy
- Japan
- Macau
- Malaysia
- Mexico
- Netherlands
- Nicaragua
- Panama
- Portugal
- Spain
- South Korea
- Switzerland
- Taiwan
- Thailand
- US
- Turkey
- UK
- United Arab Emirates
Basic truth number two:
Golfers love to gamble.
Whether it is a $1-a-hole or $500-for-closest-to-the-pin wager, money changes hands when buddies get together on the links. Visit a golf warehouse or discount store, and the clerk there should be able to provide you with the names of several local private clubs you can join.
Many have stipulations that you have to be sponsored by a current member of the club, but some don't. Find one where the membership fee is only $1,000 or so, plus monthly dues, and join. Besides improving your golf game (never a bad thing), being a member of the club will allow you to meet the other members of the club. Whether it is on the fairway or in the clubhouse, most of these men will enjoy a friendly wager from time to time.
You should be discreet when divulging how you make your living, but a cell phone call from a cart while the other three are deciding which club to use will start the conversation. Being proficient at spades, hearts, gin, etc., will also provide you the chance to meet other gamblers at the club.
Many older gentlemen go to the club every day to do nothing other than sit in the pro shop or locker room playing poker for eight or ten hours. Be friendly, be discreet, and, before long, you will be taking action.
The same basic truth (loving to gamble) applies to most guys who play tennis, but many actually participate in that sport for health benefits, and that is not our focus here.
BARS
Looking for more customers? Select a few bars in different parts of your city and become a regular. This does not mean you also become an alcoholic, as ginger ale or cranberry juice is usually what I order. (Trust me when I say that getting a DUI is not a fun thing, and it is even less so when the arresting officer sees that you have a hundred copies of the official betting schedule in your backseat. That's what law enforcement refers to as a 'clue.' But back to bars.)
When we say select a few 'bars,' I am not talking about a T.G.I. Fridays or Chilis. I am talking about real bars. You know, the kind where when you walk in you can't see anything for a minute or two until your eyes adjust. Real bars don't have 143 televisions. They usually have one above the bar and one in the back room where the card tables are.
Find a few establishments like this and you have also just found a couple more customers. Go in, sit at the bar, and begin watching television. When you curse a basketball player for missing a free throw when his team is up by 17, the gamblers in the joint will know why you are upset. Most likely, they will be the ones to bring up sports wagering. 'Who ya' got?' is a common opener. When you reply, 'I've got something on every team,' the conversation is started, and pretty soon you have another reason to visit the bar.
How To Open A Sports Betting Account Sign Up
Partnering With Another Bookie
Probably the best way to get a lot of customers on your ledger in one motion is an arrangement where another bookie becomes a 'sub-book' to you. It works like this:
Almost without exception, small to mid-size bookies will shut down after the NCAA basketball tournament is over and not reopen until football season starts in August. You should have no problem finding a player who, toward the end of basketball season, is looking for a new place to play so that he can bet on baseball.
The truly amateur bookie will think only of adding one new customer and, while taking on the new guy, will promise not to tell his regular bookie that he has gone somewhere else. What you should be doing in situations like this is not only have him tell his regular bookie about you, but ask that he put you in touch with his regular bookie.
At this point, you can present a no-risk offer to the bookie who is planning to stop taking action for a while. What you propose is that he tell all his current customers that he will be shutting down for baseball, but that if any of them want to get action on the games, he can recommend someone who is staying open.
Explain to the bookie that you will keep a separate record of whatever money, as a group, his customers wind tip collecting as a net winner or paying as a net loser. If they finish the season on the plus side (they won't), you will pay out every penny. If they finish the season on the negative side (they will), you and he will split the profits 50-50.
All he has to do is meet with you each Tuesday morning to get the figures and then go pay or collect from the guys he put on. It will cost him nothing. He will have to do almost no work. He will make money.
Make sure the bookie realizes that in no way are you trying to snake his customers, just make money for both of you. He is planning on being closed anyway and, if he does it his way, he makes zero dollars for the summer.
Do it your way and he makes many dollars for the summer. Abiding by that agreement will, at the very least, be a money maker for a few months for you and the other bookie (now a 'sub-book' to you). What normally happens is the bookie (a lazy creature by nature) will realize that he made a bucket of money for working one day a week, and when August creeps over the hill, will suggest that you two continue the arrangement.
Do this once a year and you will be extremely wealthy. You know the best part of this deal? With the extra money you get from this sub-book's customers, you will be able to more than pay for another clerk, and now you won't be working every day, either.
Becoming a member of a VFW or Eagle's lodge or similar organization is another fantastic way to grow your bookie business. I had been a bookie for seven years when I joined one just north of Atlanta, and within two days, they had taught me new ways to gamble on sports. The bartender was the guy at the lodge who organized all the betting there, and he was confused by it, more than anything else.
He was happy when someone came along offering to help. 'Helping' quickly turned into I had 53 new customers as a result of paying my $200 initiation fee. Besides being served semi-warm beer and having to listen to much more Hank Jr. than I ever knew existed, there was little downside to it.
Finally, I have acquired customers in a variety of other ways. Bookies have died, gone semi-legit, gotten married, gotten scared, or gone to jail (nongambling-related charge).
Hell, one buddy of mine decided that having to work three hours a day was just too much for him. For whatever the reason, if you can beat the bushes and open with even 10 or 12 guys, you will have 50 before you know it.
At that point, you are making a decent enough chunk of change to hire a clerk to work with your pay per head software service. You can then justify making him work all the shifts by himself, as you are out 'recruiting new customers'.
Once you have built up a list, the next move is to acquire the correct software to automate taking the bets and the other every stuff that comes with being a bookie. For that please read on the best sportsbook software to use and the advantages of using a PPH service like RealBookies
If you are a beginer, right now you are wondering where to start acquiring the knowledge that will allow you to thrive in the Bookie Business, start with the Bookmaking Essentials course at Bookie Academy.
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