Learn How to Open an Online Sportsbook
How to open a sportsbook without breaking the bank
Starting Your Own Sportsbook
Learn how to open a sportsbook from A-Z just like I did. I was in Las Vegas a few months ago and I thought ot myself, How cool would it be to take bets and make money from it.
So I decided to give it a shot and boy, this was much harder then I thought it would be. First off, I thought that I just needed a little cash, grab the betting odds from a website and start taking bets from my friends.
Well, I found out real fast that my friends who bet on sports thought I was nuts. They said that they dont mind placing a bet with me but seriously, if they have to call me and ask me about the odds on a game everytime it would get really old. This aint the 70s where they have to call their bookies using code words.
So what I needed was a sports betting website. I can do some coding, how hard could it be right? Wrong, creating a website that is constantly updating sports betting odds, that can keep track of all bets and customers was way beyong me. So now what? Should give up now?
The Sportsbook Pay Per Head SolutionAfter asking a lot of people and going on gambling forums, websites and websites I came out with 2 possible solutions that were within my price range. The first was a white lable sports betting software and the second solution was to use a sportsbook pay per head service. In the end I chose to use the Sportsbook pay per head solution because it was cheap.
A sportsbook pay per head is basically leasing a company's online sportsbook where your players will have access to all of the features of the sportsbooks. Once you sign up for their service, they give you a website that your customers can use to place their bets. Most sportsbook pay per head providers will offer the following services for your players:
- Sports betting
- online casinos
- Horse Racing
- Live Dealer Casino
On the other side, you are able to manage all of the people that bet on sports with you. This includes things like they type of games they can play, beting limits and so on.
The only thing you have to do is pay the pay per head provider a weekly fee for each player. This will vary depending on the company but I have seen them as low as $5 per bettor and as high as $20 per bettor.
Managing Your Sportsbook
So making the online sportsbook was pretty painless so the hard part is managing it. Did you know that you have to pay your customers when they win their bet? I kid you not, its true. In order to make my sportsbook work, I had to make $50 the max bet allowed for my clients and had to limit them to $500 win limit a month betting limit. This is because, I couldn't afford to pay my players a lot of money if they all decided to win their limit on the same month.
I've been doing this for about 6 months now, and to be honest, I get lucky to make $200 a month from my 5 guys. At least, its not taking any of my time. The sportsbook pretty much runs itself with the pay er head service. Since I meet my buddie at least once a week just to hang out, I dont need to go out of my way to give or collect money.