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How To Open A Betting Shop

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If there is any business that has the largest monetary turn over in the world, it’s the industry of the Bookmaker. The net profit of the bookmaker’s industry, according to what they say, is from 7 to 15%, if not more than. Before pitching your tent in this area of business, you, deciding on which indicator of profitability you are targeting, is the first step.

What Is Sports Betting?

Over the years, sports betting has captured the attention of several business owners and entrepreneurs. Thus is because of the obvious face that, sports betting has emerged as the most rapidly growing/promising industries. Following the research by Eilers& Krejcik Gaming, LLC, in 2017, the sports betting market was worth $270 million, in the United States alone. Sports betting aims to enable bettors earn more money by investing money. It includes wagers, also known as bets in simple terms. Players place bets on the outcomes of several sports such as Tennis, Football, Mixed Martial Arts, Track Cycling, Horse Racing, Basketball, Rugby, Baseball and others.

The Relevance Of The Bookmaker Betting Shop.

Opening a betting shop business, even if the number of shops you have is not much, will still count as a good step to profit making. Investment with a great prospect for years to come can successfully be made. For those who wants to make profits this way, this is a good opportunity to further development since there are no legal alternatives to this. Bookmaker’s provides people a lot of chances to make money by placing bets and the industry itself is fast growing.

Office Space Rental And Staff For Opening A Betting Shop.

In order to open a suitable betting Shop which would allow for people to place bets, a room with an area of 20sq.m is required, and if you are running on a minimum budget, from 10sq.m is possible. The place must be spacious enough to accommodate at least, one work place with a table and a computer for a cashier. At least, one employee (A cashier), should be in the work place. The rent shouldn’t be high as there is no need to spend on this level of profitability.

Tips For Office Space Selection.

(1). First floor, front of the street, not a residential building.
(2). Preferably a popular and passing place.

Equipments For The Bookmaker Betting Shop.

The necessary equipments for starting a bookmaker’s office is not so expensive and can easily be gotten with some thousand dollars. Here are some required equipments from MOHIO:
minimum technical requirements;
* Display 17″ (15″) TFT screen (anti glare glass fitted).
* Touch Screen 17″ (at least 15″).
* Ram: 4GB.
*CPU: 2.2 GHz dual core.
* Hard Disc Drive: 160GB.
* Graphic Card: 2GB.
* Certification: 2xNVIDIA -S- video, VGA, DVI-I out.
* Video card should have a lot of VGA/DVI/HDMI.

Computer Peripherals
* Thermal printer ( print with 80mm)>
Examples:

  • STHR TSP 100
  • Posiflex (6800, 7000)
  • EPSON (TM 88)
  • Barcode scanner (should support code 943 and 128 in default). Examples;
  • Honeywell ML 2107
  • Symbol LS2208
  • Metrologic MS9520

Basic Terminologies in  Betting

These terms will help you understand the sports betting and industry better.
(1). Action: the activity of placing bets.
(2). Punter/Bettor: this is the person who places bet.
(3).Sports book/Bookmaker: an establishment that accepts bets.
(4). Wager: any type of bet placed on the specific outcome.
(5). Buck: a buck is a $100 bet.
(6).Dime: this is a $1000 bet.
(7). Exotic: any bet that is not straight bet.
(8). Future: this is placing bets on a long term winner of a particular sport.
(9). Live betting: betting on events in progress.
(10). limit: the maximum amount of bets allowed on a sports book.
(11). Nickel. a $500 bet.
(12). Stake: the sum of money wagered on a specific outcome of an event.
(13). Sharp: a professional punter.
(14). Underdog: the side that has the chance to lose in an event.
(15). Ticket: a receipt for the confirmation of the bet placed.

How A Bookmaker Makes Money On Bets.

Rules and principles guiding the Bookmaker office are simple. Everyday, the Bookmaker presents its list of quotes for various sports (including virtual) events. Each of them has its own specific coefficient by which the winnings are calculated. In line with this coefficients, the Bookmaker accepts bets and then, pays out to the winning players who have guessed the result, or (more often), makes a profit on the losers. There are certain benefits of earning money in this business:

(1). The possibility of speed in the increase of the initial capital.
(2). You begin to earn in a short period of time.
(3). Money is earned legally and honestly.
(4). Modern and secure management system from MOHIO, which allows you to multiply profits and a wide range of other systems.

Bet Types In Sports Betting

Having multiple bet types on the platform, not only helps sports betting business owners to provide diverse betting opportunities to their users but also, helps in boosting the engagement of the bettors. Offering several betting methods can enable your users to leverage the bet type that suits their betting style the most. Some of these methods are:

(1). Parley. This involves the link between two or more bets and to win the bet, the Bettor must win all the wagers that are present in the parley.
(2). Diverse Esports Round Robin. These are a series of parley.
(3). The point spread. This is used to even the odds.
(4). Straight bet. Straight bets allow bettors bet on one game that supports a total , money line, or a point spread.
(5). Outright. The concept of outright betting is simple. Players must place bets on a tournament’s or competition’s outcome.
(6). Money line. Bettors pick the result of a particular game.
(7). Overlander. These bets require punters to bet on under or over a specified number.

Legality Of Sports Betting.

The legality of the business is one of the frequently asked questions  in relation to the subject matter. The answer is  yes. Sports betting is legal and several countries like; European countries, Argentina, Australia, Brazil, Canada, China, Ghana, Columbia, Philippines, Nigeria, Mexico, New Zealand, Kenya, Peru, Costa Rica, India, South-Africa, The United Kingdom, allows bettors to place bets.

Obtaining Gambling License.

There are rules and regulations peculiar to every country when it comes to sports betting. There are certain countries and provinces where betting is banned while there are others that have few sports betting business, dominating their market. There are also some countries and provinces where offshore sports betting is legal. Hence, it is important to gather necessary information of such countries and their provinces, where you are planning to set your sports betting business.

Marketing Strategy For Promoting Betting Platform Software.

Creating a marketing strategy is an important step to building a successful sports betting business. There are several methods to marketing your business effectively. Social media marketing, affiliated marketing, advertising, loyalty programs, registration bonuses, refer and earn programs, are some of the proven ways of marketing your sports business effectively.

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