How much money do you need to become a bookmaker

Author: hejioshin On: 28.05.2017

If you want to become a bookmaker, what do you need to do? In the current climate, is becoming a bookmaker a career path worth pursuing? In this article we tell you how to become a bookmaker, the pros, the cons and the truth. Our racing expert Stephen Harrisfirst got his license to operate as an on-course bookmaker at the age of 24, way back in the good old days ofwhere the betting ring was still comparatively a vibrant place where most of the action took place. His experience was based on working as a floorman, bagman, tictac at the local dog track and getting talking to a bookmaker who was struggling to make it pay and wanted a "partner".

How to become a bookmaker? Well, as Stephen has told us, the process itself is pretty terrifying, with an appearance in front of local magistrates compulsory to assess whether he was a fit and proper person to carry out the activity.

This has made the prospect of being an independent bookmaker almost impossible, with the costs involved far outweighing the levels of turnover most can expect to achieve. Even those layers who have a headstart on a beginner, such as Geoff Bankspredict that they are a dying breed, eaten up by the larger firms who can absorb the economies of scale that effectively strangles the one man band. So what is the truth for anyone wanting to become a bookmaker in the current climate?

Here we look at 5 positives and 5 negatives, and then consider the cold reality facing anyone who takes the plunge. Doing something as a business, rather than a hobby or a leisure pursuit, totally changes the mindset when it comes to betting. Stephen always felt he was 1.

Become The Bookie

Most punters are not professional, are there for a good night out and the craic, and vary their decisions and bets on what they have heard or how much they are up or down.

The successful on-course bookmaker is consistent and level headed, playing the same every race and pushing harder when he feels he has an edge price-wise. In the old days at least, going against the obvious "crowd" bets, was a route to profit for the astute layer.

How to become a bookmaker: The pros & cons – bettingexpert

Certainly in more vibrant times, the life of the on-course bookie could be a fantastic one. Staying over in different hotels up and down the country, socialising and interacting with like minded players on both sides of the fence, while at the same time earning a handsome living outdoors in the fresh air.

You are also living on your wits every day at work, and there is never a dull moment, certainly when cash is flying about and going 2. Legends of the ring such as Dudley Roberts plied their trade in such times. Certainly in days gone by some bookmakers and families built up huge empires from scratch i. If you get it right bookmaking there is little doubt that it can be an escape from the mundane world of living as a mere member of "the staff" as Ben Keith at Star Sports describes it.

Instead of having fancies and opinions how much money do you need to become a bookmaker bookmaker becomes extremely price savvy and astute. He forms his own tissue, even in the current age where Betfair drives the market and the ring resembles a herd of sheep. His positions are dictated to by finding price discrepancies in what he can lay and what the "real" how much money do you need to become a bookmaker of something happening is. This way he can exploit margins that are often very small and mythical into something more substantial over a long period of time.

He knows there will be bumps in the road, losing meetings, losing weeks and periods of frustrations, but if keeps being consistent and doing things properly he will come out on top in the end. The internet age has opened up a whole new world of opportunity for the forward thinking bookmaker, with access into vast untapped markets of eager punters often used to high margin, state run tote style operations.

Running an efficient web operation, with thousands of betting opportunities every hour, has seen some firms grow treasury and forex management pdf As a one man band it has become virtually impossible to justify operating on-course. Turnover has simply migrated away from the track certainly away from Saturday's and the odd Festivaland the competition from Betfair means that the betting ring effectively cuts its own throat and matches the prices at the front end of the market on fancied runners with no commission for the punter to pay either.

This has seen the ring dramatically shrink with only a few already wealthy operators remaining and the off-course firms maintaining a presence although this is diminishing and there is very little hedging on the course at all in Of course big crowds at the decent meetings on Saturday's still means there are plenty of "part-time" bookmakers who go out at weekends and this is more and more what the game has become, a hobby rather than a full-time job.

Anyone running a business is fully aware of all the grief and hassles that come "with the job", but being a bookmaker really does combine all the 5 dollar top binary option sites 2016 aspects of the commercial world. Furthermore the actions of one major bank to recently close all accounts belonging to bookmakers is a worrying development some layers had a relationship abruptly terminated after over 30 years of banking.

The fact is plenty of bookmakers have led very turbulent lives and it is not always champagne and plenty of readies, many have fallen by the wayside with dramatic effects on their own lives as well as their colleagues in the ring.

Up and down the country stuck in traffic is the reality for many on-course bookies. The daily grind, combined with the cost of travelling has further eroded dwindling profit margins on the layers bottom line.

The days of layers like Barry Dennis standing the favourite for a few grand and having the second in a "taker" have largely gone.

how much money do you need to become a bookmaker

The market on-course has become a bland, rather joyless place, with the same prices offered on every board and price movements dictated by what is happening in cyberspace rather than any cash transactions on the track. Furthermore the decline in turnover on-course means that making a book has largely become very difficult on any scale. Bookmakers have evolved in terms of technology in the past decade, with computerised tickets and boards making the experience of having a bet far more transparent and accessible for the public.

Punters are no longer scared of having a bet and indeed, with the advent of lotteries, scratchcards, TV advertising etc, it has become a normal part of our culture at large.

The ring has to offer something different, whether it is atmosphere, noise, colour or the prized ability to collect your winnings in hard cash from a scowling layer. The current model of mirroring Betfair prices at the front of the market is unsustainable in the long term. On course bookmaking is a rapidly dying profession and anyone wishing to enter it now really needs to pick their punches and invest wisely.

There is little point burdening yourself with expense and aggravation if the marketplace has moved away from where you ply your trade. The forward thinkers now need to develop websites and set themselves up online and try to find new angles to earn a living in an extremely competitive market. However, there are still angles and opportunities with perhaps Star Sports and Geoff Banks two good examples of more traditional bookmakers who are fighting back hard against the combined might of the "machine" and the big, established players.

BankRolling Your Business As A Bookmaker | Become The Bookie

Offering good customer service and having confidence in their own prices and not being completely Betfair led are two clear things to aim at to survive and thrive. We love betting but we think the industry could be a lot better. Read more about us here. The username or password you entered is incorrect.

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How Much Money Do I Need to Become a Bookie?

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We've resent the confirmation email. Tips Hot Tips Tipster Statistics All sports Football Tennis Basketball Ice Hockey American Football Horse Racing Bookmakers Reviews Free Bets How To Academy Facts Transfer News. How To Become A Bookmaker Published: The Truth About Becoming A Bookmaker On course bookmaking is a rapidly dying profession and anyone wishing to enter it now really needs to pick their punches and invest wisely. Head of Localisation at bettingexpert.

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