How To Take Bets

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I recognize that this sounds very fuddy-duddy, but I hate to see the burning anger of the masses squandered on what amounts to a doomed attempt to beat the house with a series of bets. You can’t hurt the gangsters at the capitalist casino by shuffling the chips around to different bets. You take their chips off the table. No broker can give stock bets that can multiply your investment by 10x or 100x. An avid admirer of Raamdeo Agrawal is giving his 10x and 100x ideas on his twitter handle: @niftygranmaster using fundamentals and technicals. Always there exist stocks that can turn your 1 lakh to 1 crore, it is investors who fail to identify them.

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.

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:

1. Learn about the business from blogs and experienced people
2. Find players
3. Partner with another bookie so that you both win
4. Get a great Pay Per Head Bookie Software
5. 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.

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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According to a study by the American Gaming Association, 38 million American adults planned to bet on the 2019 NFL season. That’s 15% of the adult population, betting only on professional football. That’s a huge potential client base.

It’s nice to win bets, but the guaranteed money is in bookmaking. Once you see the profits from betting explained, you won’t want to be a gambler anymore. You’ll want to be a bookie.

What Do Bookies Do?

Before looking at how bookmakers, or bookies, get paid, it’s worth considering what bookies do. In other words, why should bookies get paid at all?

A bookie is someone who facilitates gambling. They make it possible for people to place bets by:

• Setting the odds (and sometimes changing them, but more on that later)
• Accepting and placing bets
• Paying out winnings

In popular culture, bookies are often shady figures. There are countless movies where a bookie sends some goons to break some problem gambler’s knees after he can’t pay.

Real bookies are nothing like that, especially now that sports gambling is legal in many places. Even with legal gambling, most bettors still place their wagers with local bookies. If these bookies broke knees, they would quickly lose all their customers.

In reality, a bookie is just a person who makes it possible for you to gamble. Like anyone else who provides a service, they exact a fee for it.

Betting Explained: The Vig

The fee that bookies charge is called the vigorish, or the vig. People also call it the juice, the take, or the margin. Because bookies usually don’t place bets themselves, they make their money from this extra fee they charge on every bet, win or lose.

The place you can see the vig the clearest is in the moneyline for a particular game. Let’s use a football game, Eagles versus Bears, as an example.

Suppose the Eagles are the home team and are the favorite to win the game. The point spread for the game might be Eagles -6.5. That means the Eagles must win by at least seven points for you to win your bet, or to “cover” the spread.

But, the betting line will also include the moneyline. As the favorite, the Eagles are probably sitting at -110. That means if you bet $100, you would only win $90 (in addition to receiving your original bet back). If you wanted to win $100, you’d have to bet $110.

The easiest way to think about the moneyline is the amount you would have to bet to win $100. In this case, that extra $10 is the vig or the fee for the bookie.

There is no standard vig. The most common one is -110 (in other words, an 11 to 10 advantage for the bookmaker), but that varies depending on the game, the teams, and the bookmaker.

The moneyline could even go the other way. If the bookie wanted to encourage more people to bet the Bears, they could set the moneyline at +110. That means for every $100 you bet, you would win $110.

Balancing the Book: Betting Lines Explained

Because bookies make their money from the vig, they want to encourage equal numbers of people to bet on each side of a game.

From our example, they want the same number of people to bet the Eagles and the Bears. The bookie will not have to cover any winning bets himself and can pocket his 10% profit.

With sports gambling, there are two ways a bookie can adjust which side people bet on: shifting the point spread or shifting the moneyline.

Suppose after the bookmaker set the point spread at Eagles -6.5, most people placed their bets on the Eagles. The bookmaker, seeing this, would move the spread to Eagles -7.5 or higher to encourage people to bet the Bears.

Again, the bookmaker wants to get the bets on each side close to even to avoid an unbalanced book.

On the other hand, if the bookmaker did not want to move the spread, he could shift the moneyline down to -120 or -130. Then the payout for winning a bet on the Eagles would be lower (which is the same as having fewer bets).

Bookmakers want a balanced book, so it’s imperative that they set the right line, or adjust it as more bets come in. The volume of bets helps too: the more bets that come in, the more likely the bookie will adjust the line correctly.

Because the line is so important, the biggest bookmakers will have teams of statisticians helping them create and adjust their lines. They also recognize strong, or “sharp”, gamblers and respond to those bets by shifting the lines.

Most neighborhood bookies do not set their own lines. Instead, they rely on bookmaking services or copy lines from larger bookmakers.

What the Vig Means for Gamblers

People placing bets should never lose sight of the vig, especially if they hope to make money over the long term and not just on single bets. It changes the break-even point for betting.

With a -110 Moneyline, each time you lose a bet, you lose $100. But, each time you win, you only win back $90. Your wins are insufficient to cover your losses if you are betting the same amount each time.

In other words, the break-even percentage for winning is no longer 50%. Instead, it’s higher, maybe around 53% or 54% depending on the exact vig. Given bookies set betting lines to encourage equal play on both sides, it’s actually pretty easy to win 50% of your bets.

But, a sports gambler who wins half their bets will soon run out of money. Gamblers must win enough to cover the vig, hopefully with some profit left over.

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The nice part about being the bookie is that so long as you set the right lines, you’re no longer gambling. It’s just math: the winners and losers cancel each other out, and you pocket your fee, every time. That’s betting explained for bookies.

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But, just because it’s simple doesn’t mean it’s easy. Otherwise, everyone would do it. Luckily, the right pay-per-head sportsbook service can help you start and grow your sportsbook as an independent bookie.

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