It is no big secret that betting on sports is taking over the gambling world. With the Kentucky Derby currently going on and the World Cup coming up, the odds and statistics are already flowing everywhere. Many casinos and betting palaces are already filled up with bets. It really is no wonder that betting on sports is a trillion-dollar industry. And, $150 billion dollars of this industry is wagered right in the United States. Sure, everyone wants a piece of this pie, but they are still hesitant about delving into the world and this is completely understandable.
You probably know nothing to very little about the rules, regulations, or where to even begin. So, how can you start your very own sports’ betting business legally?
Understanding Your Available Options
When it comes to sports betting, you really have three different business models that are available to you. In order to choose which best suits your needs, you will need to learn a little bit more about the models available to you.
Land-Based – The first option you have available to you is to open a land-based business. This would most certainly be a long-term investment and would be almost the same thing as competing against major casinos and franchises that are already established. Not to mention that you are going to have to do this in a location where gambling and sports betting is actually legal. You would be looking at some major overheard.
Online Sports Book – Create your very own online sports book and platform, where individuals can gather and gamble on a variety of different sports. You probably want to do this in a licensed market.
Offshore Market – You can also open a sports book in an offshore market. Since this is completely legal, it doesn’t pose the risks of offering illegal betting services to your local neighborhood.
Take Advantage of a Price Per Head Service–In a price-per-head service, most of the work is done for you and the start-up is completely easy. A single individual or small group of individuals could easily undertake this operation, as you simply receive a fee on each customer or bet that you bring to the table.
Making Sure You Are Really Qualified
Do you think the individuals at betting.org just jumped right into the gambling business without considering their skill set? No, because unqualified individuals don’t do well in the sports’ betting world. Before venturing out, you need to truly make sure that you meet the qualifications. It is not like you need a business degree, but there are some simple skills that are needed.
Understand the Math – Once again, you don’t really have to be a mathematician, but you do need to understand the concept of probabilities. In fact, sports betting is all about numbers and probabilities. If you want to successfully make it in the business, you need to understand the concepts of each.
Know Your Business Administration – Time and management are without a doubt two of the most important things that go into any business. If you don’t know how to prioritize tasks and use your time effectively, you might as well not even try. Certain tasks will be more important than others and they will need to get accomplished before moving on. It will be up to you to discover these tasks and how to go about completing them in the most effective manner possible. You will also need to have knowledge about accounting, customers service and data management for smooth business operations.
Know the Sports – It might seem like an obvious step, but you would be surprised to learn how many individuals get into the sports betting industry without knowing anything about sports. If you want to start a casino online that attracts sports fans, you don’t have to have the knowledge of a recruiter or a seasoned gambler, but it does help to know how gamblers think. What do they like? What excites them and what types of bets are they interested in making?
Get Your Funding
Regardless of the type of business you are going to start, you need to have secure funding for it. It is highly likely that you will not be able to rely on the money of your customers’ bets to keep you afloat until you start making profit. And, this is not to even mention the fact that you might have to pay out some winnings, which could potentially put you behind. This is why it is imperative to get funding from investors, look for a business partner, or consider taking out a feasible business loan.
