People love watching, reading or listening to live sporting events, and social media platforms such as Twitter and Facebook enable fans to engage with sporting teams, players and tournaments through real-time commentary, polls and interactive live chats.
Live betting is a growing market and with the right tools and approach, you can take advantage of this trend.
Here we’ll outline how you can use a betting system on StreamElements, a live sports streaming platform which you can try for free before making a purchase decision.
Set A Profit Margin
While you can enjoy live sports without setting a profit margin, at least it’s not quite as exciting when you’re actually trying to make money from it. Setting a profit margin is essential to understand when betting, as it determines how much you can gain or lose from any given wager. For example, if you set a 10% margin on all wagers, you will only gain or lose 10% of the total wager amount (before tax). Anything above that will be profit, and anything below that will be a loss.
If you’re new to the world of betting, risk and loss management, it can be tricky to know how much to set your profit margin to. Understanding variable vs. fixed odds and the impact of the vigorish (or commission) can help. Most sportsbooks will provide you with a range of odds (the longer the odds, the higher the volatility/risk) and a vigorish amount (commission) to enable you to set your desired profit margin. For example, you may decide to set a 5% to 6% margin with 2.5% to 3% vigorish, if the odds range between 2.00 and 2.20.
Build An On-site Betting Hall
An on-site betting hall brings with it several advantages. First, you can control the environment of the betting experience (i.e., the temperature, lighting, noise, etc.), which can enhance the thrill of betting. Second, you eliminate all distractions, enabling you to focus solely on the game. Third, you can reach a larger audience, as people are more likely to visit a site where they can place bets, rather than just watch a livestream of a sporting event.
However, creating an on-site betting hall also presents several challenges. First, you will need to have the venue licensed in your state, as state law generally prohibits gambling. Second, you must have a secure and reliable electricity supply, as power outages can disrupt the betting experience. Third, it’s difficult to regulate and control the flow of money on-site, leading to more risk exposure. Fourth, collecting and handling cash in large amounts inevitably leads to more opportunities for theft and fraud. Lastly, you will need to have someone on staff who is specifically trained in handling large quantities of money and can act in an appropriate and legal manner at all times.
Given these challenges, it’s essential to evaluate whether creating an on-site betting hall is worth it. The answer, simply put, is yes – in some situations it can be the better option.
Create An Off-site Betting Hall
An off-site betting hall is, in many ways, the opposite of an on-site betting hall. It can be located remotely (perhaps even across the country), which enhances the thrill of placing a wager. It also isolates the risks of running a gambling operation, as there are numerous legal and regulatory complications that could arise. Finally, having an off-site betting hall enables you to reach a much larger audience, as it may be harder for people to avoid hearing about or seeing advertisements for your operation.
However, having an off-site betting hall also presents several challenges. First, it’s difficult to regulate and control the flow of money and data off-site (especially when transacting via the internet or mobile phone), leading to more risk exposure. Second, it’s difficult to ensure that enough legal protections are in place to satisfy you and your customers (for example, you may need to be registered as a credit card merchant in some states, or you may need to obtain a license in order to take bets). Third, it’s not always easy to find a suitable venue that has the proper licenses and is within your chosen budget.
One more thing to consider when deciding between on-site and off-site betting halls is whether you want to bet on sports with American teams or teams from other countries. If you’re betting on American teams, you may want to consider setting up an on-site betting hall, as there are more legal complications when betting on teams from other countries (especially when it comes to advertising and getting paid timely).
Use A VPN To Ensure Privacy
A VPN is a virtual private network that enables you to securely and privately access your desired internet content, regardless of where you are located. Using a VPN ensures that your internet activity, both in and out, is 100% private and authenticated, meaning that no one, including the government, can listen in on your conversations, view your emails or track your activity online. It also prevents third parties from impersonating you or gaining access to your personal information – including your bank account and credit card details.
Plenty of VPNs are available to download for free, and most providers offer sufficient features to enable you to securely access your content, whether you’re at home, at work or on the go. For example, you may want to consider the SOCKS5 proxy protocol, which allows you to set up a VPN server on your network (such as your router or modem), then connect to that server using the VPN clients listed above.
Choose The Right Betting Platform
There are several different platforms that you can use to place bets, all with their perks and quirks. For example, you may want to consider using a website (such as Bet365 or BOVADA), as they are often more convenient for placing wagers (especially if you’re on the go). Using a website also means that you have the opportunity to place bets on a large number of sports, as the website operator will have to license sports in order to offer coverage in your area – something that’s not always available on streaming platforms such as Twitch.
On the other hand, using a streaming platform such as Twitch means that you can easily watch live sporting events (with commentary) and take advantage of real-time odds updates. Most major league sports events, college football, college basketball and other major sporting events are available on-demand on streaming platforms, as well as in HD quality, which further enhances the betting experience. If speed and convenience are your top priorities, then Twitch is the clear choice.
Create Regular Gaming And Entertainment Dates
Regular gaming and entertainment dates are important for many reasons. First, they allow you to regularly engage with your fans, promoting your channel and enticing people to come back for more. Second, they allow you to monetize your content (perhaps even generating additional revenue), as people are more likely to purchase goods or services after watching an entertaining show or playing a game. Third, they can be a great celebration of achievement, whether you win or lose.
Unfortunately, running a gambling operation is a lot of work, and not everyone is suited for the task. If you’re looking to take the plunge and establish a fully operational gambling operation, then you may want to consider speaking to an attorney who can advise you on the legalities surrounding gambling in your state. In most situations, state law prohibits people from gambling, which makes it quite the risky endeavor to operate a gambling business – regardless of whether you’re in Vegas or Bangor.