So you’ve had an amazing run in sports betting – made a killing, moved up the ranks, and now have all the money you need to retire. Or have a baller lifestyle. Or both!
But what’s next? How does one continue to make an excellent living off one’s wits when one is no longer in one’s teens?
If you’re looking to continue your sports betting biz, then this article is for you. It’s a short primer on the steps that you can take to start your own sports betting business. Should you choose to do so.
Step one: Choose your niche
The first step in the process of starting a sports betting business is to choose one’s niche. What will one’s product be? One must look to one’s strengths and weaknesses when choosing this product. Having a clear idea of both is vital to the process.
For example, does one enjoy studying trends and stats in football, and loves a good flutter on the big games? Or does one prefer laying the odd bet on the tennis at Wimbledon, and is quite happy to place a horse racing bet while in the company of one’s friends? One’s strengths and weaknesses can help them choose the right product for the right audience. And the right product will generate the right revenue, and an excellent, profitable business.
By choosing a niche, one also chooses a market. One’s chosen market will dictate the sort of customer they can attract, and the sort of product they can offer. This influences everything from the game selection to the pricing structure. One must keep in mind the sort of customer they are trying to attract, and what is motivating these individuals to part with their money. Is it love of money, or is it joy of betting? One’s chosen niche will provide the insight to choose the right product that will appeal to their customers.
Step two: Determine the laws and regulations surrounding sports betting in your jurisdiction
Upon choosing one’s niche, one must also look to the laws and regulations surrounding sports betting in one’s country and state. Different countries and states have different laws and regulations surrounding sports betting. One must look to the current laws and regulations, as well as those that are upcoming, to ensure that one’s business will not fall foul of the legal system. Knowing the law is vital to operating a successful sports betting business.
Step three: Set up your company with a brand
If one is looking to take the legal route to go about launching a sports betting business, then it is advisable to register with the Australian Securities and Investments Commission (ASIC). This will provide the business with legal legitimacy, and make dealing with the authorities easier, should things go wrong.
Step four: Select your game provider
Having established a brand and gone through ASIC, one can proceed to select one’s game provider. The choice of game provider will influence the sort of games that can be played, as well as the range of betting options that one has access to. One’s game provider will also dictate the sort of clientele that one can attract.
Step five: Open an account with a bank
Having established one’s business, and made the decision to go legal, one can now open an account with a bank. The sort of bank that one chooses will dictate the sort of business loans and lines of credit that one can obtain to further their operations. Having said that, having a good track record and being fully committed to the business will ensure that one’s loan application is accepted with good terms and conditions.
Step six: Obtain a passport And visa
Now that one’s bank account is open, one can proceed to apply for a passport and visa. Different countries and states have different rules regarding who can enter and stay in the country. One must look to their visa situation and figure out how to move forward. One’s passport and visa will allow them to travel to other countries, should they meet the requirements.
Step seven: Locate a place to base the business
One must now consider the sort of location that they would like their sports betting business to be based. There are pros and cons to different areas, and one must consider all the information before making a decision. The decision will influence everything from the pricing structure to the range of games that one can offer. One’s chosen location must have the appropriate infrastructure in place, as well as the necessary licensing and legal requirements. It’s a balancing act between cost and benefit.
If one decides to open a business in a different country than where they live, then this article will not be of much use. One must research the rules and regulations surrounding sports betting in their chosen location before launching their business there. Without legal advice, one can get into a lot of trouble. So it’s better to be safe than sorry!
Step eight: Select an accountant and legal advisor
Now that one has a business idea, and has chosen a country and state to base it in, one can proceed to select an accountant, and subsequently a legal advisor.
Step nine: Obtain a license
Once registration with ASIC and lodging an application with the department of legal affairs, one can apply for a license. Different countries and states have different licensing requirements for operators of this nature. One must look to their state’s legal requirements, and comply with them. This will help assure the authorities that one is abiding by the law, and maintain their legal legitimacy. One can then continue to build their business, and expand their operations while legally operating in the country.
Step ten: Selecting your bets
Having established one’s business, one can now proceed to select their bets. One must consider what sorts of bets one can offer, and what sorts of customers they can attract. Different countries and states have different requirements regarding the sorts of bets that one can offer. One must abide by one’s state’s laws, and ensure that their chosen product is in compliance with them. This will help maintain their legal legitimacy, as well as provide some recourse should things go wrong.
Step eleven: Operate the business
Once one’s license is approved, and one has selected one’s bets, one can begin operating their business. Different countries and states have different rules regarding the sorts of bets that one can offer. One must abide by their state’s rules and regulations, and ensure that their chosen product is in compliance with them. This will help maintain their legal legitimacy, as well as provide some recourse should things go wrong.
Step twelve: Maintain your business
Now that one has a business that is being operated in accordance to the law, it’s time to sit back and enjoy the fruits of one’s labors. One can maintain their business, and expand it by regularly updating their product and spreading the word about their excellent service. Different countries and states have different rules regarding the sort of information that one can share about their business. One must adhere to the strictest local laws, as there are serious penalties for breaking these sorts of regulations.