Now that the World Cup is over it’s time to move on, but until the next Summer Olympic Games we can still follow the sports which are available for betting. Setting up a sports betting business is a lot easier than you would think and with careful planning and research you can be up and running in no time at all.
The Basics
The first and most essential step to taking up sports betting is to determine whether you want to be a full-time or part-time entrepreneur. You will need to decide how much time you can commit to the business and whether you want to be 100% hands on or would prefer to hire staff to help you. Remember, you are starting a business from scratch so you will need to ensure that you have all the necessary licenses and insurance coverage in place before you begin operating.
If you decide that you want to be a part-time entrepreneur then the next step is to determine the amount of capital you have access to in terms of savings, debt, and other liquid assets. Ideally, you would like to have a small amount of money ready to use as cash flow but you should also be aware that this may be difficult to do if you don’t have any collateral. Having some form of collateral will help ensure that you can get the funds to meet your obligations as they come due.
Location
One of the most important considerations when opening a sports betting business is to determine the location that you will open your books in. This is particularly important if you decide to do business online since you will require a place to accept wagers from and customers. Remember, the location that you choose will have a lot to do with your long-term success as a bookmaker so take your time choosing the best possible spot. Check out the nearby hotels and consider the travel options in terms of getting to and from work as well as whether or not you want to spend money on gas. You should also think about whether or not the location you choose is legally allowed to operate a betting business. Some places, like Nevada, will allow you to set up shop whilst others, like New York, may not. Check the local regulations first before making any decisions.
Another important consideration when choosing a location is whether or not there is adequate bandwidth for you to run your business. This will determine how much data can be processed online and whether or not you can have all of the games you want streamed to your customers. Many large cities have extremely high internet traffic which can make or break your business’ performance. Check out the local speed tests to determine how fast your website is loading and if there are any noticeable lag times before making a decision.
Customer Service
One of the most important things to consider when setting up a sports betting business is to decide how good of a customer service plan you need in terms of both style and depth. You will need to think about whether or not you want to be the kind of firm that is straightforward and easy to deal with, or the kind of firm that provides a personal experience for each and every customer. If you decide that you want to provide a personal experience then you should look into whether or not you can offer discounts to veterans, active military personnel, and their families. Make sure to advertise your customer loyalty programs via social media and encourage your existing customers to participate. They will love you for it.
Deciding the type of customer service you will provide is important because, depending on how good of a customer you can retain, you will either need to expand or contract your operations. If you decide to expand then there is obviously more work to be done in terms of hiring additional staff and/or buying additional equipment. If you decide to contract then you can either choose to shut down certain operations or scale back your efforts in terms of marketing and advertisement. It’s important to think about whether or not you have the staff and equipment you need to handle the volume of business you will inevitably attract.
Marketing
Once you have decided what type of customer service you will provide then it’s time to turn your attention to marketing. This is probably the most important step to taking up sports betting as a side gig because, as we have established, your location will have a lot to do with how successful you are as a bookmaker. It’s essential that you choose a good location and that you build a brand for yourself in that location. Develop a unique selling proposition (U.SP) and make sure that you stick to it closely – you will only get one chance at the first impression. The U.SP is essentially the “benefit” that your customers will receive by engaging in activities with your company – in other words, what makes you different from other businesses in your location.
If you decide to go online then there are a variety of marketing methods that you can use, from SEO to content creation and social media. Whichever methods you choose, make sure that you use them effectively and consistently to bring in more business.
Operations
Now that you have all of the necessary pieces in place in terms of location, customer service, and marketing then it’s time to turn your attention to operations. This is where you will actually do the betting and settle bets with customers. It is highly recommended by experts in the field that you learn how to use sportsbooks and how to differentiate what types of bets you offer. A basic understanding of how sportsbooks work is essential for every entrepreneur who wants to set up shop in the sports betting industry.
Even if you choose to do all of your business online then it is still important to be physically present at some point to settle wagers with customers. It is unlikely that you will be able to stay completely away from your business for the entire duration that it takes to build a successful operation – something will inevitably arise that demands your attention. Being physically present will give you the chance to make sure that all of your processes are running smoothly and to correct any problems before they become serious issues.
Keeping all of this in mind, you can see that setting up a sports betting business is a lot easier than you would think. With a little bit of research and preparation you can be up and running within no time at all and with the right location and support staff your business can really take off.