Becoming a bookmaker is not an easy task. You need to follow certain guidelines to become a good bookmaker.
1. Select a sport
The first step is to select a sport. You should start with something simple. You can choose something that has two outcomes: win or lose. Horse racing, for example, is something difficult to start with. Whereas, Tennis will end in a win or draw so it’s simpler. You can also try pool, snooker or darts.
2. Choose the favorite
You should choose the player who is the favorite. The chance of winning is more in this case. For example, Rodger Federer is a favorite in Tennis, so you can bet on him.
3. Price the favorite
A bookmaker works out the chance of the favorite winning. They turn it into odds and shorten them. This way they don’t have to pay much if the favorite wins. So, they can make a good profit.
4. Price the outsider
You should join the price of the favorite winning by the price of the favorite not winning. Remember that the offering odds on the non-favourite winning are same as that of favorite winning.
5. Balance the betting book
A bookmaker pays out less compared to the stakes they take when they lose selections. They wait to see home much money is staked on the players. Then the bookmaker adjusts the odds and balances their book to make a profit.
A bookmaker balances the book to ensure a profit. They don’t focus on one event. They want to make sure that all the events give them a profit.