Top 5 Pros of Becoming a Bookmaker
Let’s state this at the outset - the process of becoming a bookmaker can be slightly terrifying, as you’re required to make appearances before the local magistrate, in order to prove your fitness and frame of mind to live up to the position’s responsibilities. You may also be required to pay a certain sum of money for obtaining and renewing your yearly bookmaking permit. However, the Gambling Commission, which came into being in the year 2005, made major changes to the process, monitoring bookmakers more closely and introducing several types of fees, to fund its activities. As a result, the process of becoming an independent bookmaker has become extremely complicated and difficult over a period of time.
However, what do you think is there in the bookmaking industry that lures so many people to it? Let’s go over the top 5 pros of becoming a bookmaker.
#1 –You develop a professional mindset
When you do something purely as a business, instead of a leisure activity or a hobby, it completely changes your mindset and your approach towards it. The same holds true for sports betting. Someone who may think he was 10/11 or 1.91 favourite against general public, at races every evening, may probably think so because he was mentally prepared for the battle each night, turning up couple of hours prior to the first race, not getting affected by all the gossip or views of other punters; pricing up everything by up to 100%.
In truth, majority of sports bettors are far from professionals, and are only there for some good time. You can see them constantly changing their decisions and bets based on what they hear from people around them, and how deep they are into their bankrolls (if they’re maintaining it at all).
Any successful bookmaker on the course is normally levelheaded and consistent by nature. You see him playing every race the same way, and pushing a little harder whenever he/she sees even a slight bit of opportunity and a pricewise edge. Pretty often, it is the obvious tipped up football team, horse or dog which is dramatically over wagered by the general populace. If we look back at the old days, going against the general populace or the obvious crowd meant booking huge profits, for the astute players.
#2 – An excellent way of making a good living
How an on-course bookmaker leads his life can be certainly a sight of envy for anyone, especially during the more vibrant times. You’ll see them staying in the best of the hotels all over the country, interacting, socialising and mingling with like-minded players, both sports bettors as well as fellow bookmakers, while continuing making handsome money all this while, enjoying the outdoors life and fresh air to the fullest!
Bookmakers enjoy a pretty exciting existence at work as well. They live on their wits each day of the week, and never have a dull moment at the workplace. More so when the cash is flying off in every direction!
#3 – Easy road to possible riches
Have you ever seen a bookmaker who is poor?! It’s the same as saying that you’d never come across a farmer who is poor - a view commonly held by majority of public.
It can’t be denied that in the era gone by, some of the bookmakers and their families had to build their empires right from the scratch, for instance the likes of Victor Chandler and more. Even if you look at the internet era that came into being during the late 90s, firms like BetFred, Bet365 etc. took advantage of the opportunities and created a huge space for themselves (from being almost nothing). These bookmakers can serve as the biggest examples of how bookmakers must conduct themselves. If you’re someone who can learn and master the ropes of bookmaking, this occupation can be an attractive escape for you from the day-to-day mundane world.
#4 – A chance of tapping into new markets that promise plenty of opportunities and expansion
The advent of internet opened up an amazing new world of opportunities for anyone who had the balls to think ahead and thinking big. Aspiring bookmakers, who were ambitious enough, were able to bank on vast untapped markets, consisting of millions of sports bettors (who were otherwise used to state run, high margin operations). Running efficient web-based bookmaking operations, providing thousands of different sports betting opportunities per hour, has enabled some big bookmaking firms to grow in a never-imagined manner. They are offering a great multitude of virtual fruit machines, roulette tables, games and more to punters, thus changing the entire bookmaking game altogether.
#5 – Becoming a bookmaker can teach you the concept of value and why price is any day more important than opinion
Rather than depending on opinions and fancies, a bookmaker relies entirely on price and consistently aspires to become a more astute player. An ideal bookmaker creates his own market, despite the current age wherein entities like Betfair are the main leaders, and everyone else resembles nothing more than a herd of sheep.
He determines his positions by unearthing price discrepancies, and whatever qualifies as a real chance of happening. Using this strategy, a bookmaker can successfully exploit margins which are normally very mythical and small, and convert them into something significantly major over a period of time. He is normally aware that there will indeed be bumps along the road, losing weeks, frustrating periods and losing meetings, but what’s most important is to stay consistent, and continue doing things in a proper manner. As long as he manages to do that, he will come out on top eventually.