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Table of contents
1. Launching a Betting Business in 2023 - Why’s, How’s, and Promotion Hot Tips
2. Why go for a betting business at all?
3. What equipment do I need to run a betting shop?
4. What type of office space to rent, and what staff do I need to open a betting shop?
5. How do I start making profits on bets?
6. 12 Pro Tips for Keeping Your Bet Shop Filled with Punters
7. Launching and Managing a Betting Shop. Bottom Line
How to start a betting business and how to run a betting shop successfully
Betting is one of the most profit-intensive industries out there. Discover how you can start grabbing those profits by launching your own betting shop.
Launching a Betting Business in 2023 - Why’s, How’s, and Promotion Hot Tips
The industry of betting business is one of the largest in the world in terms of financial turnover. The average net profitability of a betting shop makes up 7 to 15% of its total income. But there is much more to grab if you know how to lead a business the right way.
However, the betting market is fierce with competition, both in real-life retail gambling and online betting niches. Thousands of punters are looking for the best, most convenient opportunities, turning their attention to betting shops that are as highly rewarding as possible.
This includes not only the size of jackpots and big wins. A lot of traffic is stimulated by all the extra goodies, special offers, and bonus opportunities you offer.
So before you jump into it and decide to launch a bet shop of your own, there are certain essentials you should wrap your head around first.
How to start a betting company with a bang? Furthermore, how to run a bookie business that stands out and makes a worthy competition? Let’s find out all the ins and outs step by step.
Why go for a betting business at all?
Launching your own virtual or sports betting parlor is a way to tap into a range of benefits this niche brings for resilient providers, like:
- The possibility of a really rapid increase in the initial capital;
- Earnings in a short period of time;
- You earn money legally and honestly;
- Relatively small initial investment;
- Up-to-date, secure management systems help multiply profits further through automation.
But we would guess you already have your mind made up and are looking for more actionable tips. So here are some preliminary things and basics you should take care of early on.
What equipment do I need to run a betting shop?
All the necessary equipment for starting a bookmaker’s office is not so expensive, and you can easily buy it without pouring thousands of dollars into it. Here are the most basic tech requirements based on the firsthand expertise at Mohio.
- Display: 17” (minimum 15”) TFT Screen with anti-glare glass fitted
- Touch Screen: 17” (minimum 15”)
- RAM: 4 GB
- CPU: 2.2 GHz dual-core
- Hard Disk Drive: 160 GB
- Graphic Card: 2 GB, with multiple VGAs/DVIs/HDMIs for potential connection to several displays at once
- Thermal Printer (print width 80mm or 58mm)
- Examples: STAR TSP 100, Posiflex (6800, 7000), Epson (TM 88)
- Examples: STAR TSP 100, Posiflex (6800, 7000), Epson (TM 88)
- Barcode Scanner (should support codes 93 and 128 by default)
- Examples: Honeywell ML2107, Symbol LS2208, Metrologic MS9520
What type of office space to rent, and what staff do I need to open a betting shop?
To open a bookmaker betting shop where people will conveniently place bets, a room with an area of 20 sq. M is more than suitable. If you run at a minimum budget, make it 10 sq. M. A perfect location is the first floor, in front of the street, not a residential building. And, surely, it should preferably be a popular and passing place.
The place must be chosen with an opportunity to accommodate at least one workplace with a table and a computer for a cashier. Accordingly, at least one employee - a cashier, should be in place from the very beginning. Beyond that, your standard set of staff also includes security, admins, and maintenance specialists.
How do I start making profits on bets?
The rules and principles of the bookmaker office are simple: every day, the betting shop presents its lists of quotes for various sports and virtual events. Each of them offers different outcome options. Any of these outcomes has its own specific odd by which the winnings are calculated.
Based on these odds, the bookmaker accepts bets and either rewards the winning players who guess the result or (more often) makes a profit on losing bets. This is the main source of income in betting shops. But there are also other ways you can monetize, e.g., through ads, premium offers, and fees.
You also must understand from the get-go that planning, preparing, and even efficiently starting up a new betting business is only the first step of the way. So you should have your specifics straight and know all the main levers of how to run a betting shop successfully at least conceptually from the very beginning.
12 Pro Tips for Keeping Your Bet Shop Filled with Punters
At Mohio, we have been providing virtual games, lotto, and live or virtual sports solutions for betting operators for over ten years. To share our experience, we decided to outline the best ways to attract players to both land-based and online bets you offer. We have years of firsthand knowledge and expertise on how you can attract local and online punters around the world, from Kazakhstan to Latin America.
The following points are not paid advertising methods. Rather, we offer you the most viral and well-tried ways to grab a player’s attention that really work (and have worked for us on thousands of occasions). Here are the top ways to attract players to a physical land-based betting shop online or a bookmaker website.
Double down on jackpots with super jackpots
Jackpot is an opportunity to win big money - every gambler's dream that stimulates the passion in players with the expectation of a miracle of randomness. Imagine when a player realizes they have not one jackpot chance but two or more.
And every following try comes with an even larger sum of a prize than the previous. Super Jackpot should certainly thrill and excite a vast majority of potential punters passing by your betting shop.
Let players win a jackpot even on a lost ticket
Even if the bets on the ticket are lost, why make your player upset and desperate with the fact? Lost tickets can participate in the Jackpot, too! For instance, you can set a limit for the number of bets on the ticket, going beyond which the ticket participates in the Jackpot drawing regardless of its status - Won or Lost.
Offer free bonus bets
How to start a bookie business that absolutely takes the cake in terms of punter engagement? Use free goodies, of course! A free-to-play or free-to-bet method is ideal when you need to advertise a new game. A free limited bet with the possibility of a real win is a good trial “race” for a potential fan of the game.
They get to understand its mechanics and not lose money simply from a weak take on the rules of the game. It’s a totally risk-free solution for players. And anyway, freebies are always in demand.
Give out free drinks
This method obviously refers to local, land-based retail betting. Attract potential players by giving everybody drinks at the expense of the bookmaker. Such a bonus significantly raises the chances of a person inviting a friend over to your betting shop.
You can think of several schemes for dispensing drinks in order to avoid the fact that people come only to drink, not to play. For instance, you can give a drink on a ticket dated today. In addition to the fresh date condition, you can add a minimum deposit amount that makes tickets valid for getting a free drink.
Provide increased winning chances
Another well-tried pro tip on how to start a betting business is to simply provide additional chances to win. You can get a great example from the Red Keno game available at Mohio. The game basically drops 20 balls with numbers, and to increase the chances of winning, you can add a random chance of two extra balls falling, boosting the winning chance by 10%. This encourages players to bet more.
Launch promotions on lost tickets
Lost, but won in total and much more than expected. You can implement interval promotions for lost tickets. For instance, once a week on a certain day, there is a raffle of money among all lost tickets for the last week. You can easily hold such an event once a day but with a much smaller prize pool or fewer winners.
Use loyalty programs and bonuses
Tons of bonuses and programs for regular customers can be designed and used on your target audience of punters. Some of the outstanding ideas that worked for us as a way to attract and retain customers include the following:
- Bonus for a series of unsuccessful bets;
- First deposit bonus;
- Small deposit bonus;
- Increased deposit bonus for replenishing the balance on certain days;
- Registration bonuses;
- Boosted coefficient for regular players (or loyalty program participants);
Gamification of the process by adding virtual credits (bonus points) for such actions as registration, depositing, betting, and a certain number of bets made.
Bonus credits are always a good idea, enabling players to bet more or get prizes from the betting operator, such as merchandise, free drinks, etc.
Organize merch giveaways
The betting operator's free giveaway of branded items always works, both on its own and as a part of the loyalty program. When combined with the program, earned virtual loyalty points can be used by players to pick a prize, for example, a T-shirt or a cap. Yes, free goodies again - a surefire way to grab a target audience’s attention.
Provide cashback from lost bets
How to start a bookmakers office with a bang? Make a lost bet cashback an option by default. Today, it is a great way to attract and retain users for eCommerce, banks, and all sorts of financial services providers. With bettors, the situation is identical.
Enable your players to receive a cashback for lost bets or, better yet, grant an increased cashback for a series of lost bets. This will surely keep the player engaged and encouraged to play again.
Introduce time-limited in-game events
Special events attract both new and old players. For instance, any customer deposit can be multiplied by x2 on a specific date, from 8 pm to 12 am only. If you replenish the balance by 100 - you will receive 200. Alternatively, a client may get a cashback of 50% from a series of 5 lost bets within a limited time frame.
Enable players to continue playing from anywhere else
Cross-platform availability plays a major role in attracting and retaining users of almost all IT products from any industry. This is why Mohio offers a convenient feature of continuing the game at any place, at any time via a mobile app, even if the player started at the land-based shop betting initially. The player can continue playing from their home PC as well, turning their gambling sessions into hassle-free experiences.
Bonus method - integrate well-proven games
Whatever the budget and scope of effort you put into your new betting business, it just won’t float without good games. To make it all work, you need a reliable software solution for betting shops owners.
Which is exactly what Mohio offers for betting operators and bookmakers of all sizes. Let’s create an authentic experience to stimulate hype among your target players or optimize and improve what you already have in store!
Here are just a few games in demand among players right now which you may integrate with your betting platform as well:
Launching and Managing a Betting Shop. Bottom Line
Different types of potential punters all over the world may demand different things. However, there are universal incentives that everybody is looking for in a high-quality, worthy-of-attention betting experience. These are guaranteed to include bonuses and special opportunities, extra-huge wins, as well as money- and time-saving options (e.g., cashback and mobile availability).
It is all a matter of how many methods you go for, how well you combine them, and exactly the way you implement them. Looking for professional input?
Contact Mohio to get just the right amount of expertise and implement or integrate the games that are most effectively attracting and involving players all over the globe right at this moment.