How can you become a bookmaker?

DB10 · 06-11-2009 08:46PM #1

Its something that has interested me for a long time, I have tried researching about it but found nothing. Surely you can't just open a bookmakers?
There must be some protocol for it...

refusetolose · 06-11-2009 08:48PM

maybe they bigger ones do franchises?

DB10 · 06-11-2009 08:51PM

refusetolose wrote: »

maybe they bigger ones do franchises?

you mean managing your local paddy powers etc? I'm not sure how you go about that either tbh...

Whyno · 06-11-2009 09:05PM

You need to obtain a license before you do anything.
You`d want at least 200k to start up and that might not be enogh due to the high costs in obtaining rights to SIS etc

mailblaney · 06-11-2009 09:36PM

According to this link boylesports do franchises
http://www.independent.ie/business/irish/bookmaker-boylesports-weighs-in-with-300pc-profit-surge-for-year-1203936.html

cson · 07-11-2009 12:32AM

Bad industry to be getting into at the moment especially as an independant. You have Powers trying to squeeze them out with the Guaranteed Prices approach and they have no other revenue sources like Powers do in the form of internet betting.

If you're thinking about it, I'd suggest you investigate setting up as a layer on Betfair.

okidoki987 · 07-11-2009 01:53AM

As cson says stay well away.
You wouldn't be able to compete with
(A) Betfair or The big boys (PP, Boyles, Ladbrokes).
There is a big squeeze going on at the moment and the independents are feeling it.
The Big 3/4 are trying to close all the small guys with their daily offers and it's getting very hard for them to compete.
Guaranteed Prices is the biggest example, as a small bookie you have to match the offers or the punters will just walk to the competitiors.
If the horse drifts and wins, everybody will get paid at the higher price and that eats into your margin.
Recession means people are not gambling as much as they did and are more selective in their selections and amounts therefore you would have to offer them something else for them to bet on and again this eats into the margins.
I've been in bookies where there was only 1 other person in the shop.
I cannot understand how the bookie can survive on turnover ike that.
Lot of costs like papers, SIS, staff and these all have to be paid whether you're making money or not.
Maybe Betfair is the way forward for you.

Browney7 · 07-11-2009 01:59AM

It's not just SIS you'd have to pay for aswell. You have Turf tv to pay for now along with the commercial rates for sky aswell and then you would have to pay for either Alphamerics or Epos aswell for the tills.

There are way too many Bookies now aswell. It's becoming a bit of a joke really

You would also have the proposed increase in betting tax to absorb aswell because Powers will more than likely do that when the tax is raised.

etab · 28-11-2009 09:00PM

An alternative to that is obviously trying your hand at on-course bookmaking, which is something I'm hoping to try in the new year. Start-up costs are considerably lower, and shall give you a tast of what you need to do. Incidentally if anyone knows where you pick up the actual stand and laptop covers let me know, have nearly everything else.

cson · 28-11-2009 10:21PM

To be honest mate that's a much tougher industry to try to make it in, in my own opinion. I have experience of both from family and of the two, on course is a much tougher life than running a bricks and mortar shop.

Your going to be trying to make a living travelling to race meetings around Ireland and I'll presume that you won't be standing at all the venues. Basing yourself in Dublin and you might have a chance as most courses will only be 2hrs drive away and give you the best chance to be working consistently. However bear in mind if we get weather like last week - you might find yourself with no work/income for the week.

Secondly, you have to pay for the stand at all the courses and of course the best ones at the ring entrances are long sown up but the long time operators and those with big bucks like Chronicles for example.

Thirdly, I do have to question how much turnover a stander at the peripheries of the ring at a race day like Thurles last Thursday for example would do. I mean given the recession the attendances are going to be decreasing constantly and you'd wonder how much business a lad does on a mucky Thursday in the heart of Tipperary.

Following on from that, one bad result on that day could cost you a lot of money - when you operate on such small and tight margins it'll only take one bad result to break you. Plus the type of clientele that frequent Thurles on Thursdays (very poetic sounding I know) would tend to be a bit shrewder than your average punter - I know of quite a few gamblers who head to the course because it gives the best opportunity to get money down at the best prices and you'll get a better depth of racing experience from doing this. What I'm trying to say is, you're far more likely to come up against professionals standing.

Lastly, and this is something I lament a lot; most on course are glorified betfair merchants; using solely betfair for their pricing strategies and adjusting accordingly - ie 10% worse than Betfair. They'll also lay off on Betfair if they take too much on a horse. This annoys the ****e out of me to be honest - its not bookmaking. And try to get down a decent bet with most of them at a regular meeting; good luck and thanks to you!

As you can guess I'm not too positive about it but having said that, you'll have no staff costs for the most part and anything you earn will be yours so theres that incentive and of course if you love racing thats a bonus too.

Good luck with it in any case.

raheny red · 29-11-2009 02:24PM

To put it simply, you have have missed the boat regarding the bookmaking industry. At this moment in time it will not be worth your while. There'll be another boat, just make sure to get your ticket early.

etab · 29-11-2009 09:56PM

Its more a love of maths than horses. Want to try out a different theory on the maths of it. Its tricky but remember its a fluid market so those people you think aren't earning much money wouldn't be there if it wasn't worth their while.

JL1905 · 04-01-2010 03:58PM

Hi, I'm a new user to these forums but was lured in by this topic. I'm strongly thinking of becoming a bookie this year. I've found this article on what is needed before you can take a bet,

http://www.pokerplayer.co.uk/sports-betting/horse-racing/163/horse_racing_betting.html

And it is highly enlightening, but i'm looking to get some on course experience, has anyone got any ideas or contacts that could allow me to do this?

PhatPiggins · 04-01-2010 05:24PM

JL1905 wrote: »

Hi, I'm a new user to these forums but was lured in by this topic. I'm strongly thinking of becoming a bookie this year. I've found this article on what is needed before you can take a bet,

http://www.pokerplayer.co.uk/sports-betting/horse-racing/163/horse_racing_betting.html

And it is highly enlightening, but i'm looking to get some on course experience, has anyone got any ideas or contacts that could allow me to do this?

Open a betfair account back and lay every bet you think the odds are wrong or back them somewhere else and lay them on betfair.

Great way to get an understanding of odds and risk

JL1905 · 04-01-2010 07:58PM

PhatPiggins wrote: »

Open a betfair account back and lay every bet you think the odds are wrong or back them somewhere else and lay them on betfair.

Great way to get an understanding of odds and risk

Cheers, I'll definitely look into that.

Another thing, does anyone know for sure whether the Racecourse association's decision to not recognise list positions as of sept 2012 will spell the definitive end for the family on-course bookie?

I've found this 2008 BBC news article:

http://news.bbc.co.uk/1/hi/uk/7637755.stm

and it doesn't look good, could anyone more knowledgeable than me shed any light on the current state of affairs?

How can you become a bookmaker?

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