Setting up betting office-opinions

pokerface11

My friend is currently thinking of setting up a betting shop. He is un employed with a while and eager to get back working at something. He has a sum of money and wants to Invest in a venture that might see him active and earning again. Anyone have any knowledge on the start up costs, licence, system etc.

bigbadben

pokerface11 wrote: »

My friend is currently thinking of setting up a betting shop. He is un employed with a while and eager to get back working at something. He has a sum of money and wants to Invest in a venture that might see him active and earning again. Anyone have any knowledge on the start up costs, licence, system etc.

First of all if he's thinking about setting up as an independent bookie then forget it. The once of costs are extremely high, just the software costs alone will give you a nose bleed.With the glut of online betting this is an extremely competitive area and punters are always looking for value prices and the indos are struggling to compete with the big frims "specials".

There are a few companies looking for patnerships at the mo which might be a better option for him. Can I ask you what part of the country he's looking to open in and does he have any experience/knowledge of the industry?

betonit

lay bets on betfair or betdaq. Its the same thing. No start up costs

nice1franko

betonit wrote: »

lay bets on betfair or betdaq. Its the same thing. No start up costs

That'd get a bit tricky when it comes to the accums, patents ... goliaths wouldn't it?

betonit

nice1franko wrote: »

That'd get a bit tricky when it comes to the accums, patents ... goliaths wouldn't it?

It would be a place to start w/o having the huge financial outlay and legal stuff and security stuff that would go with opening a betting office. Most if not all bookies are on these sites laying bets. He can choose the bets to lay. Its a starting point.

darc

Quite a few ex ladbrokes shops on the market for a long time
http://www.mol.ie/propertyListing.aspx?pt=1

This can be either positive or negative.

Positive - you could possibly buy another operator at a low price thus saving a lot of set up costs.

Negative - market is saturated.

pokerface11

Hes has experience in the betting shop scene where he worked in the nineties, think he even owned and operated one or two for a while. From what I kNow he is well educated on laying bets etc. he is looking to set up in the Cork City area or any town within 30-40 Miles from the City. Has anyone any ideas of what the initial costs would be in setting up? In these recession times it may bring a wage where jobs are few and far between.

bigbadben

pokerface11 wrote: »

Hes has experience in the betting shop scene where he worked in the nineties, think he even owned and operated one or two for a while. From what I kNow he is well educated on laying bets etc. he is looking to set up in the Cork City area or any town within 30-40 Miles from the City. Has anyone any ideas of what the initial costs would be in setting up? In these recession times it may bring a wage where jobs are few and far between.

There's a Cork based company who have bought the franchise rights for Stan James and are currently opening shops around Ireland. I think they have about 7/8 so far. They are running a few of them themselves and have taken partners on others. As far as I know they're still looking for new partners. If you want their info let me know , I have no interest in the business but have received a lot of info on this forum.

Off the top of my head for an indo to set up a small two staff store , depending on location andincluding :legal/rent/insurance/ software/fitout/promotional/printing you be lucky to see change of €120,000.

pokerface11

Hi Bigbadben could you PM me details on the stan james franchise?Contact Info, Franchise Info. Thanks. By purchasing a previos shop id be thinking start up in the region of 30-40k

DirtyOilBurner

Hi gBadBen, could you also pm me some details of that also, thanks

bigbadben

PM'd you both lads , best of luck.