Opening a Bookies

paddymick_2000

Anyone know how independent bookies are doing these days.

IF a bookies makes a 10% profit on bet turnover. You would need to turnover in excess of 1 million to try to break even. This must be tough considering the amount of shops around.

Thats about 3K a day. Say 4 busy hours a day, for those 4 hours you would need a 10euro bet every minute.

Seems like a tough business to do well in. Few bookies are that busy

Any opinions

Kod-box

online betting is killing them, the only reason i go into shops anymore is to get the cash handed over for the winner rather than a figure surplus in an account...feels better imo

okidoki987

I'd say they are all getting killed by Boyles & Paddy Powers at the moment.
Even the likes of Celtic are closing certain shops due to competiton
(Dunboyne, Drogheda, Tallaght).
Hills results were poor and I'd say they will be next to close up shop.
Independents if they are near 1 of the Big 2, have to offer the same specials that these guys are doing and that could be very expensive.

EI111

Bookies don't make near 10% on turnover though. I think their books would do well to run at 5% before the tax which the bookie now has to pay get any business.
Independents have a huge variance too as they don't get a high volume and so can be very exposed on each market.

wingsof daun

They have to pay for SIS, staff, electricity and a few other minor things. You could potentially be wiped out in a year (minus over 100k) depending on your customers, and on results. Some need to lay off bets from some of their customers to try to stay profitable.

Rjd2

wingsof daun wrote: »

They have to pay for SIS, staff, electricity and a few other minor things. You could potentially be wiped out in a year (minus over 100k) depending on your customers, and on results. Some need to lay off bets from some of their customers to try to stay profitable.

I work in a major bookies, I wont say who and in February it was a bloodbath as EVERY department had to cut staff because of the racing and footy been cancelled which killed their profits. It was nicely done and everything, those who were let go were called to a meeting, they were dismissed instantly. Some were not even allowed to get coats either. :rolleyes:

cson

Rjd2 wrote: »

. Some were not even allowed to get coats either. :rolleyes:

Jesus, dramatic much? :rolleyes:

wingsof daun

Rjd2 wrote: »

I work in a major bookies, I wont say who and in February it was a bloodbath as EVERY department had to cut staff because of the racing and footy been cancelled which killed their profits. It was nicely done and everything, those who were let go were called to a meeting, they were dismissed instantly. Some were not even allowed to get coats either. :rolleyes:

Doubt it was one of the big 3. Poor treatment of staff Id say.

PhatPiggins

wingsof daun wrote: »

Doubt it was one of the big 3. Poor treatment of staff Id say.

What would you base that on?

Rjd2

wingsof daun wrote: »

Doubt it was one of the big 3. Poor treatment of staff Id say.

Big companies can also treat staff terribly to.

I am naming who but it was terrible really. My boss who is way to qualified for her job a week before the cuts was told she a meeting in a few minutes. She thought nothing of it as she has meetings all the time, she strolled down and was told she had to take a 33% pay cut instantly or she would lose her job. She was one of the best treated as well. :eek::eek::eek:

jkmanc1974

Tough enough business for any Indo to be opening at the minute, know 2 in Mayo that are struggling, have 1 or 2 big punters in each.....the one that I know generally lays some of the bets off with Laddys or Bruce.....

Brgds
Johnny