opening bookmakers shop?

wiger toods

Hello everyone!
Only thinking of it at the moment but how much cash would it take to open a bookies shop, ballpark figure?
Would setup costs be any less/more than opening one of those 'casinos' aka slot machine arcades?
Just wondering!:)

celtictiger32

how are you with calculating odds etc.?

JONJO THE MISER

Forget about it, there is no way you can compete with the big boys.

knighted_1

unless you have a background in finance and trading you should stay away - what you see happening in a bookies on a day to day basis is only a means to thier end , not the actual business you imagine -

day to day they are only generating cash to use in a bigger game - they back lay trade hedge , mostly with your money -

celtictiger32

JONJO THE MISER wrote: »

Forget about it, there is no way you can compete with the big boys.

depends on where hes located, they all started somewhere. ive often thought about doing it aswell but where i am i wouldnt stand a chance

antoinolachtnai

Bookmaking seems really crowded now. Maybe there are some busy town centre sites without a bookmaker within 1000 meters walk, but I'd be surprised.

maxer68

If you want a bookmakers shop, there's no problem as there are said to be up to 300 of them on the market. - I wonder why?

Bricks & mortar bookmaking has taken a big hit in past couple of years, but if you are still interested, manage one first and see the pitfalls.

A superb level of arithmetric is essential.

3DataModem

Plenty of jobs in PP shops available. Try it first.

knighted_1

If you really want to be a bookie , use betfair for a while - most on course bookies lay their book off on betdaq now , might be worth looking at -

Bookies shops dont make money anymore ,as a standalone business , they are there to channel cash to a bigger entity - look through the accounts of paddy power and you will see the losses they incur on bricks and mortar but make it in online gaming poker etc

try sitting down and making a logical business plan to open a bookies , you will find you can't forecast the amount of money you need because you are operating in an area of chance .

celtictiger32

knighted_1 wrote: »

If you really want to be a bookie , use betfair for a while - most on course bookies lay their book off on betdaq now , might be worth looking at -

Bookies shops dont make money anymore ,as a standalone business , they are there to channel cash to a bigger entity - look through the accounts of paddy power and you will see the losses they incur on bricks and mortar but make it in online gaming poker etc

try sitting down and making a logical business plan to open a bookies , you will find you can't forecast the amount of money you need because you are operating in an area of chance .

bookies shops dont make money?? .... your surname wouldnt be power or boyle by any chance would it??

maxer68

celtictiger32 wrote: »

bookies shops dont make money?? .... your surname wouldnt be power or boyle by any chance would it??

Shops themselves make very little money considering the capital invested, however they do represent 24/7 advertising hoardings for the extremely profitable online business.

GroupDeals

There is still a lot of profit to be made for bricks and mortar bookies in villages across the country. Forget about opening one in towns.

I know one village bookmaker that makes 100,000 profit yearly.

Make sure you know the industry inside out (backing + laying obviously, hedging, dutching, scams such as slow counts, etc.)

Also the start up costs can be quiet high - premises, utility bills, SIS/SIS+, Turf TV, televisions, etc.

But if you are setting up in a nice village and the bigger name bookies aren't until the nearest town, then I think you could be on to a nice earner.

Nonoperational

You need to be very comfortable with trading, hedgeing, laying etc if you want to make any go of a single shop. Your very vulnerable as a one man band if your not constantly on top of things.

knighted_1

GroupDeals wrote: »

I know one village bookmaker that makes 100,000 profit yearly.

.

that can be useful to the op - to achieve 100 grand profit after wages and overheads and services paid ,you have to have 220 losing 10 euro bets to make 2000 (levies ) or 440 losing 5 euro bets Per week

That's without the winners - if only 30% of your clients win with a 10 euro bet at odds of 5/1 , you will need an extra 300 losing 10 euro bets just to cover the winners

so that's 500 losing 10 euro bets you need before wages rent etc

If the winners are more than 5/1 then you need more losers

so it's kind of impossible to forecast things unless you also rely on chance , in which case you are only x amount of winning bets away from closure

paddy power aim to make a margin on money's turned over - look at thier financial results - they might make half a million on every 100 million turned over- half a percent

swordofislam

knighted_1 wrote: »

paddy power aim to make a margin on money's turned over - look at thier financial results - they might make half a million on every 100 million turned over- half a percent

Their margin is nearly 8%!!!

knighted_1

swordofislam wrote: »

Their margin is nearly 8%!!!

can you give me a link to that ? might well be 8% but when you look at a corner shop on 13% an electrical retailer on 28% and a butcher on 40% ,it still doesn't look enticing for a one shop operation or start up -