Setting up a bookmakers?

Feckthis

looking into opening up a bookmakers. There is a unit that has come up that would be ideal situation and we feel there would be a big demand for one. In my local area there is no bookmakers for 30miles each direction. There was one at one stage but closed down. We feel it closed as the owners were not really to bothered. They lost the respect of the customer and weren't even opened for some of the race meetings. I have no previous experience of the job, I heard there is a course you can take? It's only early days so please go easy on me if I seem naive on the subject. Looking for some sound advice from a bookmaker if possible. Thanks.

Also wondering
Cost of having channels such as sky, turf TV, racing uk, at the races.
Would we need to buy a license if so how much?
Is there a software used by bookmakers to take/pay out bets?
Size of a float needed to get started?
Plan is 1 person working in the bookies full-time.

jimmii

http://www.revenue.ie/en/tax/excise/excise-licensing/bookmakers-licences.html

I worked in the industry for a good few years and often thought about setting one up myself. It is a very tough game to get into and if there isn't already a name bookmaker there then I doubt it will be long until there is. To get all the channels and the SIS feed is pretty dam expensive. Cash wise you are going to need to have a big number available I think you need to have enough to cover the maximum liability on the markets you offer you can't just open up and hope people lose!

I'm sure you can buy off the shelf software for payouts but the main thing you want is something to monitor your liability on a market and adjust your odds accordingly but in a one person shop that doesn't seem possible really so you would just have to run with the odds coming down the feed and hope it stays close enough to where the money is going with you. You would also want to be aware of the various scams people attempt I would imagine a new bookies will become a target quite quickly if it seems people aren't aware as they could be. I worked on the shop floor for two weeks before i started in head office it wasn't somewhere I wanted to go back to!

The problem with having a small bookie is that you are running the risk of just getting a little bit unlucky. The big guys don't have to worry about that as they are laying so many bets almost every outcome is a profitable one which isn't going to be a position you are going to find yourself in as often you will only be laying a few bets on a market so if things go against you a little bit you may well have to dig deep to cover it.

If you want to be a bookie I think you would be a lot better off using the exchanges instead of opening up a shop.

You could be right that there is an opportunity for a bookmakers. But to think you can set one up with no experience is very ambitious indeed and like you say a bit naive. Aside from what Jimmi said about covering your maximum exposure, which Im guessing is quite a lot, I'd think to do well in that business you would need to be very gambling orientated and really know your stuff. Im not sure if the kind of industry you can walk into as an entrepreneur with just a good idea, learning somethings as you go, I think you would need to be really prepared and knowledgeable otherwise you might lose a ****load.
A good friend of mine who was a bookie for about 10 years had to stop it in 2011 and now works for bet fair picking horses, it can easily go wrong.

If its something you really wanted to pursue I would sit down with someone in the industry and ask them all your questions. I'd try and find out the numbers first and see if its feasible that way.

thecommander

Deleted User wrote: »

If its something you really wanted to pursue I would sit down with someone in the industry and ask them all your questions. I'd try and find out the numbers first and see if its feasible that way.

And also try get a word with the person who had to close their shop. Might have some insight into the area.

redarmyblues

I used to have one, I am going to PM the OP about it.

Buttercake

Slightly off topic but is there still a market for the traditional bookies? Besides the aul lads betting their €2's they only seem to be busy at events like Cheltheham

bdo

Ivan Yates book is a must-read about opening bookies. Lots of open, practical history of what went right and what went wrong.