I had an idea of starting a sportsbook, but I do not know where to turn for information. I believe I can offer a niche that no one is offering in the market right now that would be extremely popular. Or if a book is offering it, they are not doing a good job promoting it because I haven't heard about it. Some of the bets would go against the house and some would pair bettors against eachother, sort of like matchbook. Not really looking to have horses,casino or poker to start because i dont want to be too overwhelmed. I kow those are money makers thou. Without getting into to much detail of my idea...
What are the most friendly countries to get a license from? In regards to comission, taxes, proximity to the USA, safety while traveling and maintaining the site there..etc
What type of loan am I looking at? Like I said, id say half my bets would be against the house and half like a matchbook system. I wouldnt mind starting limits at like a thousand a bet against the house to start to see how it goes. Of course on the betting exchange the amount would be uncapped.
How much is it run a website and maintain? Although bodog is a crap sportsbook, I want my book to appeal to the less serious gambler and very user friendly. Open to both, outsourcing/ in house
What type of marketing costs am I looking at and what will the usa allow in regards to marketing? I know you have to have like a sister site you promote on the radio and declare "this is a non gambling site" Once you get on the sister site you get the link to the real site. I see some promos in bathrooms, gas station pumps, etc.
I want clients to be able to use their credit cards, direct deposit, moneygram - western union for sure. How easy are these 3 options to set up? What else is convinent, and safe for both parties? Should I only offer 1? 2? to start?
I want to offer payouts via check, reloadable debit card or moneygram. Again, how difficult are these to set up? Should I only offer 2? 1? to start?
What other unforeseable costs am I not thinking of?
I had an idea of starting a sportsbook, but I do not know where to turn for information. I believe I can offer a niche that no one is offering in the market right now that would be extremely popular. Or if a book is offering it, they are not doing a good job promoting it because I haven't heard about it. Some of the bets would go against the house and some would pair bettors against eachother, sort of like matchbook. Not really looking to have horses,casino or poker to start because i dont want to be too overwhelmed. I kow those are money makers thou. Without getting into to much detail of my idea...
What are the most friendly countries to get a license from? In regards to comission, taxes, proximity to the USA, safety while traveling and maintaining the site there..etc
What type of loan am I looking at? Like I said, id say half my bets would be against the house and half like a matchbook system. I wouldnt mind starting limits at like a thousand a bet against the house to start to see how it goes. Of course on the betting exchange the amount would be uncapped.
How much is it run a website and maintain? Although bodog is a crap sportsbook, I want my book to appeal to the less serious gambler and very user friendly. Open to both, outsourcing/ in house
What type of marketing costs am I looking at and what will the usa allow in regards to marketing? I know you have to have like a sister site you promote on the radio and declare "this is a non gambling site" Once you get on the sister site you get the link to the real site. I see some promos in bathrooms, gas station pumps, etc.
I want clients to be able to use their credit cards, direct deposit, moneygram - western union for sure. How easy are these 3 options to set up? What else is convinent, and safe for both parties? Should I only offer 1? 2? to start?
I want to offer payouts via check, reloadable debit card or moneygram. Again, how difficult are these to set up? Should I only offer 2? 1? to start?
What other unforeseable costs am I not thinking of?
Keep us updated on your venture. I would imagine though you would need a very large amount of money to put up in order to open up a sportsbook but I am not positive.
Keep us updated on your venture. I would imagine though you would need a very large amount of money to put up in order to open up a sportsbook but I am not positive.
my take on this... you would need in excess of about ten million or more?.. for starters.
every casino in vegas has more than enough money in house to pay for any bet that could be made. what if one player htis a huge $100,000 parlay? (i use that number since that is the most you can win in one day for most online books). you need millions of revenue just sitting there waiting, for a sportsbook to last, otherwise it is a virtual bank and you lose money until your customers lose bets and you take the commision. i am sure you thought of this already.
you need huge databases for keeping track of your customers, all account information, bank info, transactions,and you need to stay on top of the line movement of the sports games. dont forget a lot of security.you need several computer servers, a building, websites, employees... on and on. thats all a lot of work and a lot of money to control.
countries include anywhere in caribbean. since you live in the us it would be close. betjamaica is in ..well obvious answer. and they are a popular book.
no need for a sister site if you are outside the us operating the site. most other sportsbooks dont have them. also you dont see any sportsbook run ad's thru any major media so the internet will be your friend. for example look here at covers. everywhere you see its ads,ads,ads for sportsbooks. you need promos to promote.
also instead of trying to make a sportsbook think about being an affiliate for one first. make your own website and contact a site. i know with betjamaica (who i use) that they offer 25% of the house's take for your referral from your website plus a commission on each of their deposits.
my take on this... you would need in excess of about ten million or more?.. for starters.
every casino in vegas has more than enough money in house to pay for any bet that could be made. what if one player htis a huge $100,000 parlay? (i use that number since that is the most you can win in one day for most online books). you need millions of revenue just sitting there waiting, for a sportsbook to last, otherwise it is a virtual bank and you lose money until your customers lose bets and you take the commision. i am sure you thought of this already.
you need huge databases for keeping track of your customers, all account information, bank info, transactions,and you need to stay on top of the line movement of the sports games. dont forget a lot of security.you need several computer servers, a building, websites, employees... on and on. thats all a lot of work and a lot of money to control.
countries include anywhere in caribbean. since you live in the us it would be close. betjamaica is in ..well obvious answer. and they are a popular book.
no need for a sister site if you are outside the us operating the site. most other sportsbooks dont have them. also you dont see any sportsbook run ad's thru any major media so the internet will be your friend. for example look here at covers. everywhere you see its ads,ads,ads for sportsbooks. you need promos to promote.
also instead of trying to make a sportsbook think about being an affiliate for one first. make your own website and contact a site. i know with betjamaica (who i use) that they offer 25% of the house's take for your referral from your website plus a commission on each of their deposits.
thanks for the update guys. upon checking into some things it doesn't look like I have enough money to fire this thing up. will keep you updated if anything changes...
I believe I could eliminate a ton of risk by letting players bet against eachother..matchbook style
its the type of bets that I would offer is what I think would attract a players
thanks for the update guys. upon checking into some things it doesn't look like I have enough money to fire this thing up. will keep you updated if anything changes...
I believe I could eliminate a ton of risk by letting players bet against eachother..matchbook style
its the type of bets that I would offer is what I think would attract a players
If you don't see the type of betting you are thinking of their must be a reason. Books will offer everything imaginable as long as it is profitable. If you believe you have a great idea contact a reputable sportsbook manager and discuss the form of betting with him for a cut. Just like people who invent table games for casinos.
If you don't see the type of betting you are thinking of their must be a reason. Books will offer everything imaginable as long as it is profitable. If you believe you have a great idea contact a reputable sportsbook manager and discuss the form of betting with him for a cut. Just like people who invent table games for casinos.
Im not sure about the 10 million dollar start up costs !!!!!!!!
However there are small sports books that one can set up in Costa Rica this I do know about ,,,,have been there many many times in San Jose and have played them also....there is one for sale that is listed in the on line newspaper Tico Times .com the business section at least I still saw it there last week and contacted him someone had made an offer and not sure if it sold.I believe he said $300,000.00 USDLLRS.
Im not sure about the 10 million dollar start up costs !!!!!!!!
However there are small sports books that one can set up in Costa Rica this I do know about ,,,,have been there many many times in San Jose and have played them also....there is one for sale that is listed in the on line newspaper Tico Times .com the business section at least I still saw it there last week and contacted him someone had made an offer and not sure if it sold.I believe he said $300,000.00 USDLLRS.
Well, first of all your bank roll is going 2 be determined by what kind of "limits" u place on players and his/her wagers. That's the main thing. Now, not unless u decide to go gangsta and run a fake ponzi scheme and try to make a quick million or two, and maybe pay out a couple of small bets like $500 & below & then close up shop & hope the IRS doesnt come get u because u are "offshore" LOL!!!!!!!!
Well, first of all your bank roll is going 2 be determined by what kind of "limits" u place on players and his/her wagers. That's the main thing. Now, not unless u decide to go gangsta and run a fake ponzi scheme and try to make a quick million or two, and maybe pay out a couple of small bets like $500 & below & then close up shop & hope the IRS doesnt come get u because u are "offshore" LOL!!!!!!!!
I believe the license in these countries runs around 150-250k. And thats to be legal there. The problem is the credit cards and bank transfers that would I guess you hope coming from the dry US markets. At that point, why do you think no company touches US business anymore? I miss having my overseas account years back. They actually paid me when I asked. But even in the 90's, I started having issues with western union, and that was only the beginning. The company I dealt with went under after the FBI got involved with them. And never signed up again basically because I couldn't trust anything I read while trying to find one.
When I see them offering all these crazy things, I knew something couldn't be true. Plus I had gone around the block with a tout service also. Which I'm glad to say, I only paid once. When I heard an advertisement saying they had the winner of a game, when they gave me the opposite side.
I believe the license in these countries runs around 150-250k. And thats to be legal there. The problem is the credit cards and bank transfers that would I guess you hope coming from the dry US markets. At that point, why do you think no company touches US business anymore? I miss having my overseas account years back. They actually paid me when I asked. But even in the 90's, I started having issues with western union, and that was only the beginning. The company I dealt with went under after the FBI got involved with them. And never signed up again basically because I couldn't trust anything I read while trying to find one.
When I see them offering all these crazy things, I knew something couldn't be true. Plus I had gone around the block with a tout service also. Which I'm glad to say, I only paid once. When I heard an advertisement saying they had the winner of a game, when they gave me the opposite side.
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