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Because of saturation and fierce competition in other online business verticals, running a sportsbook online might be the best home business for you. Not sure? Read on to find out more.
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Not all home businesses are the same. Some require education.
Others require funding. Some successful home businesses need a complete change of attitude or perspective.
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But no matter what you choose as your home business, one thing is sure. In 2021, you can’t run a genuine home business without the help of software.
Software Is Essential to Creating and Running a Home Business
You can’t so much as create a home business without software. Even if your business is to wash cars at residential homes, you must run your business through software such as QuickBooks.
But even though software is integral to all businesses, there aren’t many home businesses that are purely software-driven. Amazon and eBay stores, for example—and in fact all e-commerce stores—are software-driven.
Without software, e-commerce entrepreneurs wouldn’t exist. E-commerce software availability and companies like Shopify are reasons that running an online store remains a viable home business for so many people.
It is precisely this availability, though, that has led to an overabundance of online stores. Not only that, but companies like Etsy and Shopify collate individual e-commerce stores. This makes marketing an individual online store—as well as selling a particular store’s products—more difficult.
In short, oversaturation in the e-commerce industry has led to lost opportunities. It’s sort of like the more content Netflix adds, the more lousy content viewers must sift through to find excellent content.
There is, though, a software-driven home business that hasn’t yet become saturated. This business also doesn’t depend on a giant corporation like Etsy to serve as its big brother.
This software-driven home business is to open and run an online sportsbook.
Huge Investment Bolsters the Online Sportsbook Industry
Bookies used to be persona non grata. But that was before companies like DraftKings acquired enough investment dollars to incorporate.
DraftKings and Bet MGM are online sportsbooks. Just like a local bookie, DraftKings and Bet MGM set odds, accept bets on sports events, and make payments or collect.
The companies are online versions of the Shelby Betting Shop in Peaky Blinders, albeit without the violence and mayhem.
A US Supreme Court Decision Provided a Watershed Moment for Sportsbook Entrepreneurs
The 2018 US Supreme Court decision that allowed states other than Nevada to legalize sports betting and software are the two reasons both MGM and DraftKings can provide gambling services online.
Additionally, the Supreme Court decision and software are also the reasons sportsbook entrepreneurship exists.
Bookie Software Is as Effective as the Software the Online Sportsbook Corporations Use
Before getting to why running a sportsbook online might be the best home business for you, it’s essential to understand the difference between being a bookie and being a sportsbook software agent.
If anyone had asked the two most important questions regarding bookmaking, “How to be a bookie and how much do bookies make?” before 2018, they got two different sets of answers to both questions.
The sportsbook operator who ran their business through Excel would have one answer for each question. The sportsbook owner who paid a fee to use pay-per-head (PPH) software would have a completely different answer for each question.
In 2021, though, almost every individual bookie uses pay-per-head (PPH) software.
PPH agents pay a per-head fee to use the software. The more clients they have, the more the bookmaker pays for the software.
Some price-per-head software is just as robust as the software much larger online sportsbooks use. But, like everything, not all PPH sportsbook software is the same.
Understand the Basics of Running an Online Sportsbook from Your Home
Running any home business requires making intelligent decisions before your first sale. If you want to run a sportsbook from your home, you must first decide on your software partner.
Forget about making your decision based on reviews. As you might already know, some companies pay for reviews.
Instead of relying on reviews, concentrate on the things you require to make your sportsbook business successful. Then find the software company that provides those things. Check out a list of the top four.
Companies that use their software can easily integrate third-party platforms, like BetSoft, the leader in 3D casino games. Watch out for companies that use legacy sportsbook software like ASI or DGS.
If you wish to become a master agent, where subagents pay you a fee to use your brand, your site, and so on, it’s best to find a company that provides reseller tools before you even start.
Payments and Collections
Many bookies must use a third-party payer, like Venmo or PayPal, to make payments and collect from customers. If you find a per-head company where you can make online payments and collections without a third-party payer, put them at the top of the list.
Customized Website Creation
If you wish to build a specific brand, it’s best to go with a company that will work with you to create the player, or sports bettor, level site you desire.
For Many Sports Bettors, Working with Individual Bookies Makes Sense
Once you’ve decided on your software partner, you must now turn your attention to gaining customers. At first, you might find this problematic, but in reality, it’s easier than you think.
The reason it’s easy is that there are significant disadvantages to not wagering through an individual bookie. Also, most players who bet on sporting events prefer the personal customer service they receive from a single bookmaker.
One thing you should do once you open your home business book is to create a Reddit sportsbook page. Doing so provides you the exposure that you might not otherwise get.
Running an online sportsbook isn’t for everyone. But for those who wish to start a low-cost, home-based business that requires minimal funding, sportsbook ownership might be the perfect opportunity.
To look for other home-based business ideas, be sure to browse our site often.