Horse racing is one of the more universally-enjoyed sports betting activities with a global fan base. With Horse betting, you have a large market of fans and bettors from Europe to the US to Australia. This means that horse betting could be more profitable than betting on certain sports that are popular in just one region, or sports whose leagues and players change depending where you are. For those who want to earn from sports betting, then learning how to become a horse racing bookie will be a practical (and lucrative) option for you. In today’s tutorial, we will help you learn how to open a racebook, and what tools you will need to do it easily.
Why is Horse Racing Popular with Bookies?
The global horse racing market accounted for $402.3 billion back in 2022 and is expected to reach $793.9 billion by 2030. With that wide a reach in terms of popularity in betting, a lot of bookies look into horse racing as a reliable source of revenue throughout the year. And with online sports betting, you can gain access to virtually any race happening around the world, from local or regional Grade 2-3 races like the Doncaster Cup or the British Columbia Derby, to the most popular Grade 1 races like the Japan Cup, Melbourne Cup, and more.
These events also tend to attract a diverse set of players from varying demographics- location, age group, and more. This presents a unique opportunity for bookies to offer these players more options in betting- like shifting to sports betting or even online casino gaming. Which, of course, leads to higher handles, and potentially higher revenue as well.
How to Become a Horse Racing Bookie: Learn the Sport
There are a lot of bookie tutorials you can read to help you learn how to become a horse racing bookie. Some will be more detailed, with specific advise on operations, marketing, software solutions, and more. For our guide, we will give you the most basic of skills and knowledge you need. This will be crucial in your success as a bookie because if you have a solid foundation of how horse racing works, then you will be able to manage a horse betting site efficiently.
These are a few of the basics of horse racing that you need to know before you start a horse betting business:
Horse Racing as a Sport. Horse racing has a very long history, and tradition is steeped into the sport. You need to know the history of horse racing, its evolution to what it is today, and know the sports’ calendar well.- Racing Events. As mentioned earlier, horse races are classified into different grades, which mostly talk about its reach and popularity. Grade 3 is usually local races, which increases to more popular, but still regional Grade 2 races, all the way to Grade 1 races- which are the most popular ones, such as the Kentucky Derby. Find out what, when are where these tournaments are happening, and learn how each one is unique to the other.
- Horse Betting. Of course, betting is your main product, so you need to know everything you can about betting on horse racing. What are the wagers that players can make? How are the odds calculated? When do these odds change and why? Are there special bets for each event?
What Do You Need to Start a Horse Betting Business?
Just like with any other business, you need to know certain skills and have certain resources to start a horse betting business. Some may think that it takes a lot of money and time to build a horse racing business from the ground up, but the reality is much easier than that. Here are four things you need:
- Knowledge and Skills in Horse Racing. Earlier, we covered the basics of horse betting that you need to know before you start your horse racing business. Once you have a good grasp on horse racing and betting, you can now
move on to the logistics of putting up the betting site. - Money. But before you even look for the infrastructure to build your horse betting site, you need to set an amount you are willing to spend. For an online racebook, you will need a website (this includes hosting, servers, access to horse betting odds, and more), a software to manage the website, and other similar tools. You will also need to allot a marketing budget which you will use to establish your brand, and promote your horse racing site to attract buyers. This will include various campaigns depending on what you prefer- SEO marketing, advertising, bonuses and promotions, and more.
- Horse Betting Software. Of course, you need a site where your players can view the odds, place their bets, and such. You will also need a software to help you keep track of all these wagers, move the lines as needed, and other similar tasks. Fortunately for us, access to an all-in-one horse racing bookie solution is readily available. This is courtesy of a sportsbook pay per head software, the most practical and affordable option for bookies today. These sportsbook pay per head reviews can help you find a good provider to use.
Steps to Open a Racebook with a Pay Per Head Software
With a pay per head software, you can do everything you need to do to successfully manage a horse betting site. Their service also provides you with features like good online security measures, servers that practically have zero downtime, an easy-to-navigate bookie management platform, and more. You can gain access to these with these three easy steps:
- Sign Up with the Pay Per Head Provider. You can easily create an account with your chosen pay per head service provider. Follow any instructions- such as creating a password, paying a deposit, then proceed with launching your racebook.
- Add Players to Your Racebook. With a pay per head software, your horse racing site is ready to go live as soon as you register. This is because the service includes the betting odds for races- and you will only need to adjust these based on the action you get from players. So just create accounts for your players, set their limits, and your racebook is officially live.
- Check and Manage Your Horse Betting Business. Once your players log in to your sportsbook, they can start placing bets. And when they do that, your job as a bookie begins. Now, you get to monitor betting activity, manage lines, and release payouts as scheduled.
Opening a horse betting site and very easy and does not require a hefty operational expense to thrive. As long as you are using the best software you can find, and you manage your lines well, then earning from horse betting will be something you can enjoy doing in the long term.
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