There are many aspects to consider when becoming a bookie. Thus, you need to learn about sports, sports betting, customer service, time management, and line management. For this tutorial, we will focus on sportsbook line management for a new bookie.
Line management is the process of managing the odds or lines of your pay per head sportsbook. Each game will have several wagering options, such as prop bets, point spread, totals, parlays, and moneyline. As a bookie, you need to manage all the lines.
Good sportsbook software allows you to know which events are actively being bet on. As a result, you can earn more from each match. An average bookie will take a vig from each player for every bet they make. So if you have more losers than wins in a wager, you have better earnings.
You want to achieve parity between the winning and losing wagers. Let’s imagine that more money is being wagered on the Celtics to win their game against the Raptors. The payment is increased if the Raptors win since extra cash is available. However, if the Celtics come out on top, you won’t be able to cover your winning wagers with the money from your losing ones. So, you’ll have to pull money out of your pocket to cover this.
What if more money is wagered on the Celtics than on the Raptors? It’s at this point when shifting your lines becomes necessary. You can read up on several bookie tutorials to learn the finer points of line movement. As noted previously, many more individuals are likely to bet on the Celtics.
The line may be shifted such that betting on the Raptors becomes more attractive if a level playing field is a priority. That way, there will be more money on the Raptors in the betting pools. Although perfect parity between bets is impossible, it is nevertheless a worthwhile goal.
That ends another how to be a bookie tutorial. First, make sure you manage your lines properly to optimize your winnings.