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Step 1
Have some cash available. If you're starting out as an independent bookmaker, you must be able to put cash down up front. How much you need depends on how big you want your operation to be.
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Step 2
Balance your book. As a bookie, you can do this by setting a "point spread" that produces an equal number of dollars wagered on both sides of the bet. Even winners are required to pay a percentage of their bet (often called the rake or juice), which means that, assuming the same amount is riding on both sides, the bookie is guaranteed to make money.
The closer you can get to creating a spread that brings an equal amount wagered on both sides, the better chance you have of operating a consistently profitable business. See Resources for some info on spreads. -
Step 3
Know the sport. Be prepared to study every element of the game and its team or players, including strengths and weaknesses, injuries, tendencies, ground conditions and weather forecasts. From there, you can determine a betting line.
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Step 4
Read your clients. By knowing where the public sentiments lie, you can determine which teams are favorites. This is important if you are attempting to sway the bettors to gamble on a specific team.
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Step 5
Sway the bettors. Once you have determined a line that gives each team a 50/50 chance of winning, determine which team might be the public favorite. By setting the line even a little higher, the favored team's chances of winning decrease slightly and you can thus tempt the majority to wager on a team that is less likely to win; thereby potentially increasing your profits.
