Sports betting has taken many U.S. states by storm in recent years.
Las Vegas, otherwise known as Sin City, has seen a surge in sports betting turnover.
We’ve seen many states look to online gambling to generate additional revenue. There are already 20+ states with either mobile sports betting, in-person sports betting or both.
New Jersey legalized mobile sports betting in 2018. However, sports betting has been an important part of the Nevada economy dating all the way back to 1949.
It has been legal to wager on sports in-person since 1949 in Nevada. More recently, mobile betting has been legalized in Nevada, allowing residents and tourists to bet without waiting in lines.
With an established legal betting market in Nevada, are there opportunities for local bookies?
Absolutely! There are opportunities abound in Sin City for local bookies.
Starting a Local Sportsbook in Sin City
First, let’s look at what you’ll need to get started:
- Betting Software: The backbone of a successful local bookie business is betting software, which can be leased from “pay per head” (PPH) services inexpensively.
The best thing about using a PPH for your betting software is that they’ll also handle all of the odds management, grading bets and even customer service all for one low price.
- Bankroll: You don’t need a lot of money to launch a sportsbook, but you need some money set aside for paying out winning players and to pay the PPH company.
It’s recommended to set aside a cash reserve of 20% of the credit you have extended. If you have extended $10,000 in credit to your players, you should maintain a minimum bankroll of $2000.
- Players: In order to make money as a bookie, you need active players. It’s ideal if you have a few friends who want to start betting with you, while you ramp up your marketing efforts.
The great thing about running a local bookie in Sin City is that you can also deal with tourists.
You may need to adjust certain things when dealing with people you don’t know, though. For one, you’ll want tourists to post up (deposit) before wagering because of the risks of not getting paid.
Millions of sports bettors travel to Las Vegas annually, so there’s no shortage of potential clients.
The biggest hurdle will be sourcing players, especially initially.
With legal mobile betting and tons of sportsbooks in Nevada, you need to offer a better experience than the big brands. How can a small local bookie go about doing that?
The main way to keep your players happy is to pay them fast. Don’t try to play any shady games with your players. A lot of guys prefer local bookies because there are no unnecessary rules.
For example, a lot of guys don’t want to submit their social security number to legal bookies. There are still plenty of reasons why sports bettors will seek out local bookies, so it’s never too late.
Get started today by signing up to the best PPH provider.