Starting a bookmaking business!!

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Thread starter #1
Doing something like this would be fun and also potentially lucrative.

a few things to sort out whilst setting up would be:
*licences to deal in this trade
*bookmaking software
*marketing/clients lined up who bet regularly
*a decent balance to begin with.

Any thoughts/advice on this? what would be required etc?
 

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Daytripper

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#3
Doing something like this would be fun and also potentially lucrative.

a few things to sort out whilst setting up would be:
*licences to deal in this trade
*bookmaking software
*marketing/clients lined up who bet regularly
*a decent balance to begin with.

Any thoughts/advice on this? what would be required etc?
Its unbelievable difficult these days.

Puters are smarter, the margins are tiny and the competition is brutal.

Not to mention, that governments and racing clubs seem to go out of their way to ensure that the stand alone bookmaker has a hard a time of it as possible.

From memory and this might have changed in the last few years the requirements are :

* clean police record
* $75K cash - does not include fixed assets such as house etc.
* 6 months experience as a licenced clerk
* approval from Victorian Gaming Regulator
* before getting a city licence you must work at least 12 Provincial meetings in 12 months

Funnily enough, the last requirement is where the prospective bookies get a hard time as their is no dumb money at the weekday provincials so its almost impossible to make anything close to a balanced book. They are often left standing a fortune on one horse and invariably the money is smart.

You will often find that the new bookies are usually sons of existing or old bookies due to the first four requirements being easy to fill. Plus they also have the benefit of having some sort of client list from their father/uncle etc.

By the way, if you're after a sports betting licence in Victoria you can basically forget it. Its a closed shop these days. Pretty sure its the same in other states as well
 

dr nick

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#6
um.. yeah. Very difficult to say the least.

if you're looking set up any business on metropolitan tracks youre looking at a minimum bankroll of $250,000 in cash.

And the other guy is right, you have to serve time as an apprentice and also have to work (i thought it was 50) provincial meetings before you will get a licence to work at city meetings.

The whole thing strikes me as extremely cut throat and stressful, and I like being on the punters side of the rail.

I dont know how Robbie Waterhouse gets around the no criminal record part of it :confused:
 

Daytripper

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#7
um.. yeah. Very difficult to say the least.

if you're looking set up any business on metropolitan tracks youre looking at a minimum bankroll of $250,000 in cash.

And the other guy is right, you have to serve time as an apprentice and also have to work (i thought it was 50) provincial meetings before you will get a licence to work at city meetings.

The whole thing strikes me as extremely cut throat and stressful, and I like being on the punters side of the rail.

I dont know how Robbie Waterhouse gets around the no criminal record part of it :confused:
Is it 50 now ?

Bloody hell, its a wonder they get any new bookies at all.
 

the_fresh

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#8
I think you need $10 million in the bank before you can even sign the paper work.

The easiest way is just lay the top 5 on betfair at 120% and you should start making small profits.
 

dr nick

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#9
I think you need $10 million in the bank before you can even sign the paper work.

The easiest way is just lay the top 5 on betfair at 120% and you should start making small profits.
Nah I don't think it's that much to start working at the provincial tracks. Might be closer to the mark if you want to enter the Flemington or Randwick ring.
 
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