First of all, thanks for all your responses! Very well appreciated and exactly what I was expecting from positive GFY members!
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Originally Posted by ultra100
No, I haven't tried it. Not, yet. 
I am not thinking that it's not worth of it, but it requires a lot of investments. From licensing, software, 24/7 support, processing..etc. You can start with sports-betting and later-on add casino, poker and games to cut the starting costs. It's very competitive market, but at the same time very profitable.
Regarding BetUS.com, it's not so new brand. They started in 1994, but they just recently added Poker to their Website. |
We would focus on starting with Betting, maybe even just a few sports and then add some more gambling to the boat to raise the profits.
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Originally Posted by LeRoy
I was talking to a guy thats setting up some online betting stuff.
He told me that the average signup is worth around 350.00
So if you are ok with losing that then it's all good  |
At the beginning I understand I'll need some sort of bankroll, but people wouldn't be in this market to lose money.
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Originally Posted by joshgirls
if you open a book, you run the risk of getting middled, or getting killed on one sided action. you need to know what the critical numbers are for each sport (NBA is 3, 6, & 10, while NFL is 3 & 7) & you need to ensure you hedge when you get one sided action. you can make money 364 days then on day 365 you get wiped out & them some. The only edge you have as a book is the vig, & you better know how to manage the lines & the action so you are not overexposed. & this does not begin to cover the issues of payment processing, money laundering & legal issues in some countries. unless you get the right experience running a book, you can easily get killed.
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I would definitely look into hiring a bookmaker to start things off and maybe help with the collaboration of the coding.
You don't think we can get this system completely automated?
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Originally Posted by Varius
Casino and Sports Betting make a lot more money than Poker and are easier to convert.
For Poker, many people already have a favorite poker site and it's hard to make them change. You need to have something really unique and attractive to sway them.
Casinos and Sports, on the other hand, are much easier to draw people to and I feel are less saturated right now than Poker is. Players will join multiple Casinos and Books, since lines and promotions vary so much from one to another.
Example, Player X likes the hockey lines on BetUS so he bets on hockey there. However for Football, lines are often more to his favor on Sports.com. Then, on Bodog he likes the Basketball lines. You get the idea. With Poker many players try a lot of sites, but the majority stick with only playing on one or two.
The same for Casinos, with a variety of themes, games, etc... a player will often play in many different sites.
The bottom line though is an average Casino/Book player makes you a LOT more money than an average poker player.
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We were thinking of starting off with Poker, but then again you summed it up pretty nicely. Poker is already pretty saturrated in terms of big players, PokerStars.net, Pkr.com, etc.
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Originally Posted by Profits of Doom
This completely sums it up 100%. If you don't have an experienced linesmaker to set and move the number as money comes in, and if you don't have relationships with other books to lay off bets if you get too much one sided money on a game, then you could get wiped out a quarter of the way through football season. If you think adult programs that go belly up and run off with affiliates money is bad you should see how often it has happened over the years with well funded, experienced staff online sportsbooks.
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Definitely not the same as adult programs, we understand that ;)
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Originally Posted by Profits of Doom
You would also 100% have to move your operation to a location like Costa Rica that provides licenses for online books, and not just open a mail drop there, I'm talking about physically move your operation and call center there. Most players won't even give a new book the time of day if they don't feel they have a gaming board, even one as lousy as Costa Rica's, that has bonded a book so they have a hope of getting their money back if you go tits up.
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I don't get it? Your saying players wouldn't trust a betting operation based in Canada/united states? What if we focus on getting a book from our local area, it exists no?
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Originally Posted by Profits of Doom
There is so much more to it than that, and yes it is illegal in the US, and even though many big books still take US customers, it is a fucking headache for them to be able to transfer money to your book. You would have to find a company to act as a Western Union or Moneygram front to even be able to accept deposits and payout customers. Now if you're just looking to start a small operation where you take in some customers locally, and you want them to have a place to call in and place their bets or to be able to bet online, then there are offshore sportsbook staffing companies that will do that for you, but you will still have to move the line on your own...
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So what your saying is that we cannot hire North American sportbooks because it is illegal? So sites like BetUS.com, etc. (their bookmakers) are working from offshore locations?
I understand the fact that it would the communication a whole lot easier if we had all of our operations in a place like Costa rica because you would be in direct contact with your sportbooks, etc. Just can't see how there aren't any in NA?
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Originally Posted by joshgirls
i cant imagine even being a sportsbook. sports betting is one of the most stressful things i ever did in my life. The easy money is a thrill but more often its a grind & the unexpected happens constantly. Look how close Fed came to losing Wimbledon. An unknown US teen took out a top 10 womans player.
& the player has to only worry about their own card. the book has to manage every game on the board every single time & day of the year. 11am games, snow games, garbage games, foreign games, every fucking game.
Leave it to the pros.
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We definitely would not be taking part with the bets in a direct way, we would be hiring someone for this obviously (or paying him on commission). We would take care of the promotion and management of the online business and getting the team together only. Obviously we will get investors.
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Originally Posted by d-null
the biggest incentive/offer is to be a high profile site that is promoting million dollar games and with the top TV players as spokespersons, and television advertising etc..., people have choices and know which ones are the big ones, so they will sign up to Party Poker, Full Tilt, or Poker Stars directly without needing any "convincing".... if those sites are giving away legit bonuses it doesn't hurt either |
Well said, we already have our marketing team set, and celebrities are pretty much the best way to go for promotion!