Not all of us know how to play football but we have a strong passion for the game. the game is almost like a religion with frenzied supporters and fans.An interesting football related business is watching live matches. The viewing center concept of airing soccer games has slowly crept into many sports lovers consciousness. The combination of live viewing centers and popular leagues like English Premiership, Italian Seria A has opened new business opportunities for smart entrepreneurs.
It makes total sense to leverage on this passion of
soccer for financial gain. So the question is how do you use this to your
advantage and make huge money.
The answer is launching a football betting agency
business. If you are not starting the entire company, agency outlets works as
an affiliate or franchise with little start up capital.
Let’s
see.
Football betting has become big business in India, Europe, Africa
and worldwide. The love for the game combined with hopes for financial reward
has opened a new chapter in placing odds.
Other things that have contributed to the immense growth
are the internet and smart phones. As broad band permeates every country and
locality easy access to sports websites have become common place.
The internet has contributed to the massive growth of the
industry which attracts several trillions in revenue worldwide. A businessman can make big earnings running such
an outlet.
It is easy to start and does not require much capital to
get going. Such websites and companies abound and happily sign up new individually
to run outlets.
They know that more sales outlets the more money they
make.
How
to Get Started
Go to
the Companies Head Office
Visit the head office of any odds company you like. Go
with your company registration details, location and shop details. Some companies
even accept photographs of the outside of our shop and the type of equipment's
you have.
While other verifies your location, equipment and staff
strength however a few don’t even bother. The reason why you should go to the
head office is because if you approach an outlet he will earn a percentage of
your sales as referral commission.
Agency outlets are encouraged to find new outlets and
earn commissions. The larger the outlets under an agent the more money he
makes.
Pay
the Fees
Surprisingly some companies collect as low as $100 for
new sales outfits. The amount is even credited back into your account to use when booking bets.
In order words becoming a member is virtually free of
charge. Once you have been accepted as
an outlet they will provide free training on how to use their software.
It is not that difficult once you know how to point and
click. They will then install their software on your computer and give you a
small printer to print out the slips.
The
outlet
The Large companies want you to succeed so they even give
you multiple banners to attract players. A small outlet can operate with only
one computer and a dedicated server.
To make more money entrepreneurs introduce cyber cafe services
to their customers. Some young business men have made huge earning running this
business format.
Some people place bets daily while using the cyber cafe services.
As an agent you need lots of restrain and avoid placing bets on your own mechanize.
The Business
Plan
Register
your Company
To start the business you need to first register your
company. One of the requirements for accreditation and acceptance as an agent
is your company name and profile.
Register the company either as an enterprise of Limited
Liability Company. They prefer businesses that are limited in liability because
it shows a stronger business brand.
Some lawyers specialize in company registration use one
or go directly to corporate affairs commission. Other considerations are tax
related issues and staffing.
Open
a Dedicated Account
You need to open a dedicated account even though the
company will provide a special account for your business. The account they open
is used only to load funds in an online account.
You can withdraw the funds on their software to manage
stakes. The account you open is to deposit the physical cash and remit payment
to verified winner.
If the sum won is larger than the online account they
will deposit the winnings directly into your company’s bank account. However if
the sales is commensurate to the winnings you will have to cover the stake.
The agent every month is sent a profit and loss statement
for remittance of funds collected. Different company rules on funding and
transfer defer so you need to understand their requirement on account funding.
Open
a Sales Outlet
A sales outlet is one of the requirements of the host
company. They will send a representative to checkout your outlet before
confirming the deal.
There are certain things the look out for such as in-house
equipment, location and visibility. The basic equipment needed to run an agency
includes computer, printer and internet connection.
The outlet should be located in a busy street and several
meters away from other agents. If there are agents using the same company close
to your location you might not get the franchise.
The physical address is a strict criteria used by host
companies. The business is based on trust so strict rules are enforced on
visibility and work ethics.
Apply
For a License
Once you have registered your company, acquired a
befitting office space and added equipment its time to apply. Go directly to
the companies head office with documentation such as company registration, photograph
and location of sales outlet and equipment.
The company will check if they have any agents close to
your location. The next step is verification of your claims. Some send staff to
your company to verify your ownership, equipment and location.
They want to understand your business structure and
capability. If they are satisfied you go through training to understand their
software and sales techniques.
Training
a Sales Agent
The training lasts only one week or a few days depend on
your learning ability. They teach you how to navigate their website and effective
marketing.
Other things you learn are how to place and take odds,
print slips and make payment. They then provide a few paraphernalia to get you
started.
You are required to bring your computer so they upload
their software. They will give you a small printing machine to printout slips
including marketing tools.
The marketing tools include banners, handbills and
posters. The last step is giving you a sub-license as an agent and funding your
online account.
Note: all licenses are under the control of The National
Lottery Commission in your country.
Fees
The fees vary according to company policy, however the
amount is minimal and anybody can pay. The startup fees are merely fashioned to
see the seriousness of the agent and hardly exceed $100.
Once you have paid they remit the sum back into your online
account to start the business.
Opening
Multiple Outlets
Once you have the grasp of the business as an Agent they encourage
multiple outlets. However every outlet must go through the accreditation and
approval of the host company.
The more outlets you control the bigger your paycheck. You
don’t necessarily need to operate the outfits by yourself. Locate willing partnership
or people interested in the business.
The agent tends to gain commission on sale of each outfit
he brings to the company. Study the business model of the betting company of
your choice to understand what they accept.
Always follow their rules to the letter to avoid getting
banned.
Related reading- 25 Sports Business ideas you will love
Related reading- 25 Sports Business ideas you will love
How
to Start a Sports Betting Company
Owning the mother-ship involves huge financial involvement
and logistic. Unlike agency business the host company needs to apply for a
license, pay huge fees and show payout ability.
Other things are setting up your website and secure
software. In subsequent articles we will go into full detail on how to setup
your company from scratch.
The websites should be secure and have a payment system
that works. The payment system accepts direct deposit or credit card
transaction.
Other requirements are getting field agents and equipment
for your agents. The major equipment needed are hardened printers and appropriate
software.
You also need to invest in a befitting corporate office
for your customers, staff and agents.
Funding
your Business
To get funding you need bank loans and guarantees. Owning
a betting company is heavy duty and you need lots of finance.
You can get funds
from venture capitalists, or sell equity in the business. Another method is
through partnership and company shares.
Promote
the Company
Your company is going to face lots of competition because
of the nature of the business. You will spend a huge amount of money on marketing
both online and offline.
Use media like television programs, radio, and newspaper advertisements.
Other promotional methods are huge billboards, banners and handbills.
The betting business is highly regularized and has very
strict laws guiding operation of the business. Getting a license could take
several years and such companies pay huge sums as tax.
Starting the parent company is difficult but the reward
is massive.
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