Bookkeepers make money when players lose their bets. The amount of money that they earn can differ significantly based on the number of players that they have and how much they bet. Still, considering the fact that sports betting and online casino are a highly lucrative business, they earn quite nicely.
Sports Betting Sector
The amount of money that a bookie makes is largely dependent on several factors. The first is how much players they got. The second is how much money do the players bet and thirdly how successful are they. Some bookkeepers that have fewer clients will sometimes make more money than the ones that have more. Think about the imaginary bookie of Charlie in Two and a Half Man, that guy must have earned a lot from a rich drunk.
It is simple math actually. Let’s consider a small-time player. Let’s say that this person bets $50 and makes ten bets a week. Most bettors are somewhere around 50/50 with guesses so let’s say that he loses 5 and wins 5. So, because the house always takes the edge, the bettor will end up losing 10% on every bet meaning that he will lose around $200 a month. Now, imagine having 10 players. And this is the smallest possible type, bettors usually bet more and there are also high rollers.
Additionally, over time, you can always expect an increase of bets from almost all players. Another thing worth mentioning is only good bettors tend to make 50% of correct picks and most players are at around 30-40% of successes. In the case that bettor makes only 40% of his bets, the bookie will be earning around $330 per month or so on one player. Having around 10 small players will account for approximately $70000 a year. That is a solid income. And it’s a small-time bookie. Now, imagine the big ones that have a lot of traffic and high rollers.
As you can see, small-time bookies will earn around $70000 a year and more serious bookies will earn hundreds of thousands to even millions a year.