1. #1
    James D
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    Join Date: 01-03-13
    Posts: 2,040

    Serious question regarding starting a sports book

    I have been following the BetIslands issue for the past ten days. Only because a friend of mine lost a small amount of money ( under 1000) and he mentioned it to me in passing during a xmas get together. It is not stressing him and is not an issue at all in his life, nothing like some of the horrible stuff I have read on this site. My heart really goes out to all you guys that have life changing money in jeopardy. I am a small time bettor and use a local but reading all about BI and the industry in general has been quite eye opening. Finally to my question, ok questions.

    How much start up would it cost for someone to open a REAL reliable book in costa rica or another of the sports book friendly nations. I mean a solid operation hiring the right people to manage the operation, quality customer service reps, etc etc. I am not talking pinnacle, but a strong operation that takes decent limits
    What is the cost of start up?
    Bankroll needed behind the operation to assure players, staff and ownership that variance wont close up the shop
    Also is there a way to show the betting public TRUE transparency so they know their funds are safe?
    Is it possible to avoid getting complete crushed by the sharps?
    Is it possible to pay your customers promptly, it seems to me the books just intentionally don't pay or slow pay.
    How would the public find out about you? So many false advertisers and shills out there it is impossible to discern who is who.
    Also is taking US customers a good idea or a bad one?
    If you take US customers is legal issues a real possibility?

    Answers to any or all of the questions would be appreciated

  2. #2
    flyingillini
    flyingillini's Avatar SBR PRO
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    No mames

  3. #3
    Sawyer
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    I hope you dont end up like Betislands.

  4. #4
    jpb383
    jpb383's Avatar Become A Pro!
    Join Date: 06-14-10
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    1. Can find turn-key solutions anywhere from $500-$100k (albeit its only a platform)
    2. Depends on the limits you set. Max bet: $5000... a small operation should have at least 600 units present - Risk management is key!
    3. If you want to show them all of your accts/statements (would also be a huge help to the feds smh) maybe have an accounting firm "audit"
    4. You need to identify them quickly - some of this info can be bought.
    5. Yes
    6. DUH
    7. DUH

  5. #5
    James D
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    Join Date: 01-03-13
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    JP,

    Thank you for your response and detailed answers. As far as questions six and seven warranting a DUH as the answer I did not know the issue of taking US customers is an easy question to answer. Whether the risk vs reward of tapping into the american market is worth the trouble is not something I know. I am guessing the DUH means "yes you idiot" not "no you idiot". The only thing I am sure of is the "you idiot " part LOL

    As far as my book "ending up like BI" I never implied I was interested in starting a book. This is not a business model I am familiar with at all. I know nothing about the laws, operating a book, the pitfalls of doing business in costa rica, etc etc not to mention the seemingly endless array of shady characters in this business that would be chomping at the bit to rob me blind. Some from the inside some from the outside.

    I was asking about the start up costs because it just shocks me how few reliable books there are out there. This is a business with a huge motivated customer base. There is no cost of producing anything, labor is cheap because it is in costa rica, advertising is reasonable in a sense because it seems if you do the right thing word of mouth over time spreads through these forums. If you do not do the right thing word of mouth spreads far quicker. I know there are sharps, but it seems you can identify them and they are certainly in the minority when it comes to customers in general. I am just surprised that more people who have been in this business for years on either side of the betting window have not established some top of the line books out there. Especially some sharps who would seem to have a license to steal against amatuers like myself.

    Thanks again for your response

  6. #6
    touchback
    touchback's Avatar Become A Pro!
    Join Date: 02-08-12
    Posts: 1,227

    Quote Originally Posted by James D View Post
    I have been following the BetIslands issue for the past ten days. Only because a friend of mine lost a small amount of money ( under 1000) and he mentioned it to me in passing during a xmas get together. It is not stressing him and is not an issue at all in his life, nothing like some of the horrible stuff I have read on this site. My heart really goes out to all you guys that have life changing money in jeopardy. I am a small time bettor and use a local but reading all about BI and the industry in general has been quite eye opening. Finally to my question, ok questions.

    How much start up would it cost for someone to open a REAL reliable book in costa rica or another of the sports book friendly nations. I mean a solid operation hiring the right people to manage the operation, quality customer service reps, etc etc. I am not talking pinnacle, but a strong operation that takes decent limits
    What is the cost of start up?
    Bankroll needed behind the operation to assure players, staff and ownership that variance wont close up the shop
    Also is there a way to show the betting public TRUE transparency so they know their funds are safe?
    Is it possible to avoid getting complete crushed by the sharps?
    Is it possible to pay your customers promptly, it seems to me the books just intentionally don't pay or slow pay.
    How would the public find out about you? So many false advertisers and shills out there it is impossible to discern who is who.
    Also is taking US customers a good idea or a bad one?
    If you take US customers is legal issues a real possibility?

    Answers to any or all of the questions would be appreciated
    U got 350 dimes pm me...

  7. #7
    jpb383
    jpb383's Avatar Become A Pro!
    Join Date: 06-14-10
    Posts: 242
    Betpoints: 242

    Quote Originally Posted by James D View Post
    JP,

    Thank you for your response and detailed answers. As far as questions six and seven warranting a DUH as the answer I did not know the issue of taking US customers is an easy question to answer. Whether the risk vs reward of tapping into the american market is worth the trouble is not something I know. I am guessing the DUH means "yes you idiot" not "no you idiot". The only thing I am sure of is the "you idiot " part LOL

    As far as my book "ending up like BI" I never implied I was interested in starting a book. This is not a business model I am familiar with at all. I know nothing about the laws, operating a book, the pitfalls of doing business in costa rica, etc etc not to mention the seemingly endless array of shady characters in this business that would be chomping at the bit to rob me blind. Some from the inside some from the outside.

    I was asking about the start up costs because it just shocks me how few reliable books there are out there. This is a business with a huge motivated customer base. There is no cost of producing anything, labor is cheap because it is in costa rica, advertising is reasonable in a sense because it seems if you do the right thing word of mouth over time spreads through these forums. If you do not do the right thing word of mouth spreads far quicker. I know there are sharps, but it seems you can identify them and they are certainly in the minority when it comes to customers in general. I am just surprised that more people who have been in this business for years on either side of the betting window have not established some top of the line books out there. Especially some sharps who would seem to have a license to steal against amatuers like myself.

    Thanks again for your response
    If you aren't familiar w/ the laws aimed at US players you aren't prepared for the undertaking. Paying US players is extremely difficult.

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