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How to draft a Budget for your bookie business


A clear and well-detailed budget is the basis of a successful and prosperous business, the problem is that many bookies tend to forget the importance of a budget and manage their business without one. There are many reasons why bookies tend to underestimate the value of a budget, but in most cases, it is due to the belief that if the business is producing a good cash flow it is not necessary to waste time making a budget since the business is generating enough money to pay the bills.

The reality is that a budget will help the bookie determine the present and future state of the business so that it can make the best decisions to drive the business to reach the proposed objectives and ensure constant growth. The 4 elements that should be included in the budget of a bookie are:
The income category includes all the money that enters the business from sports betting, to the money that players use in the online casino or in the poker rooms, all this money counts as income.

In this category, the bookies must place all the fixed monthly costs of the betting business. For example, the total costs of the Pay Per Head platform, as well as any other cost such as salaries of assistants or accounting and marketing consultants who contribute to the betting business, and also the bookies own salary must be included in this category.

Once the income and cost data have been compiled, the total cost amount must be subtracted from the total income in order to calculate the profits of the betting business.

If subtracting the total costs to the total profits, the result is negative, this represents the losses of your business, which must be subtracted from the bankroll of your betting business.

Performing this exercise periodically helps the bookies to be able to project future profits so that they can have a better control of the business. A budget will also help the bookies to make their business more attractive to potential investors since they will be able to demonstrate with truthful data the capacity of generating income from the business.

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