Being a betting middleman/agent/advisor/account manager

Question

Dear all,from time to time I get requests to manage other people betting accounts. In other words, they suggest to deposit money to their bookmaker accounts and let me decide on what to bet on and at the end of a month to split profit between us.Now as this may be a working model, there are still a lot of issues, let say people cashing out money and not sharing with me, or them making bets from their accounts as well, losing them and blaming me for that. I wonder if there is any way to make this procedure more efficient and straight forward?Is there some kind of possibility to be a middleman/agent/advisor or account manager in colaboration with a bookmaker?Launching an investment fund would not be an option in my case :)P.S. I live and operate in EU.I really look forward to getting some valuable input.

stopthismadness · Answer

Dear all,from time to time I get requests to manage other people betting accounts. In other words, they suggest to deposit money to their bookmaker accounts and let me decide on what to bet on and at the end of a month to split profit between us.Now as this may be a working model, there are still a lot of issues, let say people cashing out money and not sharing with me, or them making bets from their accounts as well, losing them and blaming me for that. I wonder if there is any way to make this procedure more efficient and straight forward?Is there some kind of possibility to be a middleman/agent/advisor or account manager in colaboration with a bookmaker?Launching an investment fund would not be an option in my case :)P.S. I live and operate in EU.I really look forward to getting some valuable input.

TheGoldenGoose · Answer

I actually performed this service with guys I worked with and it was mildly profitable. Think of it as a Hedge Fund. Your "clients" can buy shares at $100 each to establish the fund. You, as executor, place wagers nightly (and of course reveal those picks before gametime to your clients) and the fund grows and shrinks. Guys can sell or re-buy at any time.

It's really no different than an actual Hedge Fund.

stopthismadness · Answer

Thanks for your input.But the problem I have with this is that a lot of money has to change hands:1.) Investor tranfers it to you2.) You deposit it to your bookmaker&#x27;s account3.) You cash it all out by the end of year/season4.) You divide the initial investments and profitsAnd this way, you have to gather money before the start of your season/year or whatever period.I would like to come up with a structure, where &#x27;investors&#x27; could be takig profits out every single month, together paying management fee monthly. In other words, I would like to have &#x27;investors&#x27; independant from one another and be able to exit or pause whenever they want.

TheGoldenGoose · Answer

Don&#x27;t complicate it more than it has to be, just keep it simple.If they only want to pause, that&#x27;s one small set fee.If they want a complete withdrawal, that&#x27;s another larger set fee.The idea is to keep them invested as you charge a minimum weekly management fee.

stopthismadness · Answer

Actually the idea is to generate a small profit that can be withdrawn monthly.So you see no other way that operating as a &#x27;hedge fund&#x27;?

TheGoldenGoose · Answer

I suppose you could pay "dividends" on a monthly basis.But keep in mind the idea is for YOU to end up with the most profit at month&#x27;s end.  You seem to be a kinder person than I.

Being a betting middleman/agent/advisor/account manager

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