You will need a LOT of money to set this up, with the risk of losing it if you don't chose the right odds. if you are thinking about this seriously, do a rediculous amount of market research. find out exactly how bookies make their money and how they effectively promote.
You will have to be working constantly to come up with odds on events every single day and a small mistake could be fatel! In my opinion, a less riskier way to start off would be to build a web site that reviews current bookies and their free bets, you will make money by sending customers to them and learn the industry, and once set up, not much work is required.

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I made over £460 the other day using the tools provided by these guys. Definitely worth a look!

http://www.arbets.com/?aff=34