One of the best things about running and managing your own independent sportsbook as a private bookie is the ability to pick and choose which customers you take action from. Whether you are running a large operation with possible sub-agents involved or managing a smaller customer base of sports bettors, you should always take the time to understand each of your player’s habits and tendencies.
You need to build your bookie business in a way that best meets your particular needs. From weekly cash flow along with your overall handle and bottom-line profit, you already know what kind of revenue figures you need to earn the living you are looking for. If you are scrapping and scraping just to make ends meet during the football season, it may be time to find another line of work.
Getting to know your customers is the fastest and most efficient way to plan out your future financial goals. Some private sports bookies are only looking for small-time recreational gamblers that help keep the risk/reward factors to a minimum. Some independent bookmakers are willing to raise the bar when it comes to high levels of negative exposure in hopes of pocketing a heavy gain if things end up falling in their favor.
Understanding and maintaining your tolerance for risk is another big part of the equation. This information can be ascertained by a thorough understanding of your entire customer base on an account by account basis.
The sophisticated online sports betting package that is part of your software agreement with a Price Per Head service has the capabilities of providing all the information you are looking for. Individual account profiles enable you to set up the proper betting and credit limits. However, they also are a highly effective tracking device for each customer’s online betting activity. This betting activity can be measured across any number of attributes that are deemed important to your bookie business.
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You might want to rank your customers by sheer betting volume. Another very helpful measure could be overall winning percentage. Seasonality issues could be a factor if your business skews too heavy towards the fall and winter as opposed to spring and summer. It is entirely up to you how to rank your customers, but there still should be some kind of system in place to break down your entire online betting base.
Another very helpful exercise is to create internal definitions of a ‘preferred customer’. Every bookie has sports bettors they absolutely love. Their losing percentage slightly out gains their wins. There is consistency in both the volume and frequency of their betting activity. Collecting money is never an issue and so on. If your bookie business consisted of customers that all fell into this elite category, you would be the happiest bookmaker in the world.
Unfortunately, the nature of the business dictates that some betting customers are going to be more beneficial to your company goals than others. Identifying the top of the class right down to the customers that keep you up at night is a big part of the ranking process. This can also help you create a customer retention plan that could ultimately lead to more bettors at the top of the list while having the ability to jettison the ones creating the headaches at the bottom.
Sports betting is supposed to be fun. Booking those bets are supposed to be profitable. Creating your private book with these two concepts in mind should be one of your top priorities moving forward. With the help of a quality price per head shop that can provide the best software solutions you need to manage your overall customer base, you will be able to build a bookie business that marries up to your business goals.