No matter what business in, no matter what industry, the most critical aspect is cash flow. A white label sportsbook is no different. Paying your customers after wagering victories and collecting from them after wagering losses is the only way you can ensure your sportsbook’s success.
Because it’s hard for many to forget that sportsbooks aren’t mythical destinations where only those in the know can make money, some forget that after all the Hollywood images and fictional stories of mobsters breaking legs, gambling businesses provide a service. Players head to online sportsbooks to place wagers.
Contrary to popular opinion, most players don’t end up mortgaging their home to make a bet on the longest shot on the board in the Kentucky Derby. No player has taken a loan to place a bet on the New York Jets to win eight straight games and miraculously make the playoffs.
Most players, whether their gambling option of choice is sports, the ponies, or slots, place bets for entertainment value, which is why bookie software agents allow players to make wagers on credit. That often leads to player loyalty, a wonderful thing in the competitive sportsbook industry.
Wagering on credit doesn’t mean that at no time must a bookmaker pay winning customers. It also doesn’t mean that losing customers must never pay their bookies.
BossAction Agent Payment Solution (APS) allows agents to pay and collect online
Keeping cash flowing in your bookmaking operation is of utmost importance. Not doing so could end up costing you a lot of money. In some cases, it could end your sportsbook.
The best way to ensure you keep the cash flowing is to use a system like BossAction’s Agent Payment Solution. The APS allows agents to pay and collect online. But it does something more than that.
It can also help agents make more money than they ever dreamed possible. There are three ways the APS works as both a buoy to your sportsbook and as a profit-generating tool.
3 Ways the Agent Payment Solution helps you make more money
If you use sports betting software, you know that most per head companies offer a sportsbook, a casino, and a racebook. But they don’t provide a way for bookies to pay their customers online.
More importantly? Bookmakers can’t get paid online. If a sportsbook owner can’t pay or get paid, there’s no reason to run a sportsbook. Paying customers online and collecting online can also help your sportsbook reach higher profitability. Here are the three ways that happen.
- The APS ensures cash always flows – With the Agent Payment Solution, pay per head agents must never worry about money flowing from their book to players and back to their book. Bookie agents must never wait for a player to pay them or set up a meeting to pay their players.
- Paying players sooner boost action – Most players don’t take their winnings and put them into the bank. Once players get paid, the first thing many of them do is look for more wagering entertainment options. Those options could be on sports, via live dealer, or on a horse race. Paying players as soon as possible gives them money they use to make more bets.
- Collecting online keeps players from owing too much – The last thing a per head agent wants to do is use their player management tools to cut off a player. Agents only make money if players wager on games. The best way to prevent ever having to do that is to pay players as soon as possible.
Since the BossAction Agent Payment Solution allows you to collect from players online, you can collect from them as soon as games are graded or as soon as the player reaches a collection threshold. That way, your player remains in good standing. Also, it ensures you keep cash flowing.
How to sign-up for the Agent Payment Solution
Adding the Agent Payment Solution to your BossAction suite of tools and features is easy. Call a BossAction client service representative and tell them you want to add the APS to your gambling software.
The rep will set you up with your own account. Then, you can start making online payments and collections. You must never worry about meeting a player in-person again.
You can sign-up players that don’t even live in the same state as you. Bookies can also use different banking methods, including Bitcoin and other cryptocurrencies. If you have yet to import your players to BossAction, do so soon. The $3 per head for up to 3 months promotion won’t last forever. The sooner you import your players, the sooner you can take part in the industry’s best referral program.