It was a little tough to fit everything into the title, so it might not be as clear as I’d hoped. I’m trying to say that you have to be good at sports betting to be a good bookie – at least the part where you work with your players, because you’ll better understand how to manage player action.
There are three characteristics of being an exceptional betting agent that includes:
- Being good at math and some accounting
- Loving everything to do with sports to the point of forgetting your significant other’s birthday
- You are not stressed out when taking risks with your money.
As part of number 3, it makes sense that you’d like to bet now and then. You’re usually too busy taking other people’s bets to spend much time on it yourself. You’d also have to be good at winning sports bets to stand out as a bookie and make a good profit.
Hear me out. You spend a lot of your time making sure as many bets as possible are balanced, so there’s no risk. But you can’t do that with all bets, especially futures where it’s against more than two teams. When that happens, you’re betting that they’ll lose.
Two Types of Bettors
Most of your players will lose a little more than they win. They’ll only lose a little and occasionally get a nice win that keeps them coming back.
Then there are those that win more often than they lose. Those are the ones you’re battling against when you learn to manage player action. You want them to join the first group that wins just enough to keep them coming back but not quite breaking even. Otherwise, you have to struggle to make a profit.
Betting Tools for a Bookie
These tools are for that second group of players that win more often. For those players, you need to know how to win at sports betting because you’re essentially playing against them.
How you manage them will determine how successful your sportsbook is.
Take out the Emotion
It helps if they are betting on a team or athlete you aren’t interested in or don’t have a strong opinion about. That way, you can look at stats and reports without adding any bias when you manage the player action.
What do you think are the chances of your player winning their bet? If you believe they have a good chance of winning, you can hedge that bet the same way you would if you had an emotional connection to it. There are three main methods.
- Get an equal amount of money betting against them. If other players cover those bets, it won’t matter to you who wins. You’ll still get your juice.
- Limit the amount they can bet. If you keep it small, you’re reducing your risk. But if you can move the lines and have the bets covered, you’ll make more money.
- Use your layoff account. It will neutralize the bet. You won’t get your bookie fee, but at least the risk is completely gone. This is your safety net, so only use it as a last resort.
Create Reports to See Betting Trends
If your pay per head software can generate reports, this is an ideal way to analyze your winning players’ track record. Look through their history and see where they have had the most success. Do they win most often with a specific team or type of bet? Has it been consistent over time or a recent trend?
By tracking where they win most often, you can make it a point to cover those bets, so even if they win, you don’t lose. One of the easiest ways to cover the bet is to move your lines to make the other side more desirable. Or, as I mentioned above, you can limit the amount of money they can bet.
If you’re good at sports betting as a player, you’ll be much better as a bookie because you’ll have the tools players don’t have. You won’t have to do anything special for most of your players. They will lose more often than they win.
But you won’t know who those players are without the right kind of reporting. If you want to improve your profits as a pay per head agent, transfer over to BossAction. With our proprietary software, we’ve got all the standard reports plus more. You can customize your own reports and dashboard to see everything on one screen.
And you have access to your own layoff account whenever you need it.
Sports bookmakers who become Boss Agents increase their cash by an average of 23%. And if you join now, you will get 100% cash back for up to 3 months.
Call 1-800-339-4108 to find out how many months of cash back you qualify for.