Besides sports and bets, bookies have a couple of major items to focus on to ensure a successful sportsbook. No one likes to do business administration, but it does make a difference in your success, so today we look at the business management tools at your disposal.
Finance
As a bookie, you definitely have to worry about finance. At the end of each week, you should know the total amount of money going out versus the total amount coming in. If you don’t keep an eye on that, you won’t know if you’re making money or losing it. And if you are making money, it’s a good idea to monitor whether your earnings are growing or shrinking.
This can easily be done on an Excel spreadsheet if you’re diligent about adding the amounts when money comes in or out. Excel can do a total of each column at the end of the week to see if you’re in the black or the red. But if you use pay per head software, this should be done for you automatically.
Customers
At the basic level, you need a way for your players to place bets. The old way was for them to call you and get the latest odds on something they wanted to bet on. You can still do that, but most players want something more efficient and accessible, like a website. In those cases, bookies use a pay per head software provider that gives each of their players a website to go to that has all the odds for all the sports. It will also allow them to deposit money into their account and take payments out.
Working with World Cup Fans
As a bookie, you’ll be able to generate reports that tell you which players are more active, how often each one wins, what bets they like to make, what sports they like, and what teams they like. Clearly this is one of the key business management tools you must use for success. For example, what if they like soccer and their favorite team is Argentina? The current odds for which team will win the 2022 World Cup are as follows:
Country Open Current
Brazil +430 +400
France +550 +600
Argentina +700 +600
English +700 +750
Spain +750 +800
Germany +950 +1,000
Netherlands +1,300 +1,300
Belgium +1,200 +1,400
Portugal +1,300 +1,600
Denmark $3,200 +3,000
You can update your players on the current odds and even contact the Argentina fan to let them know that the odds have changed.
Betting on the outright winner of the World Cup is an extremely popular futures betting option. The odds will stay relatively consistent until the World Cup starts. Once the tournament progresses, the odds will fluctuate, inspiring your players to make more futures bets.
Right now, the most enticing bets are for which teams will win their respective groups and which teams will move on to the next leg of the tournament. Each group has four teams for the World Cup’s preliminary stage. They play each other in a round-robin format to gain points, each team playing three games. They get three points for a win and one for a tie. The two teams with the most points move on to the next stage. It doesn’t matter which team wins each group except for giving a betting opportunity.
The schedule for all those games is available now, so your players can make bets anytime.
The remainder of the tournament is based on knockout play. Once a country loses, they are out of the tournament. Once each tournament segment ends, the schedule for the next round gets posted immediately. Your players can make a whole new set of bets at that time. Of course, they can make new futures bets at any time to choose the winners of each round or the final winner.
Keep All Your Sports Fans Happy
Soccer fans are very intense about the World Cup, their favorite players, and their teams. Bookies can make good money during this tournament if they have a good sports betting software platform that provides all the tools for the management their business and players properly.
Betting agents got into this business from a love of sports and betting. No one likes to manage their sportsbook, but it’s an essential part of every business. BossAction pay per head software takes care of most of your management concerns by creating all kinds of reports, so you know where your business and players stand. Bitcoin payouts are now 0% for both agents and players.
BossAction has the bookie software with all the tools you’ll need to make any bookie’s job easier and more profitable. We currently have a Thanksgiving special of $3 per head for a limited time. Call 1-800-339-4108 now to get your best price for the top software for action on the World Cup, college football, and the remainder of the NFL season.
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