In the modern business world, data is arguably the most important resource there is. When you have accurate data at your disposal, you can help your business reach new levels. All you need is to learn how to interpret this data correctly.
Once you have the know-how of what to do with your data, you can start making decisions that will benefit your business and, more often than not, give you an advantage over any competitors.
When it comes to Bookies with a decent pay per head provider, they can access large amounts of data with sportsbook software.
Such software is very useful as it allows bookies to produce all sorts of reports and data. Then, they can collect it in real-time to gain a competitive edge on their competitors.
When sportsbook software is used correctly, it can allow bookies to run their business with ease.
In today’s post, we are going to guide you through some of the most important reports that bookies should be using regularly. Therefore, you can improve your bookies business and keep on top of your data without any confusion.
Cash Flow Data Reports
Bookies must review their cash flow report. As well as the hold percentage report, which we will discuss next, the cash flow report is essential to running any bookies.
This gives the bookie a clear understanding of all transactions that have taken place on the betting site, plus the amount of money that comes and goes. Essentially, the cash flow report shows bookies the overall behavior of all players on their sites.
Hold Percentage Data Reports
For a business to thrive, it must cover all operating costs as well as produce a surplus.
Therefore, it is essential to know if the overall numbers of the business are well balanced and whether the business income will be sufficient to cover any operating expenses, and generate profits on top.
This can be achieved via a hold percentage report. This gives bookies a detailed analysis on the winnings. These winnings can be viewed with the following categories:
- By period of time
- By player
- By the type of bet made
- By the sport
Reviewing The Profile Of All Players Individually
Bookies should also have a report detailing the profile of each player. Here, they can view all activities a player has participated in whilst on the betting site.
One example would be the amount of each bet that player has made. It can also highlight the teams and sports that the player bets on most often, and whether the bets were made by phone or online most of the time.
As well as other information, all of this data can help a bookie better understand the players on their site and determine their personal behaviors and tastes.
With this information at a bookie’s disposal, they can know the actions and preferences of players. From here, the bookie can then form specific strategies to suit each player.
This benefits the bookie and the player as the former will feel more comfortable on that particular betting site and more valued compared to other betting sites.
That means they will revisit the site more frequently, generating more business for the bookie.
These reports must be reviewed on a regular basis by the bookies. Generally speaking, the very best pay per head providers found on the market give bookies complete access to these reports 24 hours a day, seven days a week.
Most of the time, such reports are updated in real-time, too. Therefore, fresh activity that is occurring on a betting site can be reviewed daily to ensure players are getting the service they deserve and the bookies’ business is making a profit.
What Is Pay Per Head?
Pay Per Head is basically a service used by bookies to acquire tens of thousands of betting options on a daily basis. This means that bookies no longer have to book action with paper and pen, which is more time consuming.
Pay Per Head services manage the technical components associated with bookmaking, allowing agents to spend more time on growing their business, whether that be acquiring more players, or controlling payments with players more easily.
From major sports, such as tennis, soccer, boxing, UFC, and golf to standard games of props and halves, Pay Per Head services have a wide range of options for bookies to take advantage of every day.
In Summary
Data and reports are part and parcel of business, including bookies. Keep on top of data and the bookies will be in a good shape to generate profits going forward.
