Most people don’t understand what a bookie has to go through to make their business successful. You can’t just try and take as much money from your customers as possible because, eventually, you’ll lose them as customers. It’s a delicate balance of having your players get as close to winning half the time and losing half the time so you can always collect the juice and reduce your risk to zero. That’s your goal in the end.
Your bettors aren’t trying to beat you. They just want to win as often as possible. They don’t consider that you must keep balancing the number of winners and losers to stay successful and profitable.
There are professional gamblers that are trying to make a living from sports betting. But for the rest, they want to add to the excitement of each game and occasionally get a win and some extra spending money.
Let’s dive into the basics of sports betting and running your bookie business.
The Basics of Sports Betting
The Two Biggest Worries for a Bookie
If a player can win half the time and it averages out, so they break even (minus the juice you get), it means they’re winning quite often. They’ll feel like successful gamblers and stick with you for a long time. That’s where you want all your players to be. But what you often get are the extreme cases with their own problems.
The Player Who Wins Too Often
This might be a professional sports bettor or just someone who puts in the extra effort uses computer-generated picks or is on a winning streak. Either way, you need to put in some extra effort of your own to keep him from taking too much profit from you or too many winnings from your other players.
You can run reports on this gambler to see which bets he’s most successful at and adjust those lines. You could limit his bets, but you don’t want to punish him to the point where he moves on to another bookie. It’s up to you to decide if each successful player is worth putting in extra work.
The Player Who Loses Too Often
You might enjoy having this player so you can count on some easy money, but he’ll either start betting less or move to another bookie because he might consider you unlucky. Or he’ll run out of money. This fellow is easier to work with. Start sending him tips and tricks to become a better player. You might give him some insider information, move lines in his favor, or show him better ways to place his bets. If he’s winning more often, you might not make as much from him right away, but he’ll play more often and stick with you for years to come. If you want their loyalty, give them many reasons to stick with you.
Every gambler goes through slumps. If you’re able to run reports, you can see if you have players in slumps or winning streaks. You might not have to take any action, but it’s good to know what’s going on in your business at all times so you can handle anything that suddenly comes up. If you want to retain your players as long as possible, know how successful their gambling is so you can help them if needed.
Should you give credit, and how much?
This is a tough call because they might go back to the faceless mega online bookies if you don’t give credit. If you give too much credit, they might bail on you if they lose too much. Pick an amount you feel is right for each player and stick to it. If you keep giving a little more, it will get to a point where it’s easier for them to go elsewhere rather than pay you back.
Treat Your Players Well
In the end, your players are similar to any business customer. They want to be given excellent service for their money and get what they paid for. That means making it as easy as possible for them to move their money in and out of their betting wallet and place all the bets they want without a hassle.
If you can add an entertaining experience to that, even better.
That’s the basics of sports betting in your bookie business. We understand how bettors think because we’re bookies that have been in the game for a long time. The great thing about being a BossAction bookie is that you get the best pay per head software online and can give the best customer service you want. The major online bookies can’t take the time to worry about each customer, so their retention rate can be pretty low.
But you have the tools with BossAction to help get all your players to the point of feeling like a successful sports bettor while making you a successful professional bookie.
Join now by calling 1-800-339-4108 and get our best rate of $3 per head until April 16th.
Become a Boss Agent and bring your players the entertainment and excitement of sports betting that no one else can.
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