Every Dollar Matters as a Bookmaker
There are a number of ways you can cut losses as a bookmaker. We’re going to explore some of the methods in this guide, as it’s important to always be watching your bottom line as a bookie. For more in depth info on this topic please visit Bookieacademy.com
You could be having the most profitable months as a bookie, but you should still perform a monthly audit on your financials to determine if there are any ways you can cut losses.
Study Your Reports
One of the many great features available at pay per head services are the reports.
Being able to track every single wager and transaction in real-time is important. There are multiple ways a bookmaker can cut their losses by analyzing the data in the financial reports.
1. Study Bettors Individually: A sharp (long-term winning sports bettor) can eat into all of your profits quickly if you’re not analyzing player reports. You don’t want clients that are sharps and the best way to cut losses is by either limiting or restricting these players.
Here’s a tip to help you identify sharp bettors. Look through a player’s betting history and compare the odds they bet at and the closing odds. If they’re beating the closing line, the player is a sharp.
2. Layoff Big Bets: The live bet ticker displays every wager placed by your players in real-time and you can set alerts to notify you when a big bet is placed. In order to limit exposure a bookie will layoff big bets using a layoff account provided by their pay per head.
Are you using a layoff account? If not, you may be gambling too much. The goal of a bookie is to get even action on all sides of a bet to guarantee a profit. Some new bookies will take too big of risks early on. Utilize the layoff account to ensure you’re not losing money unnecessarily.
Maintain Strict Credit and Betting Limits
The pay per head can cut losses by making it simple to maintain strict credit/betting limits.
If you have 25 players with betting limits in the $100-$200 range, you don’t want to also have a guy with a $1000 betting limit, as his wins could quickly negate any losses from other players.
You want your players betting a lot at consistent limits.
This often goes overlooked, but you can cut losses by reviewing your transaction costs.
If you’re only dealing in cash with local clients this won’t apply, but if you’re accepting players that post up to your bookie, you need to be careful of the transaction costs.
Using an e-wallet like PayPal has considerable fees. Processing a credit card is even more expensive and risky as a bookie, so what payment methods should you use?
When dealing with online sports betting clients, use cryptocurrencies. Popular cryptocurrencies are Bitcoin (BTC), Litecoin (LTC), Ehtereum (ETH), Ripple (XRP) and TRON (TRX).
There are always ways to cut losses as a bookmaker. It’s a smart idea to audit your finances once a month as a bookie. It’s simple with the detailed reports provided by PPH services.