Early November is the perfect time of the year to make a general assessment of your private bookie business. All 32 NFL teams are busy taking a deep look in the mirror with more than half the season in the books. You should also be taking a hard look at the money lost and the money won in relation to your specific NFL hold percentage.
The money leftover after you pay off the winning bets and collect the losing ones plus commission (or juice) is how you make your money as a private bookie. There is no secret formula or smoke and mirror tricks to boosting your bottom line. Yet, there are concrete ways to improve that number if it happens to be lower than expected. Even if you are reaching your hold percentage goals, every private bookie should be looking for ways to improve that number.
With the final two months of the NFL regular season yet to be played along with the postseason derby to the Super Bowl, there are three basic things you should be looking at right now. By identifying your strengths and weaknesses in all three of these areas, you can take the proper steps to improve the overall bottom line.
Analyzing Your Pay Per Head Service
Any private bookie looking to successfully run and manage an independent sportsbook needs the right pay per head bookie software provider by your side. Too many bookies already made the mistake of signing on with a cut-rate service offering a cut-rate weekly fee.
If you happen to fall into that category, it is never too late to switch pay per head sites. The disruption will be minimal compared to the business losses that will continue to pile up if you do not make a change.
You need the proper real time business analytics to run and manage a bookie business. Guesswork causes problems that sometimes cannot be fixed. There is no substitute for making timely and informed decisions based on the most accurate information possible. Moving a betting line after most of your customers jumped on one side over the other will not current the situation. If this continues to happen on a regular basis, you probably will not have a betting board to adjust.
Analyzing Your Business Practices
If you are getting the right business analytics in the proper time frame from your PPH service, making the proper business decisions falls squarely on your shoulders.
At this point of the NFL season, you should have a solid grasp on the total action coming in as well as the betting habits and tendencies for each and everyone of your betting customers. You should actually know how they are going to bet a game before that bet is placed.
Maybe you are waiting too long to adjust a line of make a change on your NFL betting board. Maybe you need to adjust your credit and betting limits on an account by account basis. Maybe you have to pay closer attention to the bet ticker tallying the daily action.
Some bookies are better at this type of instinctual management style, but as long as you have fast and easy access to the right business reports, you can adapt to any condition.
Analyzing Your Overall Betting Clientele
A big part of the analysis process at this point of the season is knowing and understanding each of your specific sports betting customers. The goal is to strike the right balance that enhances the overall hold percentage of your bookie operation.
Shedding some customers while finding others that better fit the desire balance is also part of the bookie business decision process.