If you are just starting out as a private bookie, it is important to understand how to build the right sports betting customer base. Using the Real Bookies’ price per head bookmaking software service, you will have access to everything you need to reach your revenue and profit goals.
The two basic mistakes that private bookies tend to make are building customer bases that are too small or too big to maintain a profitable bottom line. Both can create their own set of problems that could make your run as a private bookie a short one.
Setting Proper Financial Goals
One of the first steps in business planning is to determine how much money you need to reach your financial goals. If you are looking to become an overnight millionaire, the private bookie business is probably not be for you. It takes hard work and dedication to run a private sportsbook. While certain long-time sports bookmakers may be making a rather lucrative return on investment, they would be the first ones to tell you that reaching this level of success did not happen overnight.
You need to build your customer base from the ground up. Most successful bookies started with family, friends and other acquaintances that were interested in betting on sports. Word of mouth referrals are still the best way to expand from there. You really need to determine what kind of sports bettors your are looking to work with when it comes to defining financial goals.
If you only want to deal with recreational bettors with limited bankrolls, you are going to need a much bigger base to earn a decent profit on total revenue. The amount of money leftover from paying out winning bets and collecting the money and commission on losing bets only adds up to five to seven percent of the total revenue taken in. That can be a pretty thin margin to live on if you are not reaching your revenue goals on a regular basis.
The other alternative is building a customer base of heavy sports bettors. This will quickly boost the total revenue on bets placed, but it adds more risk to the equation when the final scores against the spread do not fall in your favor. Bookies working with high rollers need to maintain a much higher level of cash reserves. As long as you can more than cover the action coming in, you can prosper with a customer base of high volume bettors.
The best approach to building the right sports betting customer base is a blend of the two. Recreational bettors are steady and highly predictable in their weekly habits. Heavy bettors still tend to lose more than they win, so they automatically become a key component of the profit picture. A blend of both is the best way to reach any set revenue goals that can generate the bottom-line profit that can meet your overall financial goals.
Reaching Financial Goals With Real Bookies
The reason why Real Bookies has had its own successful run in the pay per head industry for more than 20 years is a high level of expertise throughout the business operation. Owned and managed by online sports betting industry veterans, this PPH service knows and understands the private bookie business inside and out.
As a private bookie, you need to maintain a high level of control at all times. It is far more profitable to stay way out in front of all the daily and weekly action coming in, then having to react to problems and issues after the fact. Real Bookies heightens that level of control with real-time business analytics to help make every business decision the right one.
This pay per service acts as a true silent business partner that remains committed to helping you achieve those financial goals. More importantly, Real Bookies knows and understands that their future business health and welfare remains directly tied to yours.