Along with all the negative issues the current coronavirus health crisis has caused, there is one positive aspect to consider…extra time. How anyone chooses to use this time is completely up to them. Using is wisely as a small business owner can mean the difference between a continued rough road or a recovery plan that can actually put your business in a better position A position to reach even greater heights once we can finally put COVID-19 in the rear view mirror.
For private bookmakers working with a select base of sports betting customers, some of this extra time should be used for player evaluations. Working with Real Bookies as your pay per head business solutions provider, you can dig much deeper into the individual account profiles for each of your active (an inactive) betting customers.
Determine Profit Per Player
No. 1 on the list for player evaluations is the actual profit they generate over the course of a specific time frame. During most of the year, you are far too busy to make this detailed of an analysis. As the daily and weekly action comes in, your primary focus is on your overall hold percentage. As long as your net profit is meeting or hopefully exceeding your financial expectations, everything keeps rolling along.
The reality of the situation is that certain customers are actually dragging down your bottom line. This could be a sharp that has a higher than normal winning percentage. More likely, casual players placing minimal bets are the bigger culprit for lost profit.
Sharps can be somewhat controlled through set betting limits. If the problem gets too costly, you simply move them to another betting source with much deeper pockets while still retaining a cut of their play.
Casual bettors with small bankrolls are a whole other story. The action may come in on a regular basis but the profit generated may only be enough to cover the weekly pay per head fee. Profit per player has a direct correlation to action and revenue per player.
Most independent bookmaking operations got their start with family, friends and acquaintances that would all fall into the causal sports bettor category. You may actually view these bettors as the backbone of your business.
This is not to say that you are going to turn your back to Uncle Joe’s $25 bet on Sunday’s big game. Yet, at the very least, his weekly profit generated needs to cover Real Bookies already low per head fee.
Determine Betting Patterns
It takes time to perform a thorough analysis of a player’s betting history and overall results. Real Bookies offers the right business analytics to cut down this time. Everything you need to know is covered through any number of specialized reports.
What you do with this advanced level of information is up to you. Every single sports bettor develops patterns and habits. While you would never want to take advantage of weaknesses, it makes perfect business sense to market betting opportunities that best meet these patterns and habits. This could be as simple as adding more prop bet options for customers that love these types of bets.
Formulate Marketing Plans
Evaluating your customer base down to the individual account level provides critical information that can be used to create effective marketing strategies. Every private bookie wants to hit the ground running when the betting gate finally reopens. Use the time at hand now, to take that strong lead out of the gate with Real Bookies right by your side.