Sports betting is booming again with a full schedule of betting action on the board heading into the slower summer season. This year, both the NBA and NHL postseason will extend into July. Professional golf has three more Majors between May and July. The MLB regular season returns to the full 162-game schedule. The Summer Olympic Games take place in Japan.
There are quite a few sports and sporting events back on the summer calendar this year to keep your weekly handle and hold steady. With the help of a top-rated pay per head bookie services site, you actually have a great opportunity to grow your weekly handle and hold without having to increase your active betting base.
Making money as a private bookie is based on three primary factors:
- Betting Handle
- Hold Percentage
- Net Profit After Costs
The betting handle refers to your total volume of betting action. This should be measured on both a weekly and monthly basis through detailed pay per head business reports. You will need to maintain a certain amount of betting volume to reach your set financial goals. During football season into the winter months, this is much easier to do than during the warmer months from May through August.
Your overall betting volume is directly tied to your betting board. At the very least, you need to maintain a board that meet’s each of your active customers betting needs. You never what to give any of your players a reason to look elsewhere for action you are not offering.
The top-rated PPH services employ both in-house sports betting experts and external line setting services to provide fast and easy access to sharp betting lines for a wide variety of sports and sporting events. They can also help you expand your overall betting options for the most popular betting sports and sporting events.
Along with access to an expanded set of odds and lines, that same PPH service offers professional sports betting software tools to properly manage your board on a day-to-day basis. Real time business analytics detail all the daily and weekly action coming in.
This timely information takes all the guesswork out of the decision making process when it comes to moving lines and making changes. You can also manage betting and credit limits on an account by account basis.
The success of any bookie business is dictated by your hold percentage. This is the difference between the money paid out on winning bets and the money collected on losing wagers plus commission or juice. A hold percentage higher than five percent meets industry standards. However, the higher the hold the better.
By fully diversifying your betting board, you can incorporate betting options such as futures and props that naturally generate a higher hold. The more diverse your betting handle becomes, the higher the overall hold.
Net Profits After Costs
There are certain costs of doing business as a private bookie such as your weekly pay per head fees. As long as you are paying a fixed weekly fee for each active player, these costs can be effectively controlled.
This is why it makes perfect business sense to find ways to increase your weekly handle and hold without necessarily increasing your active betting base. You will first need to reach the proper economies of scale before taking this approach to managing your bottom line.
However, growing and expanding your betting base comes down to finding the right betting customers that can help you reach the financial goals you have set for your business.