While you do not need a MBA or even a business degree to run and manage your own private bookmaking operation, you should have some basic understanding of the various business operations involved.
Fortunately, any of today’s top-rated bookie services providers can quickly get you up to speed on everything you need to know. Commonly referred to as pay per head or price per head services, they can fully automate your bookie business while helping you run it online.
The best thing about signing on with a pay per head provider is the overall business model. Since you are only paying a low weekly fee for each of your active betting customers, you are only paying for what you use.
Along with fully automating your bookie business online, pay per head sites provide fast and easy access to a wide array of business reports to help you manage your bookie business.
Some of these reports are basic in nature. However, you will also have access to detailed business analytics that simplify the decision making process in a number of different areas.
Individual Account Profiles
One of the first steps to taking your bookie business online is creating an individual account profile for each of your betting customers. These profiles will be the basis for every business report you can run. These profiles also provide a key element of control when it comes to setting individual betting and credit limits.
A customer’s complete transaction history can be extremely helpful when it comes to determining individual betting strategies, habits and tendencies. Using this information, you can tailor your overall betting options accordingly.
Player Management Reports
Working in conjunction with a player profile are specific player reports that aid the overall management process. While a daily bet ticker lets you track the action coming in, a player position report breaks down this action on a player by player basis.
You can easily track a player’s action in terms of their position in every bet they place. This information can rolled up to provide a clear picture of your exposure on a game by game basis. This can be vital when it comes to making line movements or changes to your betting board.
The deeper you can dig down into each player’s activity, the more detailed information you can gather for managing your bookie business as a whole.
Payment Management Reports
As a bookie, the money you make is on your overall hold percentage. This is the difference between the money paid out on winning bets and the money collected on losing bets plus commission (juice).
Most commercial sportsbooks operate on a hold percentage between five and 10 percent. As a private bookie, the higher the hold the higher the net profit will be on your total betting handle.
This is why having access to real time payment management reports is so important. You can use pre-settlement reports to determine each customer’s overall position at any given time. This can eliminate any surprises ahead of any actual payments owed or due.
The actual settlement report will determined what is owned either way. When you roll up your settlement figures, you will be able to determine your actual hold percentage for any specific time frame you choose.