Manage Player Payments and Collections With Pay Per Head Settlement Reports
There are any number of different business reports offered by a quality pay per head bookie services provider when it comes to successfully running and managing your own independent sportsbook. Known as backend access to the online sports betting software package you employ, the use of real time business analytics plays a vital role in maintaining a high level of control as a private bookie.
Your goal is to always stay way out in front of things on a regular basis. This starts with tracking all the daily action coming in right through processing the weekly settlement reports for each active betting customer. These are sometimes referred to as a Players Totals. This is a recap of all the past activity over a specified time frame. Most importantly, it highlights a player’s winnings or losses. This will let you know exactly what you need to payout on winning bets and collect on losing bets plus any commission charged.
Settling Betting Accounts With Pay Per Head
As a private bookie, the money that you pull in as your gross profit is the difference between payouts and collections. This is also known as your hold percentage. Assuming that you charge the standard 10 percent commission (or juice) for most the action taken in, your average hold percentage should fall somewhere between five and eight percent. Figures higher than that are a big plus. If your overall hold percentage falls below five percent, you are running your business on too tight of a margin.
Most bookies will look to settle accounts on a weekly basis. This helps your overall cash flow while also maintaining the proper control over your customer base. You never want to have players getting too far ahead or too far behind when it comes to the transfer of funds. By running a weekly settlement report for each active betting account, you will always know exactly where you stand.
Monitoring Betting Accounts With Pay Per Head
Another feature of the top pay per head site’s software solutions package are pre-settlement reports that can sum up your situation at a glance. This can help you adjust any betting and credit limits that may be set too low or too high. Extending credit as a private bookie is an individual business choice. This is one of the biggest customer service tools you have in the box but any form of credit needs to be constantly monitored.
By staying ahead of things with each and everyone of your betting customers is the proper way to run a private bookie operation. Extending too much credit could put you in a very precarious situation one way or the other.
Having to pay out large sums of money all at once is a drain on cash flow and cash reserves. Holding too much credit on the losing end of bets makes your collection efforts more strained. Individual betting and credit limits should always be connected to past settlement reports. By gaining a strong understanding for each of your customer’s betting habits and traits, you can begin to formulate an overall business plan that best meets your financial needs.
Pay per head business reports are deigned to analyze your bookie business as a whole in a big picture kind of way. Drilling down into individual player reports expands this analysis to a pin-point level. The weekly settlement report by player is the ultimate business tool needed to successfully run and manage your own independent sportsbook.
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