One of the most important steps to take your bookie business online with a pay per head sports betting software providers is each betting customer’s account profile. This is the basis for quite a few business reports that are designed to help you successfully run and manage your own independent sportsbook.
When building out these customer profiles, you will have the option to set your betting and credit limits on an account by account basis. Customers with an excellent credit history and record of timely payments can be afforded more leeway in their set limits. You will want to tighten up those limits for anyone who may have a spotty record when it comes to prompt payments.
Once you have determined each customer’s betting and credit limits, the next step is to create a settle limit. This is the maximum amount of money set for payouts to winners and payments from losing bets. Some bookies may decide to settle up on a weekly basis one way or the other. Weekly cash flow is always an important factor and you never want to let things drag on too long before settling an account. However, an alternative settlement option uses a player’s settle limit to determine payouts and collections.
How a Settle Amount Works
The use of a settle amount as a means to controlling cash flow and gauging hold percentages are an excellent business tool during heavy betting seasons such as football. This gives you a quick snapshot of the current situation with each of your active betting customers. It can also be used to adjust any betting and/or credit limits accordingly.
The most successful bookies tend to work with a set customer base that becomes rather predictable in their betting habits and strategies. By setting a manageable limit, things will never get too far out of hand either way. This will also help you create a workable balance between the money you owe verse the money you need to collect.
Having the right information upfront can actually create opportunities to increase your hold percentage. Dealing with issues after the fact can leave you scrambling to meet all of your financial obligations. This could lead to chaos as opposed to control.
Automated Pay Per Head Options
The settle amount is just one example of any number of bookie software solutions that are designed to automate the process of running and managing your own sportsbook. You should think of your bookie software solutions package as a comprehensive and turnkey business system.
Everything included serves a purpose. Everything also works in conjunction with one another to avoid issues that can explode into full-fledged problems.
It is your PPH service’s responsibility to make sure that you have everything you need. It is your job as the private bookie to take full advantage of your pay per head software solutions package. Given just how sophisticated today’s top pay per head bookie services are, you should always be able to stay way out in front of all the action coming in.