Any business owner know just how important it is to generate enough profit to meet all the financial needs of their company as well as their financial expectations for an acceptable return on investment. Unfortunately, one of the main reasons why so many businesses fail, is the owner’s inability to meet those profit goals.
As a private bookie running and managing your own independent sportsbook, there are certain steps you can take to maximize the profit you earn on the betting revenue you bring in. A private bookie makes money on the hold percentage. This refers to the money leftover after all the winning bets have been paid and the losing ones with the juice (or commission) have been collected. As a general rule, you should be able to clear at least five percent of the total betting revenue your bookmaking operation takes in.
Working With The Right Pay Per Head Bookie Software Provider
One of the biggest and costliest mistakes a private bookie will make is shopping for an online sports betting software provider on price alone. The general Pay Per Head business model charges a weekly fee for every active betting customer. Included in that price should be all the business tools needed to successfully run and manage an independent sportsbook.
Your PPH service also needs to be safe and secure when it comes to processing all the daily online transactions that are part of booking bets. It also needs a reliable operating system that remains up and running 24 hours a day, every day of the year.
Your price per head shop should also provide all the betting lines you need, when you need them. Fast and sharp lines are the lifeblood of a private bookie business along with the ability to quickly move those lines or change your betting board to stay ahead of the daily action coming in.
The top pay per head sites are also backed with a highly trained customer service team that can work with you as the booking agent as well as with your sports betting customer base. The online sports betting software solutions package should be able to provide real-time business analytics through a variety of online business reports.
If you current PPH service is lacking in any of the features and benefits mentioned above, it is time to find a bookie software solutions provider that can fit the bill.
Online Marketing Plans That Move the Business Dial
Today’s sports betting industry is far more advanced than it was just five years ago. The majority of sports bets are placed through a mobile betting platform with the use of a handheld device. Even most of your older betting cliental has gravitated to the internet to place their bets.
You need a marketing plan that maximizes your online presence to attract the type of sports bettors you choose to do business with. The top price per head shops can help you with this task by creating an online sports betting site that is highly professional in its presentation.
All of your online marketing efforts need to enhance the professionalism of your private book. Your plan does not have to be elaborate, but it does need to be targeted in its approach.
Creating Multiple Streams of Revenue
The easiest way to maximize profits is by increasing the services you provide. In order to build a bookie business than can meet all of your customer’s betting needs, you should offer:
- An extensive sports betting board with a wide variety of sports and sporting events There should also be a wide array of betting options.
- An expanded racebook for horse racing that covers the majority of the tracks in North America as well as major graded events in the UK, Dubai and Japan.
- An online casino application for slots, other video gaming options, electronic table games and access to live-dealer table games.
The ability to market your bookie business as a one-stop shop covering every online gambling option will help to create strong weekly cash flow as well as a strong balance sheet when it comes to your company’s bottom line.