Friday, April 9, 2021

How to Manage Your Players in Your Sportsbook

 


Learning how to be a bookie is not just about knowing about gambling. It is also about managing lines, and the people betting on those lines. While it seems tedious and time-consuming, using your sportsbook software is the key to becoming more efficient. 

This is why when you study how to become a bookie, most experts will tell you to go for a pay per head provider. Not because its an easy answer, but because it is a practical and easy solution. Why? because all of the tools that you will need to manage each aspect of your sportsbook is all there. 

Manage Your Players

Now that you have your gambling software, we will start with adding your players. Using the software, create a profile for each player. This will automatically generate access for them to your sportsbook. From there, they can already send you their deposit and start betting. Of course, you will be needing to set limits for your players. 

Again, this is where the software comes in. All you have to do is configure each player's limits on the player profiles. Thats it. It is real-time too, so you have no worries about delays costing you. And anytime you want to change these limits, just come back and do so. It really is that simple. You can always come back to this section of your sportsbook to add more players, remove, or adjust limits any time. 

Your players can also get free bets, or other promos that you can offer. What kind of bonus you want to give will largely depend on you and what you want to give them. You can give them all a bonus, or you can choose just who you want. With software that anticipates your every need as a bookie, you will have the time to focus on managing your lines and getting more people to join your sportsboook. 


Friday, March 12, 2021

Cost of Putting Up A Sportsbook


One of the most popular questions we get from readers, is about the cost of putting up a sportsbook. It is, after all, a very practical question. Before you venture in any business, its always good to have a solid business plan that anticipates the cost of starting out and running the day to day operations of your sportsbook. When you read how to be a bookie for dummies, this will probably come up.  

Now, the more traditional way of going about this, is by putting up your own company. This means spending hundreds of thousands in setting up your business, and hiring people. It also takes forever to do. Well, not really. But we are talking months, when a pay per head service can do it in minutes.   

How Much to Start a Sportsbook?  

Which is why when you ask us about the cost, we will tell you that the cheapest option is to go for a pay per head service. It is very easy to compute the cost because it will depend on how big your operation is. So, let’s assume you want to start a sportsbook and you have 15 players. The cost of the pay per head bookie service is $5 per head. Let’s do the math:  

15 x 5 = 75 each week  4 weeks x 75 = 300  

$300 is the base cost of the pay per head service that you will use each month. This rate is regardless of the number of bets your player makes. In fact, some Price Per Head Online services will not even charge you if a player would not play for that week. It looks like a reasonable price, right? Is it too good to be true? No.   

Because aside from the $300 a month for 15 players, you still need to have money to cover their bets. Remember that as a bookie, you want to collect not just the vig, but any excess winnings as your profit. So, it will be a good day if you get:  

Losing bet side > Winning bet side  

That means that there is more money coming in from losing bets. You use it to pay off the winning bets of players, and any excess goes to you. So, as a precaution, you need to be able to have the money to front the payout of winning bets. So, if your winners have a collective amount of $1,000 for the day, and you only have $800 from losing bets, then you need to pay off the $200. This is your motivation for trying to get as close to a balance as you can between these wagers. It also means that you should set betting limits for your players. Adjust them accordingly, but always make sure you have money to cover the bets. Otherwise, the very affordable fee of $5 per player is the only money that you will be spending. 

Thursday, February 25, 2021

Online Gambling in New York


In the latest in the gambling scene in New York, we have a few partnerships forming between casinos and online gambling companies. In their goal of getting an online gambling presence, these online operators need to partner with retail casinos. Much like becoming a bookie online, having an online casino is very profitable.   

Penn National Gaming announced its 20-year partnership with Rivers Casino & Resort in New York recently. Soon after that, Golden Nugget Online Gaming (GNOG) also enters a 20-year partnership with Tioga Downs Race Track. The agreement is for future online casino operations. Currently, New York does not allow for online gambling. This is despite how many online sportsbook pay per head providers and online gaming operators are enjoying large profits from online gaming.   

Online Gambling in New York  

Under the agreement, GNOW will be able to offer online gaming services and will pay Tioga Downs a percentage of its net gaming revenue. Just like Penn National, these partnerships can pave the way of them being the first companies positioned to offer online gambling and online sports betting services in New York. Assuming online gaming and sports betting becomes legal in the state.   

With New York potentially being one of the biggest sports betting markets in the country, these agreements will be profitable in the long term. In fact, online gambling in the state could be a $2 billion per year market when it matures. But as of now, those who bet on sports in New York go to nearby states, or opt for their easy to use pay per head bookie software.


Bookie Pay Per Head Service

Thursday, February 18, 2021

Starting Out in the Sports Betting Industry as a Bookie



Now that you are reading our blog, we assume that you are at the very least, interested in getting into the gambling industry. As a gambling operator, we encourage people to get into the gambling industry, whether as bettors or as bookies- even future operators. With a growing market of gamblers around the world, there is room for those who want to earn steady revenue from gaming. 

Sports betting is one of the biggest and fastest growing gambling markets. Online betting has become so popular, that many people are trying to find the easiest way to open a sportsbook. These options are available to all, since everything is now done online. 

Becoming a Bookie

When you become a bookie, there are a lot of ways you can earn money. The cost is also not as high as you think. Nowadays, you can make use of pay per head services to help you get started with minimal fees. Of course, you will need to learn how pay per head software works, which is actually pretty easy. Here is a quick checklist of what you need to do to start as a bookie:

  • Find a good pay per head provider. You can read some sportsbook pay per head reviews to find the best software providers in the market. Get one that has the most features with affordable rates. 
  • Invite players to your sportsbook. Of course, you will need to find people to bet on your sportsbook. You can start with any number of players and expand as you go on. Use social media, marketing companies, and other ways to get people to try out your sportsbook. If you are willing, you can even offer promos such as free bets. 
  • Stay in the know. The bookie industry changes fast. New developments are being introduced every year and you should know what the latest news is so you can be one of the first to introduce the latest in sports betting technology. 
  • Check the Sports News sites. Always check the latest sports news so you can adjust your lines if anything comes up. This will help you minimize risk from those who take advantage of weak lines. It will also help you know how you should be adjusting your lines. 

How to Manage Your Players in Your Sportsbook

  Learning how to be a bookie is not just about knowing about gambling. It is also about managing lines, and the people betting on those li...