Monitoring Your Business
If you decide to become an online bookie, monitoring your business is a task you’ll perform daily.
A lot of new bookies focus on the frontend design of their website. Adding the bells and whistles to your website is something you can focus on once you’re generating consistent profits.
What you should be focused on is making money from your current player sheet.
Utilizing Pay Per Head Reporting Features
If you’re not actively monitoring your customers, losses can quickly start to pile up.
This can happen for numerous reasons. For example, the player could be a sharp bettor that wins consistently or the player could be using your sportsbook to arbitrage betting markets.
By monitoring your player base, you’ll be able to maintain a healthy business.
Here are some of the PPH reports you should be analyzing on a daily basis:
Player Profiles: Want to access detailed on a specific player? Every player will have a profile page that allows the bookie to view that player’s balance, open bets and historical results.
There are a number of filters that bookies can utilize to narrow down the information presented.
For example, you can create a date filter to only show results between a specific period of time or you can select a specific sport to view how a player is performing in that sport only.
Financial Reports: These reports will allow bookies to access data such as risk exposure and profit/loss data. You can find out how much is owed to you or how much you owe players.
You need to stay on the top of the financial status of your online bookie business.
Tracking the credit limits and balances of your players is vital to your success. You need to know if a player is on a hot streak, as you’ll need the bankroll to pay them on collection day.
Imagine you avoided analyzing your reports for a week and then you find out on collection day that you owe a player $5000. This is why you need to analyze reports daily and make adjustments.
The Numbers Are Important
It’s not all fun and games being an online bookie.
Utilizing pay per head monitoring report tools will ensure you have the best chance at making this a long-term business venture. You’ll identify issues before they become big problems.
When you’re joining a PPH service, make sure you take a look at the reporting features.
You should be able to access a demo before joining. If not, that’s a big red flag. You’re going to be spending a lot of time using the reporting features, so you want to make sure they’re in-depth.
The more reports and the deeper you can filter those reports, the better.
Things to look for include a live bet ticker, real-time reports with balances, credit limits, exposure and player profiles. This will allow you to utilize the numbers (data) to make informed decisions.
This is a business, you can’t base big decisions off of a hunch.