common-bookie-mistakes

Common Mistakes That Every Bookie Should Avoid

by Tips

Anyone from any type of business can possibly make some mistakes. Same applies to bookie business that it’s almost impossible not to make mistakes along the way. However, it’s always easier to learn from other person’s blunders than those made by self. Therefore, this is why we are going to show you some common mistakes that most of bookies may make, as well as our suggestions on how these can be avoided.

Offer wrong odds

Setting odds is highly important because this is the only way for bookies to secure their profits. However, this is also the most error-prone time for every bookie. That’s because  it’s not easy to handle all the odds for thousands of events which are changing multiple times per minute. This is how getting a good Pay Per Head solution becomes crucial because they provide a professional team of line managers who are in charge of helping bookies set up the best odds and minimize any possible human errors. 

Fail on updating the website

Another common mistake that many bookies consists in the failure to present the most updated offer on the website. In other words, some bookies fail to update their websites and didn’t highlight the most attractive games on the main page. As a result, this error could lead to lower numbers of bets being placed by players and cause a significant profits loss. This is why you should consistently check on the operation of your website in order to retain quality customers.

Forget to set up betting limits

Everybody wants to make money even including your players. However, it is important to prevent a customer from getting completely broke is the key to make sure he/she continues playing and paying. In this case, monitoring the figure and setting up the betting limits for each player are necessary because what you need to maintain is a loyal customer not one-time visitor. Thanks to the advanced technology today, Pay Per Head software like PricePerHead.com offers the feature to send the notification letting you know

Delay the payment

Sometimes for being busy, many bookies might forget to pay their players on time which is a big NO NO to many customers. This kind of careless error may look tiny to you; however, it could generate a negative image to your business reputation and even cost you the whole bookie business. Simply consider the fact that nobody likes to be paid late even including you! Therefore, do your best to pay all your players full on time is the priority to do.

Be lazy

It’s true that there is no additional requirement and it’s simple to be a bookie, but it doesn’t mean that you don’t need to dedicate some time on managing your own business. Laziness is a business killer because if you don’t even care about your own business, then who else should care about it? Therefore, you should organize your time and choose the best hours that you feel most comfortable with the work. Remember the success of your career depends on how much you put your effort on.

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Helpful Tips For New Bookies

by Tips

If you are actually considering start a bookie business, then you just came to the right place! This article has been written with you in mind and will show you some helpful tips for being a new bookie.

Get Pay Per Head service

By now you may know that to start a new bookie business you need players, a betting website, and a Pay Per Head service. In fact, getting a good Pay Per Head service like Price Per Head offers is crucial because it definitely can simplify your job. For instance, they will take care of all the day-to-day operations such as setting up lines, grading games, taking the wagers placed by your players, providing and maintaining all the tech networks and betting software to run a bookie service.

Besides, working with trustful companies like Price Per Head can even prevent a lot of unpredictable situations from happening in this bookmaking market. Their line managers have vast experience in the industry to help you balance out the wagers and efficiently minimize loss.

Manage your bankroll

Moreover, one of the most important aspects of running a bookie business is to manage your bankroll. Unlike some other entrepreneurs who have strategy investors to fund their business ideas through a number of different platforms, bookies need to start their business with their own financial savings or partnering up with other bookie to extend their bankroll. Due to the fact that you don’t have financial backup team, you should manage your money more carefully.

Let’s say, gamblers go through both winning and losing streaks, and fortunately, most players will lose more money that what they win in the long run. However, if a significant number of your players happen to be on a winning streak at the same time, you could lose your bankroll very quickly. This is the reason you should properly set up the maximum betting limits and always save up some money and never spend the profits all at once. Therefore, you won’t possibly turn out to be in an unfortunate situation of being unable to pay your clients on time and lose the business.

Stay in positive mind

There will be weeks where you can make a lot of money but some weeks where you find very struggled. Which is quite normal because every single business has its own risks and it’s impossible to win all the time. In addition, sometimes making mistakes is just the part of owning a business and it certainly will become a valuable experience. Therefore, do not feel frustrated if the result doesn’t turn to be how you expected and remember it’s just a beginning of your business adventure. Simply stay in positive mind and learn from all your mistakes because sooner or later you will become a successful bookie.

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How Much Money Should I Prepare For Bookie Business?

by Tips

In case you are really interested in becoming a bookie, it is normal for you to be curious about knowing how much money you may need in order to start a business journey. The good news here is that you don’t actually need a high amount of money to get started. However, it is always good to have some kind of funds before you begin because you should be ready to pay your players on time to create a nice business image.

What is the amount of money I need to prepare?

We all know that eventually the long-term players are going to lose when they gamble on sports. However, you still need to have money in hand so that you are able to pay when your players do end up winning. 

In case you have 10 ~ 20 players and you’re going to allow them to bet $500 to $1,000 per game, then you better be ready to have a bigger funds saved up. To be more specific, you need to have a minimum funds of $10,000, because your players might simply get fortunate within the first couple of weeks and start off winning. This is just an approximate figure and of course you can prepare more if possible.

Start big is risky

When you firstly got players who like to wager $500 to $1,000 per game, you may be excited about a great amount of profits you can possibly make from them. However, you may not win all the time or you don’t actually have that much of funds to risk for start-ups. Simply imagine that for a player to win $3,000 per week who usually bets $1,000 a game, he/she would just need to win three games throughout that particular week. Which means that such fast money movement could become quite risky and causes you business to go out of control.

Therefore, when you have these kind of bigger bettors to start out with but you can’t afford to pay so much money at once, then it would be recommended to set up much lower limits. After then, you just simply inform your players that for the time being the limits will be $250 or less. As long as you successfully build trust and comfort with your players, you can raise the limits at any moment or any points you desire.

How much do I prepare if I start out small one?

On the other hand, in the case that you are looking to be a bookie but you only have under 10 players and you are actually just beginning from scratch. A small funds of $2,500~3,000 will probably be more than enough to get started if you set up well the betting limits. Obviously your players might start off and immediately start losing during the first weeks of betting, after then you might not even need to worry about having extra money on the side, but simply collect the losses instead.

Suggestions for new bookies

Apparently, more money you could have set aside for paying your players the better prepared you can be if they win, and the bigger swings you’ll be ready to deal with when starting out. However, do not feel discouraged from becoming a bookie even if you don’t have that much money saved to pay winners. Instead, this means you should cautiously begin with a lot smaller limits on your players and build up your online business slowly so you’re protected early from the fortunate chance player’s start off winning.

Another suggestion for new bookies is to make use of a Pay Per Head website that specifically has a worldwide max payout feature that can be utilized to all wagers positioned through their website. This unique feature permits bookies to set a max payout on every wager that their players place. Which will help bookies to be protected against players winning more than they could afford to pay. It is an excellent feature to utilize particularly in case you are just starting out the bookie business as a newbie and have very limited funds to work with.

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Useful Guideline To Become An Independent Bookie

by Tips

More and more people start to become online bookies because bookmaking promises a good profits without having to prepare much. Besides, bookie business is actually a one-man show which makes easier for any individual to launch his/her own business. Therefore, to become an independent bookie is the essential step for reaching the success efficiently. Fortunately, today Price Per Head will share this useful guideline with all the information you should learn about bookmaking, and lead you to become a successful independent bookie. 

Knowledge is what matters

One of the first things you need to do if you want to be an independent bookie is to start learning the sports. You don’t really need to be an expert to know all the games. However, knowledge is what matters and having sports knowledge can efficiently help you set bets which are nearly impossible to lose. 

Try the games yourself

It will be very hard to become a successful online bookie if you only limit to know the basics of the sports you’re interested in. In fact, you will need to get a better understanding of how the betting process works as well. In this case, the best way to achieve results is to start betting and try the games yourself. There are a great variety of sports betting services that you can find in the current gambling market. After creating the account with a good provider like PricePerHead.com, you’d start betting like any other players and learn more details. Which can also help you manage your bookie software and clientele base easier.

Learn the types of bets

In order to attract a larger audience, you need to offer more gaming options to your players. Thanks to the amazing website that Price Per Head offers, you will be able to give your players a great variety of ways to bet. Which also means that you need to learn about different types of bets such as Money line, Straight, Head-to-head, Parley, Props, Futures or Live betting by taking advantage of a good equipped system.

Have a good time and money management

Having a good time and money management is actually part of the requirement to become an independent bookmaker. Since you are the only person who works on pushing the business going and you only got 16 hours to use, you really need to learn how to spend your time wisely and efficiently. In addition, preparing enough start-up funds is necessary because this is how you pay things like Pay Per Head fees and guarantee that your players can receive their winnings. Remember, not to spend all the profits is the key because more money you have, the easier your business will grow.