Posts tagged: common bookie mistakes

Today, we are going to talk about some common mistakes that most bookies make when starting out their business. Do not underestimate any mistakes that you may commit because one single mistake can do any size of damage to your bookie business and even ruin your book. Therefore, why not learn from other people’s mistakes and try your best to avoid these mistakes?

No funding prepared

Many people think that making profits in bookie business is fast and easy. Which is true! However, not preparing funds to start a bookie business is a huge mistake no matter how profitable this business will be. In other words, you always need to have some money in hand and not relay only on possible income for payouts.

No player management

Every business needs some special care to make it thrive and bookie business is not the exception. If you just sit there and only watch your players bet without carefully monitor their wagering habits, you may miss out on good chance to make more money. For example, you may encounter some sharp players who will bleed you out if you don’t carefully set up the betting limits; or miss out on increasing the limits that high rollers might need for wagers and lose the chance to make more profits. Besides, player management is important because watching out your players’ activities and asking anyone to leave if he/she is engaging in risky behavior can protect your business.

No financial control

We know that making money is exciting and many bookies tend to get too excited and spend it all every time they receive the earning. At some point, bookies couldn’t have any savings nor cash in hand to pay their players on time and will lose their reputation in the end. Therefore, financial control is the important task to do to keep rolling the business for the long term success.

Bad chosen software

Many bookies want to save on business investment and only look for cheaper Pay Per Head software. Cheaper software may save you a little money at the beginning; however, it will cause you some inconvenience afterwards since it might not provide good enough features for your business. For instance, not user-friendly interface, not compatible with mobile devices, slow loading time or not enough report features are the common defects that a cheaper service may have. So, choosing the correct Pay Per Head software like Price Per Head offers is very important because they will become your best partner on your business journey. Simply think about what kind of partner you would like to have side by side and you will have your answer!

Image by Gerd Altmann from Pixabay

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.

Image by Gerd Altmann from Pixabay