Along with booking the actual sports bets, the most important aspect of a private bookie’s work tasks is to pay out winning bets while collecting the money for losing bets plus the commission or juice charged. The difference between the two figures is known has a bookie’s hold percentage. This is also the gross profit you will have made on that time frame’s sports betting action.
Given just how important these two tasks are to you operation’s cash flow and bottom-line profit, it makes all the sense in the world to employ a quality pay per head bookie software provider to aid in the process. For the weekly fee you pay for each of your active betting customers, there are three main ways your PPH service can help.
Individual Online Account Profiles
Once you decide to take your bookie business online with a price per head bookie software service, one of the first things you will want to do is set up individual account profiles for each of your betting customers. These will be the basis for most of the day-to-day activity your pay per head site processes online.
These profiles will also be the basis for the player management reports you can generate to track all of their online betting activity. By fully understanding their betting habits and traits, you can better market your bookie services to your entire customer base.
Account profiles also give you the opportunity to set any credit and betting limits as a form of control. You may want to tighten the reins a bit for a brand new customer or extend higher limits to your best sports bettors. These can easily be added and adjusted online through your player management tool box.
Pre-settlement Player Reports
Along with a running bet ticker and a player position report, another helpful tool is a pre-settlement player report. These can be generated at anytime to give you a real time update on any player’s current standing. This pertains to how much you owe them or how much they owe you ahead of your normal settlement time frame. Even with credit and betting limits in place, it is helpful to know exactly where you stand with each of your active betting customers.
While this same type of information can be found on a few different types of player management tools, the pre-settlement report can help you properly prepare for when you will actually be settling up.
Most private bookies try to balance out the ledger on a weekly basis to keep cash flowing, so it becomes very important to know where you currently stand heading into the heavier betting weekend.
By knowing each player’s pre-settlement figures, you can quickly identify who is close to maxing out their limits or owed a substantial amount of cash.
Player Settlement Statements
This is a bookie’s final tab for settling up each betting account. These statements list everyone who is owed money for the set period of time and how much they have won. The opposite is true for anyone with a negative balance plus commission.
Monday or Tuesday mornings are the usual time frame to run your settlement statements, especially during football season. This is also the time to make any necessary adjustments to individual player accounts ahead of a new week of betting action.
The goal of every private bookie should be to stay well ahead of the curve in what can be a very volatile business environment. Having the right player management tools in place as part of your overall pay per head bookie services software package is crucial to that important initiative.