Running and managing your own independent sportsbook as a private bookie can be both a challenging and rewarding business endeavor. There is some serious money to be made, but you also need the right business tools and outside support to grow and build your business into a long-term profitable venture in a very competitive business environment.
The first step in the process is finding some customers that love to bet on sports. Most private bookies start out small by taking action from family, friends and other social contacts. The bets remain relatively small, so the risk factor in minimized. Once you do have a few steady customers utilizing your bookie services on a regular basis, it is time to get serious about building and growing your business with the help of a Pay Per Head online sports betting software provider.
The easiest way to think about Pay Per Head is an automated process to handle the administrative end of the business. The price per head shop charges you a low, weekly fee for each of your active betting customers and in return you receive all the betting software tools you need to take your business online. Even if you are running a book with a handful of customers, it is well worth the per head fee to completely automate your business in today’s high-tech world of online sports betting.
Once you have the right PPH service in place, you will have much more time to work on the sales and marketing end of your bookie business. The first decision you have to make is what kind of bookie business to you want to run. This starts with your betting cliental. Most private bookies like to work with recreational bettors that offer a steady source of action over the course of the entire sports calendar year. Football season is always going to generate the most business, but you also want to build a customer base that can help you maintain cash flow and weekly profits during the slower times of the year.
Working with your Pay Per Head site as a true business partner, you can pick and choose your customers that best meet your business needs. One of the most important business tools in your PPH software package is the ability to create individual account profiles for each of your betting customers. This is where you can set specific credit and betting limits as well as closely monitor all the daily, weekly and monthly action coming in. An individual account profile that is actively managed is the best way for any private bookie to stay well ahead of the curve when it comes to the daily betting action you do take in.
There is some risk and reward running your own book and your job is to minimize that risk while maximizing the reward in the form of the bottom-line profit you take in. Betting sharps come in all shapes and sizes and you do not want to find out the hard way if you happen to add one to your customer base. Personal referrals are always the best way to grow and expand your betting cliental.
With the proper limits in place, you can drastically reduce your risk even when a few of your bettors do go on a winning roll. There are peaks and valleys with any sports bettor, but working with recreational bettors as opposed to betting sharps will help shift your overall hold percentage (or the net profit you take in) in your favor. The best thing about being a private bookie is the ability to pick and choose who you take action from.