On your journey toward becoming a successful bookie, you are going to find that aside from actually bringing more players aboard, there is nothing more important for your long-term profit than having good, solid numbers.
Do you know what we mean by that? We're talking about having sharp lines – up-to-date odds – because it serves as ammunition in what amounts to a battle between you and your player.
Don't misinterpret that; we don't mean to say that you are enemies with your customers. Quite the contrary; you are likely to develop long-term friendships with a lot of these people if you haven't already. But it is a fact of this business that they are there to beat you and you are there to beat them.
And they will exploit your weaknesses if they can. Weakness, on your part, means a weak line, and some of your players who are a little more advanced will bet numbers that can expose you if you are not dealing a line that is “sharp.”
Thankfully, when you are utilizing an outstanding Pay Per Head service, you are going to get those sharp numbers, and it is going to appear on your sportsbook interface (and in the hands of the people in your Call Center, if you have one) in automated fashion.
How to set odds
The betting odds (or lines, or pointspreads, or whatever term is applicable, given the situation) are designed not to offer a prediction on the specific outcome of a game, but instead to put forth a scenario that optimizes the chances of the bookie making a profit as a result of the event, regardless of how it turns out.
That could manifest itself in a phrase that is well known to most people – “balancing the action.” Ideally, the situation where there is no risk for you in your bookie business and only profit is probably best. That would happen when you have relatively equal amounts of money bet on each side of a proposition like in football or basketball.
As a general rule, the odds makers have this in mind when setting their numbers, while always considering what the real probability of an outcome is. It used to be that the line itself would uniformly originate in Las Vegas (those who go back to the days of the legendary Bob Martin can count themselves true veterans of the bookie business), but now, any place can truly be a “center” for sports betting activity, and so there are multiple sources from which it can be posted, refined and adjusted, and this includes the leading Price Per Head companies.
How to form a betting line
What are some of the factors involved in formulating a line? Well, one of the things that is mandatory is a set of power ratings, especially in football and basketball. These ratings represent an evaluation of teams, expressed in numbers that can be calculated, along with a “home field” or “home court” advantage to come up with a number. Of course, situational factors come into play, as might injuries or trends. There might also be an expectation of where public money will go, and perhaps an adjustment will be made for that as well.
Then, as players bet into the line, further adjustments can be made, according to who might be placing these wagers and how much. Bets made by professional bettors, also known as “sharps,” might serve to move the number. This is known as “steam.” And then there are people who follow those sharp bettors, who are sometimes referred to as steam chasers. Then there could be “buy back,” which could also move the line in an opposite direction after a move. There are many number of things that could happen. It's a market, not all that much different from the stock market.
The important for you to remember in the bookie business is that your market may differ somewhat from the market on a wider scale, so you may want to see what your exposure is at any given time, moving certain numbers yourself.
You may also want to move the line for certain players, depending on what their tendencies are. For example, you may want to give “the worst of it” by moving the line in a way that is not in the favor of a steam chaser or someone who loves to play favorites. And the good news is that a great Price Per Head service allows you the flexibility to manage this rather easily.
In fact, when you are hooked up with the right PPH service, you'll have all the tools to deal with each of your customers individually and be well on the way to having a more successful bookie business.
We recommend Per Head as your best option to get into the bookie business, Get started today, sign-up in seconds by filling out the form to your right!