When you start out on the road to become a bookie, you have to figure out perhaps the most important thing of all, which is how you are going to go about paying your players and collecting from them.
First know that unless a special arrangement has been made between you and your customer, you are going to be “settling up” on a weekly basis. It works in a very orderly fashion that way. However, some players may be desirous of carrying over their figure from one week to the next, to be settled according to intervals that are mutually agreed-upon. Take note that if you do this, or if a customer requests this, you better know them very well and that they are good for their debts.
How to settle up with customers
But let's concentrate on a standard bookie schedule for the time being. If you are going to do weekly settlements, you will probably have a certain level of comfort with making your collections, say, on Tuesday, with the payouts coming on Wednesday or Thursday. Generally, during football season, your “week” will end after the Monday night football game; hence the Tuesday collection.
Of course, you may want to change this schedule in your bookie business. But whatever you do, it is essential that your players know what it is, and that you are good for your payments when they are due. If you are not, you are going to lose the trust of the customer, and if you are operating on a local basis, word about such a thing will get around. A successful bookmaker doesn't let that happen.
This is a business based on trust and confidence, and the more dependable you are, the more customers you are going to be able to accumulate over time. Toward that end, if you can at all handle it, schedule your day for payouts before the collection day. Why? It is a huge confidence builder. What that communicates to the customer is that you don't need to collect from losers to pay winners. It promotes the idea that you are stable.
Indeed, you don't need to appear that way; you need to be that way.
While you can be relatively certain you will win from customers in the long run, if you are in a position where you have to collect from the losing players in order to pay the winners, you could find yourself in quite the conundrum in the event you have a losing week or two. So needless to say, you have to be sufficiently capitalized to handle your players, whether you've got one or a hundred.
Remember that you have comprehensive player management controls to help you manage your exposure and risk, so if you need to, you can lower the limits of the wagers you will take, even though it's not necessarily something you want to have to do.
But that level of control comes handy when it relates to dealing with players who couldn't pay you in full. If you come across a “slow pay” or “no pay” in any particular week, but it's still a customer you consider worth keeping, you can make any kind of adjustments you want to the events they can wager on, or the amount of money they can put at risk. This is why the software from a Pay Per Head service is so great. It helps everyone reduce the chance to get into real trouble that way.
Okay, so how are you going to go about setting up? Well, since good old fashioned cash is king, it is ideal in a face-to-face encounter, to use that. Players like that too, and they'll let their friends know. Of course, there may be customers too far away to meet, so money orders might suffice. More and more, however, the preferred method of executing these kinds of transactions for those operating a bookie service is to do it through the virtual currency of Bitcoin.
Collecting Cash vs Bitcoin
The advantages of Bitcoin are many. These transactions are instantaneous, confidential (anonymous, in fact, when they need to be), leaving nothing in the way of a paper trail, and they are essentially without fees, because third parties aren't involves. You can handle anybody from anywhere with this kind of payment and collection method, saving yourself even more in the way of time.
The golden rule is to always pay on time, and you'll keep your customers, while bringing in more through word of mouth. That pretty much sums up our message.
A smart bookmaker will use the right Pay Per Head service. We highly recommend PerHead.com as the one and only way to operate a successful bookie business. Get started today, sign-up in seconds by filling out the form on the right!