When you really get something going with your bookie business, and you start to be successful, it's the greatest feeling in the world.
The thing is, you just can't let it get out of control. And that can easily happen if you are not on top of your situation.
One of those ways is for you to not have enough bankroll to sustain losses. And that can happen in the event you have some pretty rough luck in an enterprise in which your advantage is more or less embedded.
But even when you're realizing that expected advantage and winning money, you can find yourself behind the eight-ball. How? Well, because you may not be able to collect.
Remember that this is not a “post-up” or “cash-and-carry” business when you are running your bookie service. You are responsible for pulling in the money at the end of the day. And if you don't, it's really just a “win” on paper.
The most common thing that can get in your way of this kind of profitability is an inability to collect from a losing customer because he (or she, as it were) can't pay you.
And that, most likely, has happened because you didn't set a wagering limit with that customer the right way.
How to set a wagering limit
In as much as the basis of your bookie business is that you are extending credit to your players, you have to have a very good idea about how much each of these customers can afford to lose and be able to meet their obligation to you. If you get “stiffed,” whether it is partly or completely, that eats into your edge as well as your profits. You then would have to fare much better with the other customers to make up for that void.
One of the rules of thumb you may want to follow is to start off new customers with relatively low limits, unless their reputation precedes them. Allow them to demonstrate an ability to pay and then move them up, when you deem necessary.
Setting limits for Payouts
Now let's flip this over; let's talk your own ability to pay, and let that also be a factor in what kind of limit you are setting with your players. You don't want to leave yourself too wide open either. Don't over-expose yourself; keep in mind that if you can take care of winners easily, you build up credibility and reputation that has a tendency to being your customers back and encourage them to recommend you to other potential customers. So keep limits reasonable for that reason as well.
You'll have to strike a delicate balance here as well; if you are a successful bookie and continue to build your business, you will find that some customers want their limits stretched. They may want to wager more, and if you don't allow that you could lose that business. There is no hard-and-fast rule here; it's a matter of professional judgment on your part. And as you grow this bookie business you will develop a “feel” for your needs as well as your customers.
Whatever your needs are, and whatever philosophy you adopt when it comes to dealing with customers, it all fits perfectly into what Pay Per Head can do for you. Because of the fact that you have all the controls at your fingertips, you have the ability to easily manage each individual player, where you can impose whatever limits you want on your customer for the individual bets, as well as your “exposure” to that customer.
It helps to have a tremendous Pay Per Head service at your disposal. We highly recommend that you look at what PerHead has to offer. They are the most user-friendly PPH software available and have the most professional help available for you than anyone else.
To get started, fill out the easy form to the right. There are no limits on how successful your bookie business can be with the right Pay Per Head service. If you are new to the Pay Per Head industry or currently on board with a service who is not focused on growing your player base, be sure to get a complete walk through of the PerHead Platform.