When learning how to manage a bookie operation, one of the things the experts will tell you about is player management. Your profit will depend on your ability to manage your lines, and have a great player base that bets a lot, and bets frequently.
The first thing about player management is to know which among your players are turning in a profit for you. Remember that the cost of your bookie business is a weekly rate per head. So if you look at it, the wagers placed, the vig, and the frequency of bets will all tell you if their wagers are covering the cost of keeping them as a player. Your pay per head provider generates reports that can help you figure this out.
Bookie Business Expansion
Your first expansion could be quality versus quantity. You can maintain the same number of players, and take in more profit if you study the activities of your players. If you see that your players are betting a lot, and have proven themselves responsible and reliable, then you can increase their limits. Keep in mind that when you do this, you should be able to afford to cover the wagers if things go haywire. If they are not betting that much, maybe you can add more wagering options to the preferred sport of your player, or add more sports that they would like to bet on.
This means getting in touch with your players. Your pay per head provider provides the aspect of professionalism in your sportsbook, but a personal touch always works best with customer relations. Touching base and getting feedback goes a long way. Offering rewards and promotions on special occasions, or a welcome back bonus can get your players to bet more in your sportsbook.
Of course, increasing the number of players you have is another way to expand your sportsbook. The best way to get more players is through word of mouth. Your players can be enticed to refer more players to your sportsbook by offering referral and sign up bonuses to them. Another option is to promote your services to your network. You can also get players through online marketing efforts – social media is usually an effective way. But again, before taking in more players, its best to ensure that you can handle all of the action. You can learn more about this with our Bookie tutorials.