When it comes to choosing sportsbooks, bettors tend to stay with those who are able to provide them with great sports betting odds, promotions, and timely payouts. Any delays, or a tedious process to file for payouts can be a turn off to anyone who bets on sports. And given that there are hundreds of sportsbooks available, you cannot afford to make payout mistakes as it will be easy for players to join another sportsbook. So today, we will walk you through a basic sportsbook payout guide to help you set a schedule for your bookie operation.
First off, you need to use a good bookie software. There are some good bookie pay per head reviews that will help you find the best one for your needs and price point. Using a pay per head software can help you minimize or even totally eliminate errors on payouts in terms of amounts and requests made.
Sportsbook Payout Guide for Bookies
First, you need to check the industry standard for payouts in sportsbooks. You can check this sportsbook pay per head blog for more information. The standard is about 5 business days to process and release payouts. If the player lives in a different country, you can extend this to 7 business days, or depending on the process of the payment provider you will be using. Make sure that you communicate this well with your players, so they won’t worry about their payouts.
Next, you need to set a payout schedule. Some sportsbooks, especially bookies who have regular players, can schedule a specific day of the week for payouts. For instance, players can request for payouts every Monday, and these requests can be released throughout the week. It really depends on your preferences, but make sure you follow the rules you set.
Third, is you should try to issue your payouts as scheduled, or even earlier. On paper, you can say 5 business days, and exclude weekends and holidays and the like. But in practice, if you have the time to give out the payouts faster, say the day after, then all the better. It shows that you are running a very efficient sportsbook business, and that you are keeping your players happy by giving their winnings earlier. And since you are using a really good sports betting bookie software, it will be easier for you to see payout requests, the amounts, check their records, and arrange for the payouts.