Have you ever wondered how bookies make money? Or, if you are an existing bookie, do you want to know the best way to make your sportsbook a success? Check out the bookie tips that pros use to make the most money they can from their sportsbook businesses.
Bookmaking has become mainstream. Like ESPN, CBS Sports, and Fox Sports, internet media outlets routinely publish against the spread and betting line totals. CBS runs a company called Sportsline, a tout service that provides picks and analysis to make it easier for players to choose bets to make.
Action on sports betting has become even hotter this fall than in year’s past. Pent up demand due to the coronavirus pandemic is one reason for the uptick in betting action. The other is due to acceptance. Some sports stations broadcast shows where sports bettors choose their “best play” of the day. If that doesn’t signal acceptance, what will?
Acceptance, more wagering action, and bookie software advancements are fantastic reasons for bookies to expand their businesses. It’s also an excellent time for those who wonder what is a bookie to discover how bookies make money.
When it comes to bookmaking, the “what” and “how” are the same. By presenting the top pro bookie tips expert sportsbook owners use to profit and grow their businesses, current bookies will discover how to boost their bottom lines.
Those on the fence about becoming a bookie can make up their minds. Because this is for our blog, we’re going to discuss what we offer that helps pay per head agents score a profit.
Pro Bookie Tip: Layoff account to keep the juice
Vegas sportsbooks accept large wagers only after calling contacts at other sportsbooks and asking if they can lay off bets. Often, a sportsbook won’t get a massive bet unless they believe they can create a lay off situation.
Bookies make money by charging fees, juice or vig in bookmaking parlance, to players. Players must pay a fee, or risk underlay odds, to use a bookies sportsbook service.
For example, if a player wants to wager on Baltimore to beat Kansas City at -3.5, the player pays a 10% fee. That’s the cost for the sportsbook operator to facilitate the wager. The bookie takes the 10% fee off the top, which means the expense comes from the monetary value of the player’s bet.
If the player wagers $100, the bookie’s fee is $10. If the player wagers $1,000, the bookie’s price is $100.
The problem arises when the player wins. If the player wins, the bookie must pay back the initial wager as well as profit. Where does the bookie get that profit? The sportsbook owner must pay the player out of pocket.
Unless the bookmaker lays off the wager, a bookie lays off the bet by making a similar wager with a different sportsbook or via the layoff account. If the player wins, the bookie uses the layoff winnings to pay the player. If the player loses, the bookmaker uses the player losses to pay off the layoff account.
The pro bookie tip for the per head agent layoff account is to become a great sports handicapper. Bookies don’t want to lay off everything because, unlike a Vegas sportsbook, bookies aren’t accepting thousands of dollars in wagers.
It makes no sense to lay off $100 bets. So, the best bookie tip is to become good enough to know when you must make a lay off wager and when to allow bets to continue as is.
Increase betting handle and sign new players with the Agent Payment Solution (APS®)
The most important revolution in the pph sportsbook industry is online payments and deposits. Pay Per Head is the only sportsbook software company that allows you to pay your players and get paid online.
Even today’s social distancing world, players call bookie agents wondering where to meet to pay their bookies. With the APS, players and bookies must never meet. There’s another advantage, though.
Bookie agents can use the Agent Payment Solution to increase their sportsbook footprint and make more from their current players. Here’s how.
Players wager more when they can quickly deposit – If players can deposit via their credit cards, they will deposit more, and they will deposit more often. Most players won’t sit on additional money in their wagering accounts. Instead, after a tough beat, they’ll chase with other wagers.
Bookies can use the APS to recruit players – You pay players online. No in-person meetings. No delayed payments. Can you think of a better benefit to players?
PayPerHead offers an excellent Refer a Friend program
The refer a friend program pays you $100 as soon as your referred friend starts a sportsbook with us. Then, the plan pays you 15% of their monthly deposits for up to a year. The referral program is a great way to increase your sportsbook’s profitability without having to market your company. Along with the other two bookie pro tips, you will be on your way to making a highly successful, and growing, sportsbook.
Also, our $3 for 3-months promotion remains in effect. So it’s an excellent time for bookies who don’t currently use our software to import their players.