All per head agents can make a profit from their online racebook. In fact, the online racebook can become a veritable cash register if correctly managed.
Before getting into management techniques for the online racebook, you should read about why horse racing is such a money maker.
I also add info on how you can promote the online racebook.
Why Is Horse Racing Such a Money Maker?
Racetracks in the United States have been around for over 175 years. That’s a long time for a betting industry to exist.
There’s no way that a betting industry can exist that long if the bookies don’t make money accepting the bets.
But, beyond that is the very nature of horse racing. Horse racing is, by design, a long-term losing proposition.
First, each racetrack takes close to 20% right off the top of every dollar wagered on every horse in every race. That’s 20% that long-term bettors must take away from their profits right away.
Second, the multiple factors involved in each horse race implies that horseplayers never get fair odds. The idea of fair odds is an illusion. The illusion of fair odds gives the advantage to the online bookie agent.
Finally, the number of choices for horseplayers means more action in the online racebook. Almost every racetrack in America runs races every Saturday of the year.
Each racetrack runs at least 8 races. Some run up to 11 races. That’s a lot of betting choices for horseplayers. The more choices in horse racing, the more action.
Managing Your Online Racebook
Managing the online racebook requires setting up a max betting limit for type of bet. An example of this is to constrict wagering to win on a single horse at $200.
Because you aren’t a racetrack, most horseplayers are going to understand why you’ve set a max betting limit on a horse to win at $200.
The other limit to set is a payout limit. Because of exotic bets like Pick 3’s, trifectas, and superfectas, track payouts can be significantly higher than what most bookies are used to paying out.
If, as an example, the most you’re willing to pay out on a single race to a single player is $5,000, set that as your max payout.
Let players know that no matter who many bets they make on a single race, the most they are guaranteed to receive in a payout is $5,000.
How To Promote Your Online Racebook?
Long-term, betting on horses is a losing proposition. That doesn’t matter. Betting on casino games long-term is a losing proposition. Vegas still makes a ton of money in their casinos.
There’s a way for pay per head agents to promote their online racebooks. Check out 4 things agents can do to drum up action in their racebooks.
1. Promote higher odds than sports betting – Odds on horses aren’t fair due to the nature of horse racing. Odds on horses are almost always higher than sports betting odds, though.
2. Low minimum bets – Promote that for only $1, a horseplayer can wager on a Pick 4 that could pay 1,000 times that investment. The minimum investment on straight bets is only $2.
3. Promote control – A horseplayer can purchase a racing form and then make betting decisions based on what he sees in the form. This gives a horseplayer some control.
4. Promote choices – The bevy of betting choices allows cagey horseplayers to pick and choose. Every horseplayer on the planet believes he or she is a cagey horseplayer. Use this to promote online racebook action.
Get The Right Sportsbook Management Software
Having the right software will help pay per head agents be able to offer the most choice to their horse bettors.
PayPerHead.com offers over 70 racetracks for your bettors to choose from. They’ll never get bored, and always have a race to entertain them.
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