Running a sportsbook isn’t easy. Running a sportsbook as a lone online bookie entrepreneur is incredibly hard. That’s why the most important aspect of running a sportsbook is finding a partner like PayPerHead.com to help you run it.
But outside of a partnership with PayPeHead, there are also factors that potential bookmakers must know about an online sportsbook. The 4 most important factors are below.
Know the Difference Between a Sports Bettor and a Per Head Agent
Most individuals decide to become pay per head agents after having some success as sports bettors.
The knowledge that one gains from betting on sports, spotting value in a spread as an example, is important. But, sports bettors and per head agents are very different.
The sports bettors goal is to make money by betting on sporting events. The per head agent’s goal is to increase action in the sportsbook that he or she runs. The agent takes a cut of the juice delivered to the sportsbook.
If $100 is bet on a team at -110, the bookmaker’s cut is $10. The fee that a sports bettor pays is 10% juice.
Knowing the difference between what a sports bettor’s goal is and what an agent’s goal is the first step in becoming a successful PPH agent.
Understand that Bookmaking is a Service Industry
This is unbelievably important. Bookmaking is a service industry. By deciding that you are becoming a bookmaker, you are deciding that you will provide services to customers that want to bet on sporting events.
The reason it’s important to embrace the fact that you are providing a service is because there are tons of competitors that any one of your clients can jump to at a moment’s notice.
Customer Service is a Top Priority
The last statement I wrote above, there are tons of competitors that any one of your clients can jump to, leads to my third factor. The most successful online bookies are the ones that make customer service a priority.
Pro players demand excellent customer service. It’s important to provide betting services to at least two pro players. Pro players provide consistent action, and they know a lot of casual players.
Grow at a Pace that Suits You
This might be the most important factor to create a sustainable bookmaking business. Many per head sites that purport to hand out information will tell you that you should always look for prospective clients. Not so.
All business live and die via cash flow. Heck, human beings are successful in life depending on how their cash flows.
Cash flow isn’t about growing as quickly as you can. It’s about growing at the correct pace. Bookmaking is a unique business in the sense that you’re going to sign clients mainly because they can make wagers based on credit.
In other words, you create settle alerts to know when a client must pay you. You don’t make a profit until clients pay you.
You can see how taking on every prospective client that comes to you can lead to problems.
Before doing anything, though, you should make sure to set up a collaboration with PayPerHead.com. That means you get the best tools in the business, and free coaching is available to help you establish your business goals.