Can’t Get Personal in the Bookmaking Business
It’s important you run your bookmaking business on your own terms. You can’t let emotion or friendships determine your decisions. Playing and running your business with emotional attachments is a no-no and a way to go under really quickly.
What do we mean by that? Well, it’s easy to make poor decisions when in business. As a bookie, you’ll have to make sure you consider the risks and potential rewards of every decision you need to make.
Ways Bookies Get in Trouble
Nothing is more vital than understanding your business as a bookie. Bookies have a lot of risks, but they can be mitigated once you know what problems to look out for.
Here are just a few of the ways bookies find themselves in trouble
● Extending too Much Credit: It doesn’t matter if your friend promises to pay you if he loses, this is a business and you should never extend too much credit to a player.
You should have an idea of how much your clients earn based on their lifestyle.
Always on the side of caution when it comes to issuing credit to your players. You can always increase a player’s limit in the future after you have dealt with them for a few months.
● Letting Anyone Join: Finding players is tough and it’s extremely difficult to turn a potential client away, but in some cases it’s the best decision for your business.
For instance, if a friend of yours refers one of their friends to you, it’s important to vet them. What if they aren’t working? They aren’t going to be able to pay gambling losses if they have no job.
You want players that bet for entertainment and have some extra money to lose.
● Playing Above Your Means: It’s not just gamblers that have problems with playing for more than they can afford. Bookies also get themselves into trouble with big betting limits.
Look, it’s great if a player loses a big bet that they can afford to lose, as you pocket all of the cash, but can you afford to pay the player if they win a few big bets in a row?
Never offer betting limits that your bankroll can’t handle if a player gets hot. Being a bookie is more of a marathon. You want consistent profits that build up over time as your betting sheet grows.
The above three things are critical to avoid if you want to be successful as a bookie.
Pay Per Head Services Can Help Your Bookmaking Business
You can avoid these problems by utilizing a pay per head bookie software service.
These services make it very simple to change the credit limits and betting limits for every player on your betting sheet individually. Different players can have different limits.
Once you create the limits for a player’s account, they’re handled automatically and you won’t have to worry about a player being able to bet more than you’ve issued them in credit.
Ensuring you vet players before setting them up with a player account is up to you.
Regardless of the business, you need to run your business on your own terms. Don’t allow a client to dictate how you’re going to run your business. If they don’t like the rules, they can find a new bookie.
More information at: understanding your business