Managing player action is one of the things you need to do to have a profitable sportsbook. You have an advantage if you are a sports bettor before becoming a bookie. It gives you basic knowledge of how to deal with players.
Most successful bookies don’t just rely on the best pay per head bookie solution. Instead, they are good at math and basic accounting. Also, they love sports and can handle taking risks with their money.
You spend a lot of effort ensuring that as many bets as feasible are balanced so that there is no danger. However, you cannot do so with all bets, particularly futures bets against more than two teams. When that happens, you’re wagering against them.
Advice from a Bookie on Player Action Management
The majority of your players will lose somewhat more than they will win. So they’ll lose a bit and get a great win now and then to keep people coming back.
Then some consistently win more than they lose. These are the ones you’re up against. You want them to be part of the first group that wins just enough to keep them coming back but not quite enough to break even. Otherwise, you’ll have to work hard to turn a profit. You can use bookie software to monitor their actions.
Taking away emotion is the best method to deal with players. It helps if they are betting on a team or athlete in whom you are not interested or have a strong opinion. That allows you to examine statistics and reports without bias.
What do you think the chances are that players will win their bet? If you feel they have a decent chance of winning, you may hedge your wager in the same manner you would if you had an emotional attachment to it.
One method is to wager an equal amount of money against them. Then, if other bettors cover the wagers, you’ll collect your juice regardless of who wins the game.
You may also restrict their betting limits. Keeping their bets small will lower your risk. You’ll also make money if you can shift the lines. That concludes another part of our How to Be an Online Bookie tutorial series.