A couple of months ago we wrote a tutorial about Player Acquisition in order to become a Successful Bookie. In this segment we went over various general methods to acquire new players. This time around we will teach you about Acquiring Players with Sportsbook Bonuses and Promotions.
However, keep in mind that this is a double-edge method for increasing your profit. This is because if done correctly, it will drastically increase the number of active players in your sportsbook. However, if not done correctly, it can lead to lower profit margin or even to your sportsbook shutting down.
Bonuses are mostly for bookie operations that want players at a faster rate or are losing players to the competition. In general, bookies that are happy takings bets from friends and friends of friends do not give out bonuses. This is because it is safer and do not need to need or want the hassle that comes with them.
However, giving out welcome and reload bonuses are a great way to stand out amongst the competition. Thus, if you still want to learn how to acquire players with bonuses the safe way then keep reading!
Learning How to Acquire Players with Sportsbook Bonuses
How much can you afford to give Out
The first step is figuring out how much you can financially afford to give out without going broke. This is because if a player successfully converts his bonus into real money, then you will have to pay them. In most cases a larger sportsbook only gives out small bonuses of about 10% on the player’s deposit. Smaller bookies on the other hand usually give out larger bonuses of around 30% to 50%.
However, a bookie that gives out large bonuses is usually a red flag with players. This is because these bookies usually end up going out of business since they can’t pay off winners. Thus, you need to figure out how much you can afford to give out to players.
Cash Bonus or Free Play Bonus
Historically speaking, cash bonuses attract more attention from players. This is because a Cash Bonus means the layer receives the bonus and the winnings from the bonus. For example, if a player gets a 10% cash bonus on a $100 deposit he gets $110 in his account. If he wins the bet, then his deposit, the cash bonus and the winnings will show in his balance.
A Free Play Bonus on the other hand means that the player only gets the winnings from the Free Play. For example, a player gets a 10% Free Play Bonus on a $100 deposit with a 1x rollover. His account will show $100 real money and a $10 Free Play. If he wins the bet then his account will only have his deposit and the winnings from the Free Play.
Bonus Rules and Regulations
Many bookies and sportsbook owners have lost a lot of money because they did not have rules to protect themselves. This is why they are important as it places a limit on how big a bonus a player can receive. Furthermore, they can also place a time frame and a limit on how much a person can win from a Free Play. Therefore, it gives a bookie more control over his potential losses from people making money from bonuses.
Common Bonus Rules and Regulations include:
- Maximum bonus of up to $500 per player
- Maximum payout for a Free Play Bonus
- Bonus only for new players
- Bonus Time Frame
- Bonus cannot be in conjunction with other promotions
Sportsbook Pay Per Head that Offers a Free Play Bonus Option
Obviously, before you can think about offering sportsbook bonuses, your sportsbook software needs to have the Free Play capability. This is where you can give out Free Plays to players as a bonus instead of a Cash Bonus. This is because a Free Play Bonus is more advantageous to the bookie.
This is where the PricePerPlayer.com Sportsbook Pay Per Head Solution comes into play. This is because our sportsbook software allows you to easily give out Free Play Bonuses to your players. The best part is that there is no extra for this feature or any of the extra features we have.
Thus, you get the Free Play Bonus Option and all of our great features for only $5 per player!