You finally made you dream come true by opening a sportsbook operation of your own with a pay per head. Now that your sports betting business is up-and-running, you have to make several decisions in order to maximize your profit. One of these decisions is Giving the Right Credit Limits to Your Sportsbook Players. This is because this decision will affect how they bet and your overall profit and loss margin.
Thus, choosing a good credit limit for your players is imperative to the health of your bookie business. Make it too low, and you risk losing your client and a higher profit. On the other hand, if you make it too high, you could take a loss and imbalance your sportsbook
In addition, how well do you know each player? Just like a bank, giving out credit, it is all about how well you know and trust them the person. For example, if that the player has a good-paying job and is trustworthy, a $5,000 limit is not a problem. However, if that player does not have a steady job, a high limit is probably not a good idea.
Of course, if you do not know your players well, that is a different story…
Giving the Right Credit Limits to Your Sportsbook Players – Finding and Setting Player Limits
Everyone in the operating side of the gambling industry knows that betting volume is the key to profit. However, it does not mean that all players are the same and bring the same amount of profit. This is because making money from being a bookie is a balancing act. Therefore, giving a player more money means you will have to balance their wager from other players.
Of course, if you use the PricePerPlayer.com Sports Betting Software, our lines manager will take care of that for you. Thus, you will not have to worry about taking a loss from bad lines. Of course, this is still gambling and it is normal for bookies to take short-term losses. Therefore, bookies first need to figure out how much they can lose and set limits from there.
Just keep in mind that there is no right or wrong answer when it comes to betting limits. It is all about what you can afford to payout during a bad week.
When it comes to setting individual player limits, it will depend on the habits of each player. Hence, the best way to determine their limits is by analyzing their betting statistic and habits. Using reports from your Bookie PPH provider, you can decide whether to increase or decrease their limit.
For example, if they max their betting limit every week and settle without fail, an increase might be in order. On the other hand, if they abuse their limits and certain plays, lowering their limits might be in order.
From there, all you have to do is go to your Sportsbook player management section and set their limits.
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