With any business, it is very important to know where you are in terms of your sportsbook operation, and if your online betting business is successful. After all, why start a sportsbook if your goal is to not earn well? Your bookie business will, by now, already be running, with existing promotions, marketing efforts, and other such policies in place. And to know if everything is working as it should, measuring your sportsbook’s success is important.
When it comes to your bookie operation, you will want to ensure that you are making the most of your resources, and that you are able to attract and generate player activity consistently. Thus, you need to know if you are going in the right direction, and the answer to this lies within the numbers in your sportsbook reports.
And we can easily quantify that with your KPIs, or Key Performance Indicators. In our latest bookie tutorial, we will explain the ways for you to measure the success of your bookie operation, and how you can improve on them, as needed.
Specify Your Goals
Like with any business, you need to set specific goals to reach by a certain deadline. As a bookie, you can set multiple goals. For marketing, for instance, you can set a certain number of player registration each month. If you break that down further, you will want a certain percentage of those to place a deposit.
You can also set goals on player retention, like ensuring 80% of your players will place at least one wager each week. Then, you can also set a goal for your sportsbook’s revenue, to say, maintain a certain amount of revenue, or have it grow by 1% each month. The goals have to be realistic and quantifiable, as opposed to being vague like “ to earn money weekly”. The more specific you are, the easier it will be for you to evaluate your sportsbook’s performance.
Set Your KPIs
When it comes to the performance evaluation of your sportsbook, you need to set indicators that you will use to measure the success of your goals, measure growth, and more. Again, you have to be very specific with your KPI’s, and it has to be achievable within a specific timeline.
For your sportsbook, here are a few indicators that bookies keep track of. You can change this depending on the specific information that you need, so do not feel limited to just these line items. If you are using our Pay Per Head software, then you can easily generate reports to track these on a daily, weekly, and monthly basis.
Players Details
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New Player Registrations- Number of Players with Deposits
- Numbers of Players with 1 Deposit only
- Total Deposits
- Total Withdrawals
- Average Deposit Amounts
Bets Details
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- Total Number of Bets
- Number of Bets Per Sport
- Amount of Bets Per Sport
- Number of Single Bets
- Number of Specific Bets (Parlays etc)
- Number of Used Bonuses
- Amount of Used Bonuses
- Stakes from Bonuses
- Total Returns from Bonuses
Measuring Your Sportsbook’s Success
These metrics will help you identify player behaviors, betting trends, popular betting products, and the efficiency of your bonuses or other marketing strategies. You can then compare them with previous weeks or months and be able to identify if your numbers are improving or not.
This will guide you in improving your sportsbook’s operations, like evaluating your current promotions, customize marketing programs for your players, and more. By doing this regularly, you will be able to determine your sportsbook’s success, and know that you are in the right track. And Price Per Player can help you easily gather the data you need with our bookie software.
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