While sports betting is one of the most profitable businesses in the world, it does have a tight profit margin. This is why successful bookies have to keep a close eye on everything that takes place within their sportsbook. Therefore, in this bookie tutorial, we go over how Using Reports to Improve your Bookie Business will increase profits.
Before we begin, let’s talk about how a bookie business works and how bookmakers make money from taking bets. Sportsbooks make money from gamblers by taking a commission for every bet they take. Therefore, they make money not from players losing but from players betting on both side of a game. The average sports betting hold percentage is around 7.2% which is the revenue a sportsbook owner makes from taking bets.
With these numbers in mind, the profit margin is not that large. Therefore, how is being a bookie so profitable? The answer lies in volume and repeat customers. By volume, we mean the amount bettors wagers. Not the number of actual sports gamblers. This means that a bookie can just have 10 players and still make a decent living from it.
Since revenue comes from the betting volume, then how can a bookie improve their business? This is where having an using the right player betting reports come into play.
Pay Per Head Reports to Improve your Bookie Business
For practicality purpose, we will be using the reports available with the PricePerPlayer.com Bookie Pay Per Head services.
Player Betting and Risk Management Reports
These are reports that will give your sales team the necessary data to improve their player’s profitability. This is because this information will give them their win loss ratio, what sports they like to bet on, types of bets they make and so on. There are 2 categories of player reports. Individual and group player reports.
Individual Player Betting Reports – These are tools that sales and customer service department uses to improve the betting volume.
For example, if a player’s balance is zero and you want them to reup, then this data is gold. From the data you have on them, you know that they like to bet on parlays. However, their parlay profit margin is nonexistent and in favor of the book. Therefore, offering them as an extra bonus a 2 or 3 team parlays could easily seal the deal.
Other useful data you can get from player betting reports can vary from favorite team to favorite sports. Thus, you could setup email or text alerts when their favorite team is about to play and their current odds.
Group Player Betting Reports – These are reports that management uses to improve their profits and help the y sales department. This is because you can pull reports for specific group of bettors for specific sports, type of wager, last active and so on.
This is crucial in terms of how to focus marketing efforts for specific sports season. For example, you could setup a sportsbook advertising campaign for people that only bet on March Madness. This means you could use the sports betting platform send a msg to these players about a March Madness promotion. Furthermore, you could also setup a year-long campaign where players get specific promotional item for every sport they bet on.
With the right attitude and mindset, the possibilities to improve your bookie business with right reports are endless.
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