When you own and manage your sportsbook, you have a complete set of resources available if you use a good sportsbook software. It should help you with offering betting lines, as well as the capabilities to help you manage the lines, and your players as well. All of these things are important, and for different reasons. Today, we will talk about why it is important to properly manage player limits in your sportsbook.
For instance, if you get a player that will place an unusually large amount or non-round amount, you may have either a professional gambler or a sharp. Generally, sportsbooks tend to decrease their limits or even restrict their accounts. Why? Because wagers like $15.98 raise alarms in sportsbooks because it is likely a wager that is called arbitrage betting. When you see players do this, you should limit your risk by lowering their limits.
How to Manage Player Limits in Your Sportsbook
Some bookies also place limits in sportsbooks when they are looking at the overall activity of the sportsbook. For example, if you check the wagers your players make, the amounts will usually vary. You may have a mix of small to large hitters, and a balance has to be made. You cannot restrict a player for no good reason of course, so be careful when setting limits.
On the other hand, if most of your players place wagers with $100 as the highest amount, and you have a couple who place $500 and more, then you may face problems. If they win wagers and you do not have enough from the losing side, then you will have to shell out the amount. This is normal and happens to sportsbooks, but it should not be a regular occurrence. To fix this, you either add more high-rollers, or you restrict betting limits to balance the numbers out.
Other Considerations with Player Limits
You also need to look at your players’ individual wagering as well. Your per head sportsbook software will have this feature, so use it regularly. Notice any regulars who you have dismissed as sharps, and look at their wagers. If you think you are earning well from them, then be generous with limits. You can probably increase their wager limits as you see fit. This will ensure that your player stays happy, and will continue betting in your sportsbook.
Remember that your goal is always to turn a profit in your sportsbook. If you are not able to balance the wagers in your sportsbook well, this could increase the risk of paying out more than the amount you collect. And player management through player limit adjusting will help you minimize any possible risk. In addition, it also gives you the chance to reward your players by letting them bet higher amounts.