Bookmaking entails accepting and processing bets, monitoring players, and testing your payment and security systems. You need to use the right sportsbook tools to meet your players’ needs.
Yet, it can be overwhelming to watch each player’s activities at times. Listed below are eight sportsbook tools that can help you manage your action better.
Layoff Account
Many investors often ponder how to be a bookie. Some of them think that they need many licenses and millions of dollars to start a sportsbook.
A large percentage of pay per head (PPH) providers provide layoff accounts while others don’t. Thus, it is advisable to inquire first before you subscribe to any PPH service plan.
Each bookie operator wants more bettors to lose their wagers for them to make a profit. A layoff occurs when you bet at another bookie to minimize your liability on a particular game and balance your action.
For example, if the Falcons are playing the Patriots on a Monday Night, most gamblers can back the Patriots. If the team was to cover the spread, you might incur a huge loss. You can avoid this by betting on the Falcons at another betting company to make money when the Patriots cover the spread.
If the Falcons cover, you will make a profit from the wagers you accepted at your betting site, and it will cover the bet you lost at the other bookie. Hence, a layoff account helps operators balance their actions.
Credit Limit Override
Some sporting events take place throughout the year, and they can earn you a consistent income, part of which you can save to cover your business on rainy days. For instance, in the 2020 March Madness, the sportsbook took bets worth $10.4 billion and 70 million in brackets in the National Collegiate Athletic Association (NCAA) tournament.
Each bracket costs about $29. If a bookie had given their players a credit limit, they weren’t able to accept money beyond a certain threshold.
Statistics show that many bettors like placing bets a few minutes before games start. Thus, you can plan a credit limit override several hours before the game starts to allow gamblers to wager at your bookie business rather than at your rival. Still, it is important to inform them about the extra credit for them to take more action.
Bettors’ Winnings Report
Generally, it is an uphill task to track every gambler if several thousand players are in your bookmaker. Even so, you can easily manage a group of 20 players.
A sharp bettor can hide at your site and slowly reduce your weekly or monthly profit. Still, you can use sophisticated bookmaking software to trace them and sign them off from your site.
A player-winning report helps an operator see each gambler’s daily figures. Yet, it is advisable to check their monthly and weekly figures as some of them might try to wager anonymously.
Mass Edit and Maximum Bet Limits
Some inexperienced bookie operators spend all their profits in a short period. Mass editing and maximum bet limits will prevent this.
For example, many sportsbooks don’t provide proposition bets for most sporting events. Even so, you can find the Super Bowl prop bets and opt to set maximum gambling limits on them.
This often happens for wagers, like how long the National Anthem will last. Sportsbook tools like a mass edit tool can help you save time when accepting many prop bets. It requires you to select them and create the limit you want.
Hold Percentage Report
The hold percentage is the amount of money you are left with after paying winning bets. Divide your gross winning by your wager’s gross amount to calculate the hold. It often determines a bookie’s profitability.
If you continuously calculate your hold percentage, you will grow from being a novice to an experienced operator. Aim at having a hold of more than 4 percent of your revenue.
Most casinos in Las Vegas have a 10 percent hold percentage. But, it often ranges from 5 to 10 percent. Bookie software can show you your hold, and it is wise to use another gambling tool if the hold is less than 5 percent.
Player History
Shortly after starting a sportsbook, you might start experiencing fluctuating gambling action. Some weeks might have fewer bets than others. This shouldn’t frighten you as it is normal in most businesses.
Watch each bettor, as they are likely to lose some bets after a while. Don’t rush to let them go, as you might lose square gamblers who can earn you substantial amounts of money.
For instance, a gambler can win a huge sum of money in an accumulator. This can prompt you to close their account, fearing that they will make you lose more money. Surprisingly, you could have realized that the bettor placed a 7-team parlay if you had keenly checked their gambling history.
Some people consider parlays as sucker wagers as they have a low winning probability, thus making it difficult for an individual to win a 7-teamer. You can use sportsbook tools like sportsbook management software to work as an experienced bookie.
Bet Alerts
Are you wondering how to be a bookie that receives alerts whenever a gambler bets? The bet alert tool sends a notification whenever a pro bettor makes a steam-moving bet. You can use it alongside a limit override tool to increase your profits.
Line Mover
The line mover tool comes in handy when you want to handicap your games, such as changing the Final Four Semifinals’ gambling lines. You can find Texas Tech having +3, -115 odds at many gambling firms.
Besides, you can alter the NCAA Final Four Futures’ betting lines and assign Texas Tech +475 odds to claim the College Basketball National Championship. This depends on what you think is fair.
Bookie operators are often keen on what each bettor is doing at their site, and they aim at offering the best betting services. A layoff account, credit limit override, bettors’ winnings report, mass edit, and maximum bet limits, hold percentage report, player history, get alerts, and a line mover help bookmakers manage their actions. You can find some of them at a pay per head bookie software package.
