With all the changes in the gambling industry, it is hard to tell how the business was before online bookmakers. If you are still operating a pen and paper book, it is time to adopt the new generation of online bookmakers. This article gives a brief history of bookmaking, the new generation of betting services, and its advantages.
Before Online Bookmakers
Before the invention of online bookmakers, operators ran their business one-on-one or over the phone. Bookies set their booths at the back of other businesses or their backyards. A bettor would visit the bookie to place a bet.
Alternatively, he would call and tell the bookie how much he wished to wager, on which team, and all those details. Meanwhile, the bookie would record all the details from the bettor.
Once the bet is settled, a bettor would walk to the bookie to pick his winnings. If he lost, he could take the funds to the bookie, or the operator would send someone to collect.
The Invention of Bookie Software
Bookie software takes bookie business to online venues. If you want to become one of the best of a new generation of online bookmakers, you need bookie software. Fortunately, hundreds of brands design bookmaking software, including Power Pay Per Head.
Bookie software has changed how online bookmakers operate. It has eased the bookmaking process and helped bookies make more money. Let’s look at how the software has improved bookie’s operations.
Bookies Run More Efficiently
Think of all the hassle bookies and bettors had to go through in their interaction. A bookie would get a call from a random person that might not pay up their debt when it is due. If a bookie had taken more bets than he could handle, he had to dodge players until he could find money to pay winners.
Moreover, both the bookie had to be available simultaneously to complete a transaction. But, online bookmakers do not have to deal with such inefficiency. Instead, bettors can log in to their account any time of the day or night to place bets.
They can also deposit their wager money and withdraw their winnings without a problem. Thanks to the tools incorporated in bookie software, online bookmaking is manageable now. For example, a bet is booked and graded automatically, unlike previously, where an operator had to do it manually.
Provide More Sports Betting Markets
Online bookmakers offer more sports betting markets than traditional bookies. Previously, bookies could only afford to provide a few bet markets because of recording and their limitation to using pen and paper.
Today, bookies use sports betting software hosting hundreds of bet markets. You can find bet markets in basketball, football, soccer, volleyball, handball, cricket, golf, tennis, baseball, and other sports disciplines.
Bettors can place as many bets as possible because the bookie software can record all bets without a hitch. Offering more bet markets also increases a bookie’s earnings.
Consider one bookie offering bets in soccer alone and another bookie offering wagers in five markets. The second bookmaker is likely to generate more revenue.
Provide Deposit and Withdrawal Methods
Online bookmakers do not have to send someone to collect debts from bettors or play cat and mouse. A post-up bookie does not have to worry about debts because bettors have to deposit their funds first before placing bets. Fortunately, online bookmakers have many deposit methods that players can use.
As for credit bookies, you can find out about a bettor’s capability to pay before allowing them to place bets in credit. Even when you give credit, you can set a weekly limit. Once the limit is reached, a bettor must pay his debts before betting anymore.
Also, bettors can get their winnings through various withdrawal methods instead of coming to look for you at your home. Having deposit and withdrawal methods for online bookies eliminates the need to disclose your identity to your clients and vice versa.
Access To All Gambling Needs
Suppose a player wants to play several slot machines, wager on the Super Bowl match, and another event. Previously, he would have to look for individual bookies specializing in these markets. This means crossing the city to get all your gambling needs.
But, bettors can now satisfy their gambling needs on one venue, online bookies. The new generation of online bookmakers understands the needs of bettors. That is why they offer sports betting, casino games, and horse racing bets.
A player can register one account and use it through the three gambling platforms. Having more gambling revenue channels increases a bookie’s revenue generation. Meanwhile, players can get all the gambling entertainment they need at their fingertips through their phones, laptops, or tablets.
More Revenue Generation
A traditional bookie was limited to offering a few bet markets because they could not manage more bets or clients. New generation bookmakers can have as many players and bet markets as possible.
For example, if you have ten clients with your offline bookie, you can increase the number to 100 with an online platform. You can also offer bets in over 100 leagues in different sports.
Having more active players each week increases your revenue. Moreover, if you have an extensive betting list, players will find more than one appealing option.
Understanding Online Bookmaking
Online bookmaking is the art of offering betting services via online platforms. Online bookmakers invest in bookie software to provide their services. All the sportsbooks you see on the internet are online bookmakers.
But, each sportsbook is different. Operators with huge bankrolls such as William Hill, Caesars, and other big brands buy sportsbook software and hire a team to operate the business.
They also hire IT experts, an office base, and other experts they need to run a successful worldwide recognized brand. These companies also operate worldwide and can accommodate thousands of players because they have a big bankroll.
The other online bookmaker uses pay per head (PPH) software provided by third parties, such as Power Pay Per Head. PPH is a business model allowing bookies to enter online space with minimal capital. These bookies get betting software, IT support, customer support, and other bookmaking tools at a weekly fee.
So, a bookie does not need to hire oddsmakers or IT experts to set betting lines and maintain the website. With this business model, online bookmakers can focus on finding new clients while the partner, pay per head provider, is doing the heavy lifting.
While the bookie software belongs to third parties, bookmakers can still control the platform. They can create their betting lines, set bet limits and maximum payout, and follow every action.
Most online bookmakers today choose the PPH option because it is more efficient. Moreover, it equips them with bookmaking tools needed for a successful business.
Choosing Software For Your Online Bookmaker
The success of online bookmakers mainly depends on the software they use. Therefore, it is crucial to consider several things before investing in bookie software for your business. Here are five things you must consider;
The pay per head industry is crowded with hundreds of PPH providers, so choosing the best would be an uphill task. But, you can eliminate most of the operators by looking at their expertise and years of experience.
A pioneer understands where it started and can predict the industry’s future. This provider continually improves his software to meet bookies’ and players’ needs. When you pick an industry expert, you can expect valuable tips and tools to run your bookie business.
Price is another thing to consider when choosing your online bookmaker software. Most providers charge a weekly fee. Whichever amount you pay, ensure it equals the value of the services you get.
Usually, PPH providers charge between $3 and $30 per player. When you get a quote for the service, ask what it covers. For example, you can ask whether you need to pay extra to get customer support for your clients or not.
Access To Bet Markets
If you want to offer bets on soccer, football, baseball, hockey, tennis, and other sports, you need a provider offering all these markets. So, consider your clients’ needs when partnering with a pay per head provider.
Moreover, you should have control over these markets. For example, a platform can have a soccer market. But, you can hide it from players if you want to take a break from offering bets in that market.
Hassle-Free Payment Methods
You no longer have to worry about getting your money or sending winnings to your clients. Online bookmakers should have convenient payment methods allowing players to deposit funds and withdraw their winnings.
Your service provider should have cryptocurrencies and FIAT payment methods so that players can have varied choices. That way, a player can deposit funds through Bitcoin, Ethereum, Dogecoin, e-Check, debit/credit cards, or any other option.
Lastly, find whether the PPH provider’s software is compatible with mobile and desktop devices. That way, smartphone, and desktop users can access your betting services efficiently.
Players expect the best services from bookies. That is why most choose online bookmakers over offline bookies because they are efficient. They also offer more bet markets and convenient payment methods.
You can join the new generation of online bookmakers. Contact Power Pay Per Head to get started.