Software 101 for PPH
Bookmakers who are looking to better manage their business and expand their sports betting operations have traditionally had to employ people to work on their behalf. There are only so many hours in the day, limiting the amount of time a bookie can spend on their phone or looking at emails.
Filling in spreadsheets, keeping up with lines and how many wagers a customer has active are all labor intensive activities. It doesn’t always leave a lot of time for finding new customers or making sure players have settled up appropriately.
There are also a growing number of states that are implementing regulated and legal sportsbook sites run by organizations such as William Hill and BetMGM. These online websites have user friendly customer interfaces that allow bettors to place wagers 24 hours a day, seven days a week in just minutes.
For an independent bookie to not only thrive, but just survive, really requires the use of sophisticated, yet easy to use, Sports Bookie Software. The best type of platform to use is a Pay Per Head service that only charges a fee for each player that places a wager during the billing period.
The bookie basically gets their own website where their customers can see lines and odds, place wagers and even settle their accounts. It’s totally up to the bookie how they want configure and customize the software for each customer.
The functionality that is most obvious to customers is the online sportsbook. It offers access to a large number of sports, including football, basketball, baseball, hockey, soccer, golf, tennis, MMA/UFC and others. Lines and odds are established and managed by the PPH provider, but the bookie also has the capability to change them if they desire.
The bookmaker can also limit what their customers can wager on, whether it’s for all of their players or on an account by account basis. This feature is especially helpful if the bookie has a customer that is getting in over their head or who they have had difficulty collecting from in the past.
For the bookie, the software provides up to the minute information on wagering status and potential risk in their portfolio. It gives the bookie accurate and timely data on what their customers have bet on and what events present a problem. The goal is to have about the same amount of action on both sides of a bet.
If that isn’t the case, they need to take some sort of action and the Sport Bookie Software gives the tools and resources necessary to do that. They can change lines or offer bonuses to balance the bet. The bookie can also actively promote one side of a wager.
Another option is to take advantage of the lay off services of the PPH provider. They will take the action instead, because the operator has a larger customer base across which to spread the risk. The bookie can then focus on their house edge.
The data that a bookie can access from the software is probably the most valuable attribute of the PPH service. Technology has advanced to where it’s no longer necessary for a bookmaker to fly by the seat of their pants. It also means that they don’t have to worry about setting up their own spreadsheet based tracking systems.
Knowing where they are really making their money is important to a bookie. There may be particular sports, types of wagers or groups of customers that constitute a high percentage of their revenue. If that’s the case, they can spend more of their efforts soliciting and incenting the more profitable wagers.
The bookie’s financial situation is of particular importance. With the Sport Bookie Software, they can see what players have settled their bets or accounts, which ones still owe money and how many winning bets the bookie still has to pay out.
Having a good handle on finances can keep a bookie from getting behind and potentially going out of business. The financial reporting combined with the wagering data gives the bookie the power to drastically increase their ability to effectively manage their entire business.
All of this functionality is available for just $7 to $15 per active player per billing period. The larger the bookie’s customer base, the less they pay per head.