In sports betting, the odds you see today may not be the same as you see in a few hours. The lines on various wagering options are dynamic, and change for different reasons. This is why when you are learning about becoming a bookie, line management is one of the first things you are told to learn. Learning to manage your odds is the best way to ensure a successful and long-running sportsbook operation.
To prevent losing on money, bookies have to be aware of changes that can affect the odds of a game. With so many players and sharps on the lookout for high value wagers, a single slip or delay in adjusting lines can mean a huge loss to your sportsbook. So, from the moment you start with your first price on a wager, keep an eye out on anything related to the wager.
Manage Your Odds
When you learn how to be a bookie, you are told to keep an eye out for specific factors. Things like player updates, league updates, schedule changes, venue changes, and even the weather. At any point from First Price to the actual game, your odds will move based on ranking, roster, and more. The best example we can think off from the top of our heads are the Golden State Warriors. Even before the NBA season started, they were favorites to win the championship. But when their star player Stephen Curry got injured, the team started struggling to gain a good record this season.
Had you not changed your lines, you would have been in the red on wagers relating to the Warriors. But news is not the only factor you see here. Just like any market, demand is a big factor in determining price. For example, in a game between the Lakers and the Knicks, more people will be betting on the Lakers. This means that your sportsbook will not be even. And if the bet on the Lakers does win, you will end up paying more money than you’ve collected for this particular bet.
For you to solve this, you will need to get more people to bet on the other side of the wager. This is most often done by changing the lines to make it more favorable to go for the other team. Thankfully, your sportsbook pay per head will have exactly what you need to get this done quickly. The features of a pay per head service will be more than enough to tell you where help is needed, and how you can make your sportsbook turn an even higher profit in the long run.
