Once you have settled down on being a bookie PPH, you will need to work on maintaining a level of profit on a regular basis. And as a bookie, you earn your money mostly from the vig, and from any extras you get from winnings. If you will base your income on the vig, then it has to be enough to cover any overhead expense you have on any player, and have enough extra, which will be your profit margin. Naturally, learning how to earn more with your sportsbook will be next on your list of priorities.
Now that you have your sportsbook up and running, how can you earn extra from it? Here are a few options that a lot of bookies use to earn more in sports betting.
Earn More with Your Sportsbook
The first option to earn more is to use your current set of players. This will take minimal effort and cost, but you can offer your players more betting options. If you expand from solely NFL betting to touch on collegiate football betting, then you can earn a few more bets per week form your players. Some player may also want to diversify, to maybe bet on the NBA as well, and some tennis when the majors come up. Either way, you are offering them more product, which means more opportunities for them to place more bets.
Of course, the more bets your players make in a week, the more vig you collect. Since your pay per head provider charges you for the player per week, regardless of wagering frequency (active players only of course), you only pay the fee once. So any extra vig you make on top of your overhead automatically becomes profit. You can check some sports betting software reviews to see how their tools can help you keep track of your players’ wagers in a certain period.
Your second option is to expand your player base. There are a few ways to do this, and advertising is a common effort for bookies. To save money, you can start out with asking your players to refer their friends to you. Your only cost will be a reward for your current players as a referral fee, in the form of free wagers, or free credit. The PricePerPlayer sportsbook software can help customize this for you.
Your third option is to offer promotions to get more players, or to get more bets from current players. Similar to a referral fee, you can offer countless promos to your players. Offer a free round for basketball if they always bet on football. This will entice them to try a new betting market. Is it the holidays? Send them a holiday promotion. Is it their anniversary from the day they joined your sportsbook? Give a bonus. Even a birthday freebie will be appreciated by your players.
All these actions not only advertise your sportsbook, but also bolsters good relations with your players. And if your players are always happy, they will more than likely send new players your way. You would be surprised at how word-of-mouth advertising works in the sportsbook industry.
