The New Year is already off to a great start with a big finish to the college football season and some high drama in the NFL playoffs. With NFL underdogs covering against the spread in seven of the first eight postseason matchups, the table has been set for a very profitable run all the way through Super Bowl LII.
The NBA and NHL regular seasons are approaching their halfway points and conference play in college basketball has taken center stage with quite a few sports bettors this time of the year.
Throw in the start of a new year of professional golf and tennis along with some weekly betting action for both MMA fighting and boxing and there is clearly no shortage of betting options to add to your private bookie board with the help of a quality Pay Per Head site and the online sports betting solutions they offer in their highly sophisticated software packages.
When the betting action coming in on a daily basis gets this hot and heavy, it becomes very easy to find yourself working in your bookie business while completely neglecting the more important task of working on your bookie business. A new year creates an excellent opportunity to enhance the things that led to last year’s success or to actively change the things that may have held you back from achieving your goals. Successfully running and managing your own independent sportsbook does not happen by accident. If the proper business plans that actually quantify your goals are not in place, you are setting yourself up for potential issues down the road.
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There is a big difference between quantifying your business goals and qualifying them.
Everyone wants to make enough money to live comfortably, but without putting some firm numbers behind the actual profit you need to succeed, you are leaving far too much up to chance.
The process of quantifying your 2018 business goals is not a daunting task, but it will still take some time and added effort on your part. The good news is that as part of the weekly price per
head fees you pay your PPH service for each of your active betting customers, you have fast and easy access to a number of key business analytics that can quickly quantify your past business results while creating the necessary blueprint for future business plans.
As a private bookie, you are well aware of the fact that your hold percentage is the most vital business analytic driving your business. This is the difference between the money that you are paying out on winning bets verse the money you are taking in plus the commission on the losing bets you booked. Most Sports Books will shoot for a hold percentage of five percent and anything above that is just added profit to your company’s bottom line.
There will be times when that hold percentage dips below five and in some dire situations goes negative, but you always must think long-term in this business as you continually ride out the invariable winning streaks and losing streaks your betting customers continually endure. You should go as far as to quantify your hold percentage on an account by account basis to drill down even farther into where your profits and losses lie.
Growing and expanding your overall sports betting customer base is vital to expanding the overall profitability of your bookie business, but it is as equally important to quantify the bettors you are adding to the list. Recreational bettors that lose more bets than they win become your target market while sharps that are looking for another betting outlet to bleed should be avoided at all cost. This is just another example of how to quantify your expansion plans for the
upcoming year.
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