Is Your Bookie Business Making a Profit?

Do you know how much sportsbooks and casinos are making? We hope that at least you have a clue. If not, check out financial reports for different states to see how much individual sportsbooks and casinos are making.

For instance, New Jersey collected over $400 million from sports betting and casino gaming. Nevada pulled over $1.1 billion from gambling. It is easy to dismiss this, but you do not have to make this much.

This is just a figure to tell you how much money is circulating in the gambling industry. You need to ask yourself whether your bookie is making a profit. Not just any profit, but a profit you are proud of.

If your answer is no, we will change that to yes, in a few weeks. How? Below are three tips to increase your bookie profits.

Diversify Sports Betting Offerings

Did you think sportsbooks made money from the top five popular sports? You thought wrong. You can visit one website to confirm that the sportsbook betting menu has over 35 unique sports, over 100 leagues, and events to wager on.

Meanwhile, you only offer a few betting lines daily. Worse, you only offer bets for soccer, American football, baseball, and maybe one other sport. It is understandable if you are running your bookie offline because it is impossible to manage a bigger bookie.

Yet, that should not limit you, not with a pay per head (PPH) service (more of this later) option. So, find what your clients love to wager on and incorporate it into your offering. For instance, if you have cricket fans, do not ignore their needs by failing to offer lines for the sport.

Get a Pay Per Head Service

A pay per head service is a bookmaking solution that bookies pay for based on their active players. Instead of hiring an IT team, an accountant, a debt collector, and other employees, the PPH service provider provides these services at a small fee.

A pay per head service provider takes care of the backend operations, such as creating odds for all markets, upgrading the software, taking calls from clients, and much more. For instance, ChampsPPH does the above and more. Partnering with the service provider guarantees an increase in your profits.

Increase Your Customer Base

One of the reasons you could be making a low profit could be that you have a few clients. Even when these bettors place more than one bet daily, it might not be enough to grow your profit.

The best thing is to find novice bettors, recruit them, and employ a retention strategy. This will increase the number of bets and your vigorish.