3 Common Mistakes Online Bookies Make & How To Avoid Them
Per head agents are human beings. They make mistakes. Below, are 3 of the most common mistakes that agents make.
After reading about the mistakes, read how to prevent making the mistakes
1 - Using Their Layoff Accounts Too Much
This is, by far, the most common mistake that online bookies make. At first glance, just receiving the vig, the 10% juice, players pay bookmakers to accept against the spread wagers makes sense.
After all, that’s the only thing Vegas sportsbooks are looking to do.
Think about it for a moment, though. Vegas sportsbooks survive by simply accepting the 10% fee because the bulk of their revenues come from casino bettors.
Not only that, but they’re working with a lot more action than the typical online bookie.
2 - Not Setting Max Betting Limits
Not setting max betting limits can lead to disaster. Max betting limits on all future bets is a must.
Max betting limits on all moneyline bets is also a must. This includes all baseball and hockey bets where spread betting doesn’t exist.
3 - Forgetting To Set Schedule Limit Overrides
Not setting schedule limit overrides can also lead to disaster. Schedule limit overrides allow online bookie agents to shut off betting for a specific period.
Overrides can be added for many reasons. The most important is to protect against sandbaggers, those who jump on future odds before oddsmakers have had a chance to change the odds.
How Can Pay Per Head Agents Avoid These Mistakes?
It’s important for online bookie agents to understand how to avoid these common mistakes so they can continue to grow and make a profit.
Agents who are looking to expand their knowledge, and understand tools and tactics they have at their disposal can sign up for PayPerHead’s 14-day Bookie Bootcamp.
They’ll assist any bookie - at any level - generate more business and more profit. All bookies have to do is sign up for the free trial of PayPerHead’s Prime Package. They’ll instantly be enrolls in the Bookie Bootcamp.
Below are tactics each bookie can use to avoid the 3 most common mistakes.
1 - Figure Out Risk Threshold Before Using Layoff Account
When CFO’s invest in other companies, use part of their company’s profits to buy stock in other companies, they first assess their risk threshold.
For example, the risk threshold for Microsoft when they invested in Facebook before Facebook’s IPO might have been $25 million.
Your risk threshold determines how much money you’re willing to lose by not using your layoff account. The money after your risk threshold is how much you lay off.
2 - Set Max Betting Limits As Soon As Future Odds Are Posted
As soon as future odds are posted use the mass editing tool to set max betting limits. It takes virtually no time to keep every one of your players at something like a max of $200 per future proposition.
3- Set Schedule Limit Overrides on Futures In Line With What Vegas Does
This one is bit more difficult to carry out. Vegas adjusts Super Bowl betting lines, as an example, after the games have been played on that Sunday.
You should try and set schedule limit overrides close to Vegas’ overrides.
In the above example, this would mean disallowing Super Bowl wagers from the Thursday night NFL kick-off to around Tuesday afternoon when all Super Bowl future prop bet odds have adjusted.
Make more cash by implementing the above tactics. For more tactics, eBooks, and resources, sign up today for PayPerHead’s Bookie Bootcamp.
