Sports betting is big business with billions of dollars at stake annually. Typically, bookies don’t like to discuss their secrets, but in this article we have some advice from top bookmakers.
If you’re running a small bookie or aspiring to open a sportsbook, these tips will ensure you stay in business and increase your profits. It’s advice that’s important to learn before making mistakes.
Are you ready to learn the secret of top bookmakers?
Best Tips From Top Bookies
- Most Profitable Betting Segment for Bookies are Recreational/Casual
As a bookie you want to target recreational bettors. While most casual bettors aren’t going to bring in much turnover in most cases, this player segment offers bookies the biggest ROI.
The majority of recreational bettors will never even withdraw. They deposit smaller amounts, bet on sports until the money is depleted and then redeposit to continue the cycle.
- Don’t Shy Away From Bonuses/Promotions
As an independent bookie, you may not want to offer players bonuses or promotions. However, it’s needed if you want to compete. However, make sure you don’t lose money on any promos.
Here’s an example. Let’s say a casual bettor has lost $2500 during the NFL season. In order to try and keep them betting after the NFL season, try to send them a personalized free bet offer.
You want to keep the long-term losers betting consistently if possible. A good time to offer special promotions is after the NFL Super Bowl, as a bookies turnover typically decreases considerably.
- Track Your Players
Make sure you know who is betting on your website by tracking your players. It’s legal to track your website traffic as long as you follow global regulations, such as the GDPR.
Why is it important? Here’s one example. When you know where your website traffic is coming from, you can target betting markets and offers specific to certain regions.
Another reason to track your players is because you may need to restrict/ban sharps. Bookies often have to limit sharp action that are beating them consistently. Don’t hesitate to do the same.
- Offer In-Play Betting
Recreational bettors love to bet in-play. It’s rare sharps find a consistent edge betting in-play, but your casual bettors will regularly jump into the in-play interface to bet on games they’re watching.
The majority of PPH providers offer in-play betting. If your current provider doesn’t offer live betting, you should switch. Many in-play markets have a bigger overround as well, thus more profit.
Are you ready to cash-in on the sports betting business? There really isn’t much too it. Your most important challenge will be formulating a marketing plan to grow your player base.
There are no secrets to finding new players. There are many ways to advertise for new clients online, you’ll have to track your advertisements to determine profitable campaigns to continue running.
Lastly, make sure you communicate with other bookies. Get to know them. Bookies often collaborate with each other to share information and advice. Networking can only help your business grow.
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