How to Expand Your Bookmaking Offering
Years ago, most private bookies cut their teeth taking bets on college football games and the NFL. The business would be seasonal from September through the Super Bowl in early February. As sports betting continued to grow in popularity across all segments of society, fans looked to place bets on all the major sports. Along with the expansion of sports betting options came the upgrade in sophisticated sports betting technology to book these bets online.
The pay per head bookie software business model provides the necessary online sports betting software solutions to run and manage your own independent online sportsbook. All you have to pay for this turnkey software package is a low weekly price per head fee for each of your active sports betting customers.
Pay per head bookie software presents a low cost to entry into one of the most lucrative online businesses you can run as a private bookmaker. The product offered by the top PPH services would rival what even the biggest commercial online sportsbooks uses to operate their million-dollar websites.
Building Your Bookie Business
To this day, there are private bookmakers that only take action on football and basketball as the two biggest betting sports. While you may derive quite a bit of your company’s profits for the entire year when these two sports are in season, there are five other months of the year when they are both off the board.
Building and growing a private bookie business that can meet your financial goals both in the short term and over the long haul requires the following three attributes:
- An active sports betting customer base
There are no minimums when it comes to how many active betting customers you need to take your bookie business online with pay per head bookie software. However, you do need to establish a customer base that is large enough to meet any profit projections. Assuming you can maintain a hold percentage above five percent, you would be able to calculate how much generated revenue would be needed.
- An expanded sports betting board that meets customer’s needs
As a private bookie, you never want to run the risk of losing even one customer to an outside betting outlet because they could not find what they were looking for on your betting board. Working closely with your price per head shop, you already have fast and easy access to a wide variety of betting lines and odds. You also have the ability to set and move your own betting lines while making any necessary changes to your betting board.
- The proper online business applications to create multiple revenue streams
Another way a private bookie can expand revenue along with added profit to the bottom line is added revenue streams. You already have the ability to build out your sports betting board with a wide variety of betting options. You can also add a racebook for betting on horses. Access to this added application is part of the PPH service fee you are already paying. You can also expand into online casino gambling with slot machines, video poker and electronic table games. One of the fastest growing trends with this added revenue stream is live-dealer table games.
Build Your Bookie Betting Board
Being a full-service sports bookmaker still comes down to leveling the playing field with the big commercial sportsbooks that go to great lengths to attract sports bettors to their bookmaking services.
Expanding your betting board to meet all of your current customer’s needs is just a starting point. Today’s advanced pay per head software solutions can generate betting lines for over 80 different sports. You can add a full list of futures and prop bets on a sport-by-sport basis as well as for special betting events such as the Majors in professional golf and major stakes races for thoroughbred horses.
You also have easy access to software applications for live in-game betting. There is nothing more exciting than betting on a sporting contest after it has gotten underway. This is also an excellent way to raise the handle for the most popular betting sports.
As a private bookie running and managing your own independent sportsbook, the only limit to expanding your bookmaking offerings is your own creativity when it comes to building out your board.