Controlling Your Finances: Don't Let Anything Slip Through The Cracks

In this lesson, we’re going to discuss the basics on controlling your finances.

The entire next chapter covers financial lessons, but we want to briefly explain the basics to better prepare you for the next chapter. If you mismanage your finances, you won’t be in business long.

We’d like to thank RealBookies for providing us access to their pay per head (PPH) platform.

Managing Player Balances

When you initially set-up the PPH admin panel, you need to select how balanced will be managed.

There are two options.

    • Zero Out Balances Weekly: Select this only if you’re sure every player will square up with you on Sunday every week, as the balances are zeroed out every Sunday.

    • Roll Over Balances: We recommend this setting. Balances will be rolled over every week until cleared. You’ll be able to manually make adjustments (receipts/disbursements) to balances.

How to Access Financial Data

In the admin panel, you’ll see a “Financials” tab with four sections.

Here’s the financial data available to PPH bookies at a glance:

    • Cash Flow: Access a list of every transaction in real-time. You can specify a start date, end date and transaction type (receipt, disbursement or transfer) when generating the report.

The information provided on the cash flow report includes the date/time it was placed, the payment method used, reference, description, amount, fee and bonus amount.

    • Agent Adjustment: View all agent adjustments performed in real-time. Select a start and end date when generating the report. Includes date, amount, user and description.

    • Weekly Payments: Select a week to view a report detailing every incoming/outgoing payment that has been processed for every account filtered by the day of the week.

    • Settled Figures: This is one of the most important financial reports. It lists every player and shows payments for the current week, carryover balance and current balance.

Keep in mind, on these reports, green equals profit for you (player lost money) and red equals losses (player won money). The settled figures report shows exactly what you owe and what you’re owed.

Keeping Track of Player Payments (Making Adjustments)

From any of the accessible financial reports, bookies can click on a player’s name to open up the “Player Menu”, which is where you’ll be able to make adjustments to a balance.

On the Player Menu page (top right), there’s a “Balance” section.

To manually make an adjustment to a player’s balance, you need to click on “Adjust”.

Here are the fields you can fill-in when making an adjustment:

    • Amount: Enter in the adjustment amount (Use - sign to remove money from a balance).

    • Method: Select the payment method used (Helps for tracking down payments).

    • Description/Reference: These two fields allow you to add additional details on the payment.

    • Transaction Type: Select the transaction type (adjustment, accrual adjustment or free play).

Let’s say a player has a $500 balance and they request a $300 withdrawal.

Once you send the player the $300 payout, you can go into the Player Menu and adjust the player’s balance to reflect the payout. Simply enter -300 in the amount field to make the adjustment.

Controlling your finances as a bookie is simple with the automated reports provided by a PPH, but you need to spend the time to analyze the reports to make informed business decisions.

We’ll discuss finances a lot more in-depth in our Chapter #3 at Bookie Academy.

Last modified: Monday, 13 July 2020, 10:51 PM