Build a Safety Net

We’ve been preparing you for success over these first few chapters.

You should now understand how to start a bookie business, how to build your betting sheet, how to set-up players and the financials of operating in this industry.

In this lesson, we’re going to explain how to take the next step as a bookmaker.

Now that you’re prepared to succeed, it’s the opportune time to focus on building a safety net.

Transparency is Everything

As a bookie, transparency is everything. The more you can build relationships with your players, the more loyal they’ll become. This is how you build a safety net as a bookie.

The goal of a bookie is to always find new players that are profitable.

There are times of the year (NFL/CFB Seasons) when finding players isn’t too difficult, as there are lots of people looking for a bookie. However, some months of the year are tougher for marketing.

The idea of building a safety net as a bookie is to have loyal players to get you through the tough times. If you’re losing players as fast as you sign-up new accounts, you’re never going to grow.

How to Be Transparent and Build Trust With Your Players?

Here are just some of the ways you can build trust with your players:

    • Notify When Away: This is a small thing, but goes a long way with players. If you’re going to be on vacation or away for any other reason, make sure your players know.

Players will understand if you’re going on a summer vacation if you notify them beforehand.

Bookies get into trouble when they don’t notify their player base. If your players are expecting to be paid on Thursday and you’re not going to be able to meet them, give them ample notice.

    • Arrange Payouts: If you’re going on a vacation for a week. Arrange for someone close to you to handle the payouts for players if possible. Doing this will build a lot of trust.

Remember, as a small/local bookie, your biggest weapon against the big bookmakers is your ability to pay players on time every week. This is what keeps players loyal to your business.

    • Communication: Don’t spam your players with offers, but communicate with them. One way to do this is through a survey. Ask your players how you can improve your business.

One of the best things you can do as a small bookie is to make yourself available.

A lot of players join local bookies because they like being in direct contact with the bookmaker and not an outsourced support rep. You don’t need to be available 24/7 obviously, but try to build up a relationship with your players by being your players first contact for any problems.

The benefit of being transparent with your players is that they’ll also feel obliged to be transparent with you. Make sure you let your players know that you expect the same transparency/respect you give them. If they’re going to miss a collection day, they should notify you as soon as possible.

Retaining Loyal Players Is Your Safety Net

Your best safety net is retaining your profitable players.

It’s a lot easier to retain loyal players then it is to convert new players. What happens if you have 10 players and lose 7 of them without any new players coming in?

Well, your revenues are going to take a big hit.

Learn to Save

There are going to be months where you’re flush with cash.

This is the time to save some money for a rainy day. These savings should be separate from your escrow account. These are savings you can use for personal expenses during slower months.

Believe us, not every month is going to be as good as the months during the NFL season.

Last modified: Wednesday, 15 July 2020, 7:45 PM