If you are a private bookie running and managing your own independent sportsbook, you hopefully made a very lucrative profit on all the action you just took in on the Super Bowl. Now the burden of your time shifts to collecting those winnings from any sports betting customers with a running line of credit.
Each and every private bookie needs to create a collection process that works for your particular business model. Veteran bookmakers with an established cliental most likely have a process in place that streamlines the whole collection process. Newer bookies may be still working towards this goal.
Regardless of your individual situation, getting a firm handle on the process to collect outstanding debts starts with having the right Pay Per Head bookie software provider in place to sort things out. The old days of keeping all of your account balances in a little black book in the top drawer of your desk are long gone and buried. Real time analytics that can show each of your customer’s current position in one simple report have taken its place.
The first step in the process starts with creating and individual online account the minute a new sports bettor is added to the fold. This is where you can put any betting and credit limits in place. This information is added to the overall operation’s database. As daily action comes in, records are kept on a general basis as well as broken down on an account by account basis for constant review.
Real time is the most important phrase to remember since you might need a quick snapshot of a general and/or individual position at a moment’s notice. Betting limits are designed to reduce your level of exposure and credit limits are designed to keep any account from getting too deep in the rears.
You always need to stay way out in front of things in a business of this nature, especially when you are coming off the biggest single-day betting event of the year. Making money as a private bookie offering credit does you no good unless you can collect it. Pay Per Head bookie software does all the heavily lifting in each of these departments by generating the right business reports for every particular part of the equation. Bad dept expense is the last thing you ever want to deal with running your own private book.
This is why it is so important to find the right bookmaker right from the start. After the fact is not the right time to find out that your bookie software package cannot produce the information you need. Even worse, you never want to find yourself in a situation where you do not have fast and easy access to your individual account profiles. Quick changes need to be made in light of any collection issues that linger on. Having someone getting deeper in the rears with existing outstanding dept can put some serious pressure on your weekly cash flow if things go unchecked.
One of the best things about running and managing your own sportsbook is the simple fact that you get to hand pick the betting customers utilizing your services. This creates a much more controlled business environment. However, it does not completely eliminate collection issues if you fail to be proactive in your processes and approach to dealing with them.
The right PPH service is like having a silent business partner helping to protect your interests. They know that your long-term financial health is directly tied to theirs. They can often times be an excellent resource for issues such as ways to minimize outstanding dept.