Your bookie business better be ready for the madness! While the Super Bowl is the biggest one-day betting event of every year, March Madness is spread over three weeks and represents another opportunity for bookies to cash in on the increased betting traffic.
You can bet the traffic will be high this year after the cancellation of the 2020 NCAA men’s basketball tournament due to the coronavirus pandemic. That begs the question, “Is your bookie business ready for March Madness?”
MUST READ: MARCH MADNESS 2021 NEWS & NOTES
The Right PPH for Your Bookie Business
Having the right pay per head software provider can mean the difference between a successful March Madness and closing down the shop. The right PPH for your bookie business is one that provides a tremendous amount of value for the price.
Cheap pay per head fees often lead to poor service, which will lead to subpar results. Those poor results translate into lost revenue and, ultimately, lost profits. Over a period of time, the wrong PPH provider can cause a bookie to go out of business.
Too many bookies focus on their per head fee instead of the value provided by the PPH provider. Your service should permit you the opportunity to grow your business during March Madness. If it can’t, it’s time to find a new one.
Check out our last article that discussed getting a piece of the Super Bowl betting billions.
The Betting Board
Bookies that want to maximize their profit potential during the NCAA tournament should be preparing in advance. It’s important to know your betting markets when you begin handicapping the NCAA tournament.
That means making sure the betting board will be full of all the traditional bets – moneyline, spread, totals – on all games as well as a number of alternatives, specials, and prop bets.
Leaving money on the table is something a bookie does not want to do, especially during March Madness. Having the right pay per head service will allow a bookie to set up a betting board that will entice existing customers to place bets they may otherwise not. The right betting board will also attract new players into the mix.
Promotions for March Madness
The use of promotions can attract new bettors to your sportsbook. Something as simple as offering a free bet on every deposit or some form of deposit match can attract new bettors to your sportsbook.
On the bookie end, one could take advantage of a pay per head promotion in an effort to find the right service. If your current PPH isn’t working out, find a service that offers a March Madness promotion. You may find a service that offers $3 or $4 per head for the duration of the tournament.
You can use March Madness as an audition for the PPH company and it can allow you to make a little bit more in profit. Don’t be afraid to take advantage of a promotion.
Betting Limits & Your Bookie Business
There will be some games during the tournament that will see much more action than others. Bookies do not want to be in a position that could overextend their sportsbook. That’s why it’s important to be ready to set betting limits on certain games.
Bookies can schedule limit overrides which will shut off all wagering on a certain game and encourage action on others. Doing so will help the bookie in the long run. It’s just one more thing agents can do to make sure their bookie business is ready for March Madness.