Setting Realistic Limits for your players
To be a successful bookmaker one needs to determine the minimum and maximum wager limits for their players. Credit and max wager limits should be gauged on the player’s financial ability to pay, not on their appetite. Oftentimes a bookmaker will assume that their players are capable of managing their fiances, but sometimes a player lets emotion get the best of them, and end-up betting over their heads and not with it.
Although you’re not obligated to create limits for your players, it just makes sound business sense. The limits that you set should be tailored to each individual player’s specific bankroll. Limits should not be set on an absolute dollar amount, rather a percentage of a player’s total disposable income. Below are two formulas you can use to properly set a limit that keeps your clients both safe and satisfied.
The first formula is a percentage limit based on a single wager in relation to a player’s entire bankroll. For example, if they have $1000 of disposable income to gamble, than any individual wager should never be more than 2% of the available balance, which in this case would be $40.
The above scenario will work, but a more manageable wager limit system employs a weekly budget that is based on the player’s entire bankroll. This helps break the numbers down even further, thus ensuring that both of you can keep better track of the real-time balance. A common formula for this system is an individual wager should be no higher than 10 – 20% of a player’s weekly budget.
Using this system, if a player has a weekly budget of $500, then the maximum limit on any single wager would be $100. This percentage can be modified according to the players betting activity. The more wagers they place in a given week, the lower the percentage should be. This ensures the overall weekly bankroll is not a complete bust if they should experience an extended losing streak.
Identify Sharp players early
First you need to know how to identify sharp players, and a good PPH shop can assist you in this endeavor by placing any suspicious players on ‘watch’. This means they will investigate if a player has been taking plays on steam moves or exhibits any suspicious patterns or behavior. Beyond your own analysis, this will minimize any possible or future damage you may receive from non-recreational players, sharpies or wannabe wise-guys. As for your “straight guys” or “recreational players”, offer them as much betting variety as possible. This includes the digital casino and horse racing. A wide array of options often fascinates the player especially when combined with reliable online software that offers an attractive visual layout that delivers an overall user friendly experience. Most importantly for mobile and smart phone users which comprises well over 90% of all wagers taken nowadays. Mobile devices have increased wagering volume dramatically over the last 9 years and has indeed put the local bookie back in business.