When learning about the bookie industry, most guides will begin with how much money is needed to become a bookie. You will, after all, need to fund your sportsbook. You’ll then learn about the basics of running sportsbooks: software, wagers, payouts and more. Line management will be crucial, and so is player management. This means you need to learn about the types of bettors.
A good sportsbook PPH solution will help you maintain your operation, even with a high volume of players. And once you have your players settled in, it will be important to learn how to profile them. Why? Because knowing your players means knowing their behavior, their habits. This means understanding what works for them. You can then adjust your betting limits, credit limits, and offer the right promotions or bonuses for each player. Here’s a handy guide for the basic types of bettors you’ll likely come across
Types of Bettors
He won’t likely be a millionaire, but he’ll throw around enough money to make you wonder if he is one. This player will most likely have an unlimited bankroll. Some are self-earned rich bettors, so while they bet big, they’ll be doing it responsibly. But some may have come into the money easily, and will more than likely blow the money irresponsibly. This is a good problem for you, since you’ll have a player who can play with no limits. Just make sure you can manage their wagers to balance your book well.
Remember that sports betting can be addictive. As a bookie, you do not want your players to lose money long term, so make sure that you keep an eye out for someone who could possibly be wasting away money he can’t afford to lose just to make a bet. You can also bank on some of these bettors to be good at betting, since they tend to strategize more.
You always come across the numbers guy, who will always side with historical data and betting trends. This is good for bettors, as they tend to strategize and tend to be smart with wagers. Some may end up being sharps, but some may not win a lot, since sports betting is more than just a numbers game.
Sharps as well as other professionals, often called sports investors, are in it for the money. These types of bettors treat their wagers as investments. This means that these sharps will use any tool that they can to win big. Even if it means looking for weaknesses of the bookie. Sharps will look for weak lines. And while they do bet good, they also keep bookies on their toes, especially with the odds.
Recreational bettors are perhaps the favorites of bookies, mostly because they are easy money. They can also help a bookie balance the lines, especially for popular games. Most of their wagers are emotional wagers, meaning they bet on favorite players, teams, or teams from their home. Some will be smart about their bets, and these end up betting professionally and long term. Some, however, will be betting on popular teams, popular games, or specific parts of the season, like the postseason. You can keep these players and not have to pay for them if they don’t play. The best sports betting software for bookies will take care of that. All you need to do is know which player is which, and manage them accordingly.