How do Bookies Collect Money from Players?
One of the most common question from anyone thinking about becoming a bookie knows is usually about money. Thus, the most common question is How do Bookies Collect Money from players since it is crucial to the business.
Contrary to popular beliefs, bookies do not go around with a baseball bat collecting cash from players. In fact, opening a bookie website is a legitimate operation so they use legitimate means. Even the bookies that give credits to players never resort to violence as it is not necessary in today’s world.
The majority of bookies have a post-up sports betting operation. This means that the players must pay the money upfront when placing a bet. Furthermore, Bookie Pay Per Head providers like PricePerPlayer.com suggest the post-up method. This is because a bookie provides a gambling service and is not a collection agency. Thus, by using this method, they can focus on the managing their operation.
How Bookie Collect Money – Most Popular Banking Methods
In today’s modern word, there are several ways that bookies use to pay and collect money. Furthermore, the most popular methods are those that ensure complete privacy for both the bookie and bettor. Here are the most popular banking methods:
Cryptocurrencies – Cryptocurrencies are the most effective way to ensure complete privacy. This is because no name or personal information is necessary to make a transaction. Furthermore, some online sportsbooks only use cryptocurrencies for banking.
Person-to-Person Transaction – This is one of the favorite methods of offshore sportsbooks because this uses hard cash. However, this method can be a problem for players if they are using a new sportsbook that is not honest. The advantage of this method is that since this is a cash transaction, players get their winnings in cash.
Credit Cards – Even though this method is not the favorite of bookies, it is still widely in use. This is because most players have credit cards and are ready to use them. However, for a bookie it can be a nightmare because of banking fees, finding providers and chargebacks.
Cash – Of course, cash is always the ideal method for bookies for receiving and taking money. Plus, everyone likes to receive a big fat envelope of money!
Other Banking Methods for Bookie Worth Mentioning
They are several other ways for Bookies to Collect Money depending on where they live and the laws. For example, in some countries, eWallets like Skrill or instaDebit are quite popular and perfectly legal.