10 Business Tips for Your Online Bookie Business
There is no magic formula to have a successful online bookie business. However, there are some tips that will help you take your sportsbook to a more profitable path. One of the main problem bookies have when they began their business is that they are not business owners. They are instead experts in the field of sports betting and novices in running a business. Therefore, most bookies usually end up going out of business after their first football season. Thus, we give you 10 Business Tips for Your Online Bookie Business to increase your odds of making it!
The truth is that no matter which industry you are in, business is brutal and without mercy. Because, well… that’s business. Needless to say, every time your sportsbook increases it market share, other bookies losses some.
These bookie business tips we are about to share are not earth shattering Pay Per Head industry secrets. Instead, they are just guidelines for a better business model that are often forgotten. In addition, some of our tips are straightforward while other are counterintuitive. However, they will make your decision to open a sportsbook worth it and even save your business.
10 Business Tips for Your Online Bookie Business for a Competitive Sportsbook
Tip 1. Focus on Leads, not just on Deposits – It is true that if someone deposits in your sportsbook, they will probably use your gambling services. However, that mentality is for the small bookie. This is because to grow your business in a sustainable way, a bookie has to focus on building a loyal database of clients. Of course, focusing on leads does not just mean acquiring them. It also means focusing on following up on them.
Tip 2. Don’t Sell a Service, sell a Solution – It is a fact that bettors are not looking for your brand. Instead, they are looking for a solution and the benefits your service brings to them.
Tip 3. Hire Friendly Customer Service Reps – Sure, this sounds obvious but it is also very important. Outside of the bookie software, these people are the first live interaction to your online bookie. Therefore, they can make or break your business.
Tip 4. Have an Easy to find phone number – Despite being in the digital age, some customers still prefer talking to someone by phone. In addition, having a phone number brings a better trust connection between you and them.
Tip 5. Use Social Media the Right Way – We all have heard how social media can double your sales. However, that is done by building a relationship with your players. Thus, don’t be a soul-less business owner but be social and build an identity.
Tip 6. If there is a Problem, its Probably your Fault – This is harsh but the truth. If there is a problem with your business, as the leader and captain, it falls on you. This is because you are in charge and 90% of the problems a business experiences are a management problem.
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Tip 7. Be Fast to Fire and Faster to Promote – Bad employees need to go as fast as possible as bad spreads. On the other hand, take care of your stars because losing them is a big hit on any company.
Tip 8. Listen to your Customers – This is a given but many businesses often forget about their feedback. Also, keep in mind that most players will not complain and just leave if they are not happy. Thus, one feedback from a customer is worth 1,000 customer feedback.
Tip 9. Be Humble – As your online bookie business get more successful, the more you will forget about improving your business. However, that is a dangerous pitfall as constantly improving is the key to surviving. Thus, always be humble, of course, its ok to be proud of your achievements!
Tip 10. Trust your Gut – As you get more experience, you will naturally develop some good business instincts. Your Instincts are a very valuable tool. How often have you made a decision and later said, “I knew it was a bad idea.”? Your gut instincts got you this far, therefore, trust it!