Protect Your Bookie Business: Identifying Red Flags from Players
In our PricePerPlayer.com blog, we dedicate a section that aims to help you, our bookies, learn about the sports betting industry. We want you to learn how to be a successful bookie. And as we give you the tools to help you run your sportsbook and increase profit, we also want to protect you. Which is why aside from the software’s security measures, we also give out guides on how to protect your bookie business. Today, we will talk about what to watch out for in your players.
You see, not all players are good at sports betting. Some may be betting more than they should, or some may be using your sportsbook for more nefarious reasons. So, we have some of the red flags that you can see in your online bookie software. You can use this to help determine if you should lower the limit to suspicious players, or if you want to remove them altogether.
Protect Your Bookie Business: Players’ Red Flags
The first red flag is to see if your player makes highly specific bets. Normally, sports bettors will place basic amounts in wagers, such as $20, $25, $100 and so on. If you have a player that consistently bets in decimals, then you may have someone who hedges bets. This means that they are using your sportsbook to bet on one side of the line, and another to bet on the other side of the wager to profit off it. If you have a player that bets $44.25, $3.75, $89.15 and so on, all the time, then you know what they are doing.
Multiple accounts is another potentially risky situation for you. Some people will make up multiple identities- different email addresses names, etc., and appear to be different people. Until payout time when you notice that the payment details are the same, or you see something similar. While it’s not that common for you to find one who would dare to do this, it still happens. Players do this to hedge bets, or to take advantage of promos that your sportsbook will offer.
When Your Players Are Sharps
Players are into betting to win from sports betting. But the chances of a person to consistently win wagers is pretty low. So, if a player always wins, bookies will tend to think of you as a sharp or a professional bettor. This will not be good for the sportsbook, so bookies will tend to decrease the limits or remove these players entirely. This is especially obvious when you see players who would even ignore promotions to favor a calculated bet.
As you know, being a bookie is also about managing your players. Knowing what to watch out for can help you prevent potential losses from people who will try to take advantage of your sportsbook. And given how easy it is for you to become a bookie, it will be just as easy to manage your players. Your sportsbook software will give you the data, it will be up to you on how you want to act on it. If you want to know how to be a bookie without investors, you should definitely explore pay per head software to help you get started.