Build a Higher Hold Percentage With PayPerHead247
As a private bookie running and managing an independent sportsbook, you should always be concerned with generating a high enough weekly handle to meet your financial goals. The handle refers to the total amount of bets booked during a specific timeframe such as a week or month.
The way you make money as a private book is the hold percentage on that betting handle. Your hold percentage compares the money taken in on losing bets plus commission (or juice) to the money paid out on winning bets.
For example, if you paid out $1000 in winning bets while collecting $1100 in losing ones plus juice, your hold percentage would be 10 percent.
The hold percentage for big commercial online sportsbooks tends to average between seven and eight percent. This is just below the standard 10 percent commission charged on losing wagers. Commercial books have the benefit of high volume to drive their bottom-line profits.
As a private bookie, you need the help of PayPerHead247 to squeeze everything possible out of the weekly or monthly handle you bring in. This starts with your actual betting cliental and ends with your built out betting board.
Building a Profitable Betting Base
The first step to becoming a successful bookie is building a betting base than can sustain your financial needs. Working with friends, family and acquaintances is how most private bookies got their start. Yet, working with bettors you know on a personal level has its pluses and minuses.
There is a higher sense of loyalty with this group but any issues that arise take on that personal aspect of the relationship. Building your betting base should come down to dollars and sense.
It is far more profitable to work with 10 customers betting $1000 a week than 100 bettors betting $100 a week. Fewer bettors at higher betting volumes is the ideal situation from a management standpoint as well.
Realistically, your overall betting base is going to be a blend of both. High rollers are not always that easy to find, so you will need to fill the gaps with a few casual bettors as well.
Through PPH247’s marketing tools, you can promote your bookie business through a targeted approach using a professional online business presence. The internal IT staff can help you create that professional look through your online betting platform.
Building a Profitable Betting Board
One of the best ways to build a higher handle that leads to a higher hold percentage is through expanded betting options. By giving your customers more betting options with the help of PPH247, you can increase your weekly handle without increasing your overall base.
Certain wagers are far more profitable than others. Straight bets on spreads and totals are almost a 50/50 proposition. There are ways to shift money one way or the other but you are still at the mercy of a single game’s outcome.
Adding parlay boosters or slightly better odds on teaser bets is one approach since these are low percentage bets to begin with. Futures and props are another good way to build betting volume for lower percentage betting options.
With a built out board, your customers will love the diversity that your bookie business offers. You will benefit from a higher hold percentage on many of those added options. PPH247 offers in-house support to create a balanced betting board geared towards higher profits.