Cash Drains That Can Ruin Your Betting Bussines.
Some seemingly harmless behaviors and transactions can take a betting business to ruin and destroy the bookie finances.
Those behaviors are known as cash drains.
Cash drains can affect even seasoned bookies, but the most common victims of these business killers are noob bookies starting in the industry and who don t have experience building their gambling business the right way.
If you do not want to be a victim of cash drains, we have compiled a list to help you.
This list presents an ascending order of the minor expenses to the highest costs that can ruin your business.
Manual Processes
Many bookies believe that by doing most of their business processes manually, they can save money.
These bookies run things old school and keep calculating their own odds or use free systems like google sheets to keep track of bets.
While, in theory, it might seem that these bookies save money, the truth is that you are losing large amounts of cash.
Running processes manually or in free systems slows down the process, increases the margin for error, and provides a poor gambling experience for customers. As a result, customers will end up looking for a better option to place their bets.
The more efficient, fast, and error-free the processes with which a betting business is managed, the more customers can be served and the better income generated.
The best Pay Per Head companies have powerful software that will help you manage your entire business. Moreover, thanks to the turnkey solution of the Per Head companies, you can easily take your business to the next level, and you can grow your profits in a short time
Staff
Some bookies start their business believing they would need a large staff of people handling the everyday operation. These bookies hire a large number of staff out of the gate, like customer services and odds making, but having a bloated payroll from the start will dry your cash flow and bankroll in a matter of months.
The best way to avoid this situation is by signing up with a reliable Pay Per head Provider.
With the help of a Pay Per Head company, you would have an entire staff of customer services clerks that are betting experts and will handle all your bettor requires 24 hours a day.
Working along with the clerks, a team of odd makers will provide you with the best betting lines and options to feature on your betting site.
Betting Website
Nowadays, it is essential to have a website to be able to capitalize on online bets.
The problem is that many bookies go out of their way to build a website using the wrong technology and infrastructure.
For example, some bookies create their betting sites on WordPress, Wix, or other platforms that are not suitable for online betting.
On the other hand, other bookies hire web designers who have no experience in the betting industry.
As a result, these bookies end up with a website that is not functional and does not provide the correct experience for bettors.
Worst of all, bookies can spend several hundred thousand dollars on the process of creating a betting website.
The correct way to create a betting website is with the help of a Pay Per Head provider.
Pay Per Head companies have an entire staff of web designers and programmers who know how to create a world-class gambling site.
Moreover, these betting sites can easily integrate with the betting software. Therefore, the bookie will be able to manage his entire betting business from a single platform.
For example, the bookie will be able to choose with a few clicks which odds and lines go live on the betting site. In addition, you can also manage your clients’ accounts.
Best of all, Pay Per Head companies provide the design and maintenance service of a gambling site within their monthly package. Therefore the bookie should not pay a large amount of money to obtain a high-quality betting site.
Software
This is the biggest cash drain bookies will face in their career and the one that can break their business.
If a bookie decides to go solo and hire a software development company or team to build a betting management software, this can be way too expensive.
The average cost for a betting management software is about $85,000 for an essential product and can take almost a year to have a completely functional version.
Pay per head providers offer a complete set of tools for bookies that includes betting management software that is fully functional, and that has all the knowledge and supervision of seasoned betting experts that know precisely what a bookie needs.
Conclusion
When creating a betting site, if you don’t have the correct guide, you can lose a fortune in the blink of an eye.
The gambling industry is very peculiar, and therefore, you must enlist the help of those who know it deeply.
Bookies should turn to a good Pay Per Head company to create and grow their betting business.
Pay Per Head companies have all the knowledge and tools to help bookies run a profitable and successful business.
Moreover, Pay Per Head companies offer all their expertise and platforms at a very low cost. Therefore bookies can access a world-class infrastructure with state-of-the-art software and hardware for a few dollars a month.
In any business, it is essential to know how to invest money correctly, and in the case of the betting industry, it is best to invest in a good Pay Per Head provider.
In conclusion, Pay Per Head companies have the knowledge and tools to help bookies run a profitable and successful business. We can’t stress enough how important it is for you to take the time to do your research before finalizing your decision. This will save you time, money, and heartache.
Many people often find themselves in situations where they are not informed on how pay per head services work or what they do exactly.
Vip Per Head can help you lower the costs of your betting business without sacrificing the quality of your services. Contact us to know our price packages.
With Vip Per Head, you can have a lucrative betting business with the best technology and service on the market.
