March Madness is just around the corner and promises to be one of the most lucrative events for well-prepared bookies.
In fact, for this edition of the event, it is projected that 55 million people could be placing bets for the event, which could translate into more than $7 billion in gambling.
For this reason, bookies should not miss the opportunity to capitalize on the great dance.
Here are some details that bookies should consider getting their businesses ready for the big event.
1- Strengthen the bankroll
This event will move a lot of money on gambling. For this reason, bookies must strengthen their bankroll to be able to serve all bettors.
A large bankroll will not only give the bookie more security to face the event. But it will also allow taking more risks by accepting more bets or setting higher betting limits.
In other words, a large bankroll will allow the bookie to better capitalize on the event and, if everything goes well, obtain better profits.
2- Have an established schedule
Bookies must have a plan in place that follows a detailed schedule.
These are the most important dates of the event.
Dates
- Selection – Sunday, March 14
- First Four – Thursday, March 18
- First Round – Friday, March 19, and Saturday, March 20
- Second Round- Sunday, March 21 and Monday, March 22
- Sweet 16 – Saturday, March 27, and Sunday, March 28
- Elite Eight – Monday, March 29, and Tuesday, March 30
- Final Four – Saturday, April 3
- National Championship- Monday, April 5Bookies must prepare strategies for each date and stage of the event. For example, a week before the selection Sunday, the bookies must have already started their promotional campaigns to attract bettors to their betting site.
While for the first round, the bookie can offer prop bets for the championship final.
By maintaining a detailed schedule of activities and strategies, the bookie can get more out of the event and, as a result, receive more bets.
3- Establish betting limits
It is vital that bookies set betting limits, especially for prop bets.
If the bookie does not set betting limits, he puts his business at risk and may be unpleasantly surprised that he has to pay a large amount of money to one or more bettors.
The betting limits will allow the bookie to protect his business and be calm throughout the event.
March Madness is an event that cannot be overlooked, as it can leave big profits. In order to get the most out of it, bookies need a good Pay Per Head provider.
