How to Manage Your Cash Flow Throughout the Year
When getting into the sports betting industry, you will need to manage your money. As a bettor, you need to make sure you have a set amount of money to bet on throughout the year without going broke. As a bookie, you need to manage your money well to ensure profit. This is why you need to learn to manage your cash flow.
Your expenses can be predictable, especially if you use sportsbook software. Remember that pay per head services charge per player, per week. So regardless of how many times your player places a bet, you only get charged one time per week. You can check out some pay per head comparison pages to see which ones are good.
Manage Your Cash Flow
Now, as a bookie, you’ll need to know how much money you need on hand to cover for your sportsbook. Here are a few things to consider:
- CALENDAR. Sports leagues start differently. They can also overlap. Take into account months where betting action will be low and make sure you have enough profit from other months to cover it.
- BETTING ACTION. The kind of action you take from your players per sport, per season, should be considered here. For instance, The MLB will overlap the NFL, which eventually will overlap the NBA. Then you hae the sprinkling of the US Open, UFC fights, boxing matches, college sports, and others. Plot them along with number 1, so that you will know which months you will need a lot of money to cover potential losses from wagers of bettors.
- SERVICES. No service comes free. Some, however, are affordable. With the right sportsbook software, you will have a weekly fee per active player. So count in how many players you will have for each week or month, and make sure that the vig you get from them will cover the fees for the week. Your ability to manage limits and get more wagers will be the key to covering this. That way, you won’t have to pay out of pocket to make your sportsbook run.
