Bookie Guide: Setting Wager Limits
Learning how to be a bookie is more than learning how to set odds and taking in bets. Player management is also a very important concept to learn. Setting wager limits on players is important in maintaining balance in your sportsbook, and also minimizes the possibility of you taking in more action than you can afford to pay out.
Just like in any gambling activity, players always have limits whenever they make a wager. For instance, in casino tables, you will often see a small sign that shows the minimum and maximum wager you can make per bet. The minimum bet amount ensures a certain amount of profit you can collect, while the maximum protects the bookie from overexposure.
Setting Wager Limits
To be a successful bookie, you need to protect your sportsbook as well as your players from overspending and not being able to cover their wagers. While it is the responsible thing to do, this is definitely not required. However, looking after your players’ well-being is good practice in customer retention. If they lose control and mismanage their money, then they won’t be able to stay in your sportsbook, and you lose what could be a regular player.
Normally, players will have their own bankroll set for a year, or for a given sports season. If you know your player well, you can both discuss this and agree on a set betting limit. Another option is to have a set maximum amount your players can wager on in a given week. That way, players can bet whatever amount on either one bet, or spread it across the week’s options.
How to Set Wager Limits
The wise thing for a bookie to do is to use a sportsbook pay per head software. Aside from offering bookie features like setting your lines, you also have a great player management system. The Pay Per Head services that you avail can allow you to set and adjust your player limits at any given time. So, if you think your player can bet more, and you can cover the action, then increase your limits for them. The best part about it, is that you can do this per player. You can customize the betting and credit limit of each player anytime, anywhere.
