A Bookie Guide to Payouts

When reading how to be a bookie for dummies, you will encounter the part where you will learn about the payment aspect of your operation. As a bookie, its your job to collect deposits and payments. Later on, you are also in charge of disbursing the payouts to your players. This is very important in your sports betting operation, since this is money we are talking about. In addition, your ability to issue payouts in a timely manner is a huge factor in customer retention. Today, we will be giving you a quick bookie guide to payouts.

Before we begin, we’d like to preface this by saying that this process will be very, very quick and easy if you are using pay per head solutions. All wagers are automated, so you can easily check the amounts each day, week or month. Since the software takes care of the information, you only need to double check before issuing any payouts to your players.

Bookie Guide to Payouts

The first thing you need to do as a bookie is to come up with a system for paying out winnings, and for collecting deposits. Some bookies and players have a weekly system in place. Here, the bookie can assign a day- Tuesday for example- to distribute payouts to their players. This gives you ample time to fix all payouts and give them out once instead of multiple times a week.

However, some players want instant payment, so try to find a compromise. Its very common for brokers to implement a window – say 24 hours, for payouts to be processed. Again, your payout schedule will depend on you. Regardless of your process, make sure that you document all transactions, and that you communicate the acceptance of payments to your players.

Payment Channels

Another thing to consider with your sportsbook, is how you want to move your money. For instance, you can offer paypal and bank transfer only. You can also opt for money transfer services, as well as expand to take in credit cards and even cryptocurrency. However, whenever you will be dealing with multiple currencies, keep in mind that the value of this changes almost daily.

So unless you do keep supply of these currencies, and are aware of the volatility of the price, then you are good to go. Otherwise, make sure that you are willing to take on the risk, or be ready to sell for cash at any given time. For more tips on running a sportsbook, read up on these bookie tutorials to help you understand everything you need to be a bookie.

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