To be a successful bookie, you need to know how to settle sportsbook accounts. Timely payments and collections are crucial for the sportsbook’s cashflow. The good news is that the task is more comfortable with the help of pay per head software.
A PPH solution provides real-time bookie pay per head features, such as monitoring and reporting of players’ accounts. It tracks all the actions and automatically generates a report daily or weekly, depending on how you configured the report settings.
One item in the report is known as Players Totals. It provides a summary of a player’s activities throughout the week. Also, it highlights the person’s winnings and losses. As the sportsbook owner, it gives you the amount you need to payout for winnings and collects on losses.
As an independent bookie, your profit is the difference between collections and payouts. If you are charging the standard juice of 10 percent for actions taken, your revenue will be in the range of five to eight percent of the total action. If your profit falls below five percent, you are running the business on a tight leash.
The best sports betting software company sends out its PPH invoice every week. As the bookie business owner, you should settle accounts weekly as well. That way, you can maintain healthy cash flow. At the same time, you maintain proper control over your players.
As a responsible business owner, you don’t want your players to be too far behind or too far ahead in transferring funds. With the weekly settlement report, you know where your sportsbook stands financially.
It is advisable to monitor the credit of your players. Extending too much credit can put your finances in a bad situation. Also, paying out large sums of money at once can harm your cash reserves.
Payout winnings right away and collect debts every week. Suspend accounts of players who can’t pay on time. Those are proper ways to settle accounts and maintain good cash flow over time.