When starting a bookie business, you should know the importance of the juice. No, it is not a drink you service your players. The juice is a term for the bookie’s cut. Some people call it the vig or take.
If you are using a bookie pay per head software, it automatically incorporates the juice into the lines. You can easily see it in the point spreads. That’s how you make money as a sportsbook operator.
For instance, a spread with -110 means players need to bet $1.10 for a chance to win $1.00. If they wager $110, their winnings will be $100. The $10 is the juice or your cut from the wagers. That’s the importance of the juice
10 percent is the industry standard for the juice on wagers. However, there are instances in which you want to increase or decrease the amount you take on each bet. For example, there are times when you want to hold the spread on a game while trying to move the action from one side to another. Decreasing the juice on one side can help move the line.
A pay per head bookie provider provides you with tools to adjust the juice. In addition, you can use the reduced juice as a marketing tool. In fact, it can help attract more betting actions for a specific sporting event on your board. You can see this in daily dime and nickel lines for Major League Baseball games.
You can also use the lower juice as an incentive for loyal players. Also, you can offer it as a type of promo to attract new players. The additional action can make up the costs of the lower juice. In addition, you get more players in the long run.
Knowing the importance of the juice is a vital topic you should learn if you want to know how to be a bookie. It can help make your business become successful over time.