Let’s be honest, most bookies want to be able to run their betting business automatically and don’t want to worry about things like financial statements, balance sheets, and cash flows. The reality is that to a greater or lesser extent the bookie will have to deal with some of these issues at some point, but doing in the right way and having a good Pay Per Head partner these tasks will not be a headache and can be performed in a easy way so that the bookie will not have to spend hours immersed in financial papers.
Below, we present a series of tips for bookies to become finance masters.
Always plan ahead
One of the best ways to manage the finances of a betting business is to plan in advance the times when more money will enter the business and the times when money may decrease. This is very easy to do with the reporting system of a Pay Per Head company since through a report the bookie can determine in which leagues more bets are received. In this way, the bookie can predict that when those leagues are at rest it is very possible that the amount of bets decreases along with the profits of the betting site. With this information, the bookie will not get an unpleasant surprise when the profits of the site decrease and he can better manage the business money for when he needs it most.
Record all movements
Companies usually have accounting departments and expensive software that are responsible for keeping track of all the inflows and outflows of business money. Bookies can perform this function without the need of an accounting department. The management software provided by Pay Per Head companies allows bookies to keep strict control of every penny that moves through the betting site. This way the bookie can have clear accounts and know where the money is at all times.
Know your limits
The key to managing the finances of a betting business as a true master is to know what the limits of the business are, that is, what the bankroll’s real payment capacity is. By knowing this, the bookie will be able to set betting limits on its players that do not exceed the bankroll’s capacity.