One of the first things you will be taught when you learn how to be a bookie, is that you always have to keep your players happy. And when you ask established bookies about this, there are two things that they will tell you: give them good lines, and give them their money as soon as they ask for it. In our latest tutorial, we will talk about sportsbook payouts.
First off, the bookie industry gives you a lot of options when it comes to the payment channels that you want to accept. As the bookie, the choice is completely yours to make. Ideally, you will want it to be easily accessible for you, and payment channels with free processing fees, or very minimal rates. You and your players will have to agree on a mode of deposits and payouts. It can be anything from bank transfers to paypal, money transfer channels, or even cryptocurrency.
When you read a lot of bookie blog sites, you will be seeing a lot of ways you can schedule payouts. Again, as the bookie, the decision is yours to make. Some bookies prefer to take in payouts anytime. This could be doable if you are running a smaller operation and you have the time to process these transactions. Some bookies prefer to schedule days for payouts. It could be once a week, or twice a week. Or, you could assign payout days based on payment methods, such as bank transfers on Mondays, paypal on Tuesdays, and so on.
Having a schedule help you be able to organize your payouts, and also be able to manage your time more efficiently. It also helps you prepare to make sure that you have enough money to pay your players. Remember that you should always have enough money to pay off the worst-case scenario in your sportsbook. The minute you start delaying payouts to players, they will start to worry about your ability to manage their winnings. And you do not want this to happen. Even if your payout day is later on in the week, you have to make sure that you have the money on hand. That way, you can ensure that your players get their money and stay happy. When this happens, you’ll be getting more deposits in return, and gain loyal players in your sportsbook.