There are quite a lot of facets to sportsbook management that you will discover when you learn how to open a sportsbook and be a bookie. Naturally, using a good bookie software will make the job easier for you. Most bookie software nowadays has features to generate reports to help you. But when it comes to player management, reports won’t matter if you do not know what you are looking for. Today, we will talk about one of the questions we get a lot from our readers: “Why is Player Profiling Important?”.
As a bookie, the bulk of your work will be divided into two main tasks- managing your lines, and managing your players. Both are equally important. So, if you want to make sure that your sportsbook is running perfectly, you need to know and understand how you manage your players. And to do that, you need to get to know them first. This is where player profiling comes in- and it is quite easy to do. Even if you have a large sportsbook with hundreds of players, we’ll show you how you can do it easily.
Why is Player Profiling Important?
The answer to this is quite easy. Your players are your customers. Just like with any business, you must know your customers well to maintain customer satisfaction. A high customer satisfaction rating translates to better sales. Better sales lead to better profit.
Thus, it becomes very important that you get to know your players. Player profiling comes into play here. In the Bwager.com software, you will have the tools to view your players’ activity- as a whole, and individually. By looking at this data, you can get to know your players’ preferences.
Once you do, you can formulate plans and strategies to get them to place more wagers in your sportsbook. And this is the end result you want: more action from players.
What Do You Need to Know About Your Players?
Basically, you will want to see each player’s betting habits. Here are a few things you will want to know:
What sports do they bet on?- What wager types do they place?
- How much do they bet per wager/per week?
- Are they profitable for you?
- Do they pose potential risks/are they sharps?
The first three points above are important metrics to help you improve their activity in your sportsbook. For instance, if you have a player who loves betting parlays on basketball, then your bonuses or promotions could be focused on basketball promos, or parlay options.
If you have a player who loves prop bets, maybe you can show them your sportsbook’s prop bet builder and offer them a free bet back if they lose the first wager they place there? Use the data that you can get to, pardon the overused term, give them an offer they cannot refuse.
Player Profits and Risks
The last two points or metrics are also important to you. If your player keeps winning in a rate that is somewhat unrealistic, then maybe that player is a sharp? If that player is very profitable for you, maybe you can find a way to extend that by either giving them a promo, or ask them to refer someone they know who is as active as they are to join your sportsbook.
As for risk, you need to identify players who are taking advantage of your sportsbook. The best bookie pay per head software has risk management tools that can detect unusual activity. Use these features to identify players who are taking advantage of your lines to win big every time. Then, use the other features of your pay per head software to lower their limits, or cut them out altogether. Knowing how your players behave is crucial for your sportsbook’s growth, so make sure to use the tools that your bookie software makes available to you.
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