As a bookie, one of the more labor-intensive tasks that you will have is managing player payouts in your sportsbook. First, you have to make sure that the amounts are all accurate. And two, you need to be sure about when and how you will release the winnings to your players.
Since the sportsbook is yours, you have total control over when and how you release your payouts. Of course, you will need to take into account the preferences of your players. And you will also need to make sure that you are using the best tools to help you process payouts smoothly.
Managing Player Payouts in Your Sportsbook
The number one unspoken rule in sportsbooks is to always release your payouts when you say that you will. If you say that winnings are released on Mondays, then make sure all payouts are out on that day. Any delay might cast doubt on your legitimacy and your ability to issue payouts in the future.
So, your goal is to first set a date for payouts. A lot of bookies that use a sportsbook pay per head software tend to use Mondays as the chosen date for releasing payouts. It’s a great way to keep players happy that they get money at the start of the week. Also, weekends tend to be super busy in sports betting, so Monday, or even Tuesdays, are the more practical option.
How to Process Winnings
Of course, accuracy is key here. And if you look at the Easy Pay Per Head review, you will see the features of the software that will allow you to easily compute the winnings for each player. Since all deposits and wagers are logged, all balances are automatically computed. This saves you time as you will not need to manually compute. Just pull up the name of the player and see the data.
Next, you will need to release the winnings. Prior to having your player join your sportsbook, you will already have made arrangements on the payment channels. You need to be clear on how they can deposit, and where you will send their winnings. You also need to be transparent about processing times.
It helps to adjust as well. If, for instance, bank transfers take long, then do those payouts first. Make it known to your players that you have sent out X amount through Y payment channel, and to expect it within Z hours/days. This shows professionalism and transparency- something your players will appreciate. If there are fees, let them know if you are shouldering them, or if they are deducted from their accounts.
Keeping Your Players Happy
If you look at the bookie pay per head info of your provider, you will see which tools are available to help you with releasing payouts to players. Utilize them to ensure accuracy of the amounts that are released in a timely manner. By doing this, you are keeping your players happy and will be inclined to stay in your sportsbook for the long term.
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