Sports betting industry is quite big and it has several players minting money year after year. The real challenge lies in attracting customers and retaining them. According to statistical data available at Business of Apps, any bookmaking venture having more than 100 registered bettors, can make up to $1 million a year. What is the secret behind this success? Let’s find out about various ways the bookmakers adopt to win customers and competition and generate profits.
Why do bookies boost odds?
Bookies need lots and lots of people to place bets on the odds they offer. Odds are the transactional units for any bookie and attract money from the bettors. That is why, the bookies compete for offering the best odds in the market. It is done after calculating the underlying probability and factoring the possibility to lose. Bettors compare odds at various bookmakers before staking on them. Thus, the bookies have to be prepared for that comparison and emerge as the most attractive offer makers. They do so by boosting the odds.
In case of moving odds, the numbers change as the game progresses. When the game gets tilted to either side, the bookies boost the odds for the other side to encourage bettors to put money on it as they can get a huge return off the risk they take. Thus, to make things interesting for all, bookies boost odds and retain the bettors’ attention. It is a simple way of pulling the customers in a highly competitive market like bookmaking.
Why do bookies give free bets?
Promotional offers are the most common tools used by bookies for retaining customers. Every new member is greeted with a joining bonus or welcome offer where a selected number of free bets plus the bonus on deposit made is offered. This offer helps bookies warm up the bettors and win their loyalty.
Free bets are offered to beat the competition. Some bookies grow phenomenally with time and have ample budgets for promotions. So, they can offer free bets as a reward to loyal customers and encourage them to stay with their platform. These free bets are the most popular promotional offers and can be used by punters to stay invested in betting without touching the betting budget.
Apart from free bets, the betting platforms also provide other bonuses like deposit bonus or reload bonus and rescue bonus. Deposit bonus is the financial reward equal to the deposit made by the bettor. It can be offered as a first deposit bonus to welcome the new bettors and as a reload bonus to reward the bettors every time they top up their betting balance. In case bettors lose a lot during any week, they can claim a rescue bonus when their losses reach a threshold limit set by the punter. It is a percentage of the losses made. All these offers are meant to provide a financial cushion to the punters so that they continue to bet and are not discouraged too much by the losses.
Why do bookies limit you?
Bookies need to cash out the winning when any punter wins a bet. If the punters are allowed to bet large amounts and win too many times, it can hit the profit margin and endanger the bookie’s business. So, to sustain their business, the bookies adopt several preventive measures. One of such measures is to limit the account of the punter.
If a punter is winning too many times, it gets noticed by the bookie. To restrict the liability and to retain customer relations, the bookies limit such accounts. They allow the punters to stake only up to a limited amount, say hypothetically $50 per bet.
Sometimes, limits are set to promote responsible gaming. In case the bookies detect abnormal betting patterns in any account where the number of bets or bet sizes are peculiarly and consistently high, it points at addictive betting behavior. Bookies may send alerts asking if the punters are sure of their move and also set the deposit limits and bet size limit to avoid related hassles. It helps them portray an image of responsible business and boosts their reputation in the market.
Punters try to work around the rules if they are in a country where betting is not legal. They use VPNs for betting in such regions. To deal with such instances, the bookies perform rigorous checks and when they sense something wrong, they block, suspend or restrict the account. In case a bookie is not reputed and is here to scam the punters, it may suspend or block their accounts as soon as they start winning bets citing management review or policy review as a rationale.
Why do bookies win?
Bookies win because they make decisions based on numbers. They have an in-house oddsmaker head who watches the prevailing betting lines and trends and sets odds. In case of moving odds, the odds are adjusted as the match progresses and performances revealed. Also, the bookies factor in their margins in a bet. So, they make money from this juice or vig on any bet and are not dependent too much on the bets’ outcomes.
Bookies make use of algorithms that paint the real picture with precision. Since a majority of bettors are betting only for fun and are not putting in much thought or research, the bookies get an upper hand and win.
To conclude,
If you want to beat the bookies or win money, you must research well. The use of tipsters who have more than 80% hit rate is also worth the thought. With the help of experts like soccertipsters.net, the punters can have a better idea about the winning side. To make the best use of such tips, one can avail offers like boosted odds, free bets and various promotional schemes. It allows punters to try more and often to score a win in bets.