by Bryan B.S.
06 Aug 18
At the end of the day, money is one of the most important aspects of any business, taking care of and growing cash flow is what will make you have a successful business.
In the case of bookies, cash flow represents the vital energy of the business, since maintaining a healthy balance of money is the way in which bookies can pay the winning bettors and continue with the operation of their business.
The bookies must maintain a constant control in the cash flow since the minimum error can be very expensive, then we present some of the strategies that the bookies can use to protect their cash flow.
Have a good Pay Per Head
The first thing a bookie should have to protect its cash flow is a good Pay Per Head partner that provides a powerful reporting tool that allows the bookie to have detailed information by day, week and month of everything that happens on their betting site easily and at any time. In this way, the bookie can detect in time any situation that puts their cash flow at risk.
Diversify Revenue Sources
Protecting cash flow also means making sure that enough income is generated to sustain a healthy cash flow that allows the bookie to meet business expenses, such as paying the winning players or covering the costs of the Pay Per Head provider. To achieve this the bookies must diversify the sources of income of their betting site, adding other betting options such as casino games and racebooks, in this way the cash flow will not depend only on sports betting, as these tend to go down in certain periods of the year.
The bookies that want to have a healthy business must understand how the cash flows behave and change throughout the year, in this way they will be able to do a correct planning of how to face the moments of the year when the flow tends to fall, besides this knowledge will allow them to make a better use of the management tools provided by the Pay Per Head, to make the best business decisions.