One of the biggest questions for online bookies centers on collecting money from customers. While some online bookies have their preferred days and ways to settle up, the majority of them are doing it wrong.
In doing so, they are limiting themselves on the amount of cash they can collect. By re-thinking days and ways to settle up, online bookies can see profits grow even more.
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Monday vs. Tuesday
A lot of online bookies will collect their money on Mondays. Traditional think is that Monday is the first day of the week. Therefore, if we start business on Monday, we should settle up on Monday.
Although online bookies can be forgiven for thinking this way and want to get the weekend’s business squared away, profit is being lost.
Tuesday is seen as the best day to settle up by many in the know. Here is one of the biggest reasons: Monday see far less sporting events than Sunday.
Players will attempt to get under their figures on Sunday, and with so many sports games taking place, online bookies will have a difficult time adjusting lines.
Making Monday your cut-off point is far smarter, allowing you to adjust fewer lines as players are unable to get under their figure. Meaning they’ve got to pay you more.
If the games are fewer on a Monday night, you can adjust the line, increasing it on the favorite. Players will most likely go big on the favorite, which could land any online bookie a nice profit.
A chance to go to the bank
Tuesday also give players the chance to go to the bank. Collecting on a Monday can prevent players from settling up. This could delay receiving money.
If you settle on Tuesday, you’ve given them the chance to get the money they need to pay.
Face to face
There is a good chance online bookies will need to see customers face to face on Tuesday.
Not only with you need to pay customers and employees, but you’ll need to update the books as you prepare for the next weekend’s action.
It is important to collect any debt from customers, and by no means should you allow a customer to get away with not paying.
There should never be a reason an online bookie allows a customer to get away without paying something to the bookie.
It is always good to be reasonable with customers. Put yourself in their shoes for a minute and treat them as you would like to be treated.
If a customer owes you a considerable amount, but can only pay it back in weekly instalments, by all means agree to it. It is always better to get something rather than nothing.
When you settle up, it is always important to keep your eyes on the bigger prize. Sure, someone skipping out on paying a debt is a headache, but there is more money out there.
When it comes to the money you are owed, use your head and not your emotions, and you will see profits rise even more.
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By following just a few tips, online bookies will increase their profits and cut the dead weight of bad customers.