Read Wild Bill's take on how to get sports books to provide a better bonus system by reading the lead story on the Rx home page. www.theprescription.com
A MUST READ!!!
A BETTER BONUS 10/01/03 - Wild Bill
I think the time has come for everyone to talk seriously about bonuses.
Look at the system now. It’s badly set up in favor of people who aren't serious customers, the very people sports books are always trying to draw.
However, the people who are serious and are going to be around for the long run are the ones that get the least out of the current bonus systems.
A good bettor is one that isn't constantly going to deposit and cash out. He isn't going to run off to a new book every two weeks to get a bonus. And, most of all, he is going to provide ‘action’ far beyond his rollover requirements.
What does the current structure give people like this? Very little, compared to those who are in and out as soon as they are allowed to depart. Free payouts are advertised like they are offers of gold.
A player like me that might cash-out once every three months laughs at the concept. If I make deposits more often than that, consider it a good thing for the book because it means they have been beating me of late!
It’s time for sports books to start acting like the rest of the gambling world in regards to bonuses. An up-front bonus isn't bad for getting someone in the door, but put up solid rollover requirements.
After the player has accumulated the necessary action to cover the bonus, give him continuing bonuses. For every $100 bet, give a small kickback similar to a land-based casino.
Get better software or spend the time to gather the data and figure out what kind of player this is. If you think he is sharp, lower or cut off the bonus. If you think he is a square, increase it a bit and E-mail him extra bonuses to keep him around.
Seems simple doesn't it?
I noticed a lot of people have posted something to this effect recently, so people are definitely thinking about it.
The situation with e-winner just proves that bonuses continue to draw a lot of "undesirables" who are drawn by free money. I know a few places have made efforts such as this, but they are very much the exception.
In this system, the "bonus whores" wouldn't get ahead by switching books weekly and earning the bonus and benefits the good customers deserve.
Taking it further, charge a small fee for payouts or require a certain level of action before the player "earns" a free payout. The people who want to deposit and withdraw habitually like they are betting with a local ‘out’ would have a price to pay for increasing the sports book’s costs.
As a result, the benefit would go to those of us acting like it’s a real post-up account.
Finally, make the bonuses payable only in credit that must be used in making a bet. Do things that serious customers wanting to have a reliable book will appreciate. Do not give bonuses that bring out those looking to make an easy buck before getting out.
Think about it. When visiting a regular casino, you sign up for a player’s card. You make sure you get rated every time you play and the casino puts you in a system where they pay out a portion of what they expect their profit to be.
It’s not perfect, but it’s a proven way of getting more play out of your customers and gives them reason to come back and stay at your place.
Without the burden of providing rooms or meals for their customers, the offshore books have it easy. They just have to kick back a little cash that a player has bet. What could be easier and simpler than that?
A BETTER BONUS 10/01/03 - Wild Bill
I think the time has come for everyone to talk seriously about bonuses.
Look at the system now. It’s badly set up in favor of people who aren't serious customers, the very people sports books are always trying to draw.
However, the people who are serious and are going to be around for the long run are the ones that get the least out of the current bonus systems.
A good bettor is one that isn't constantly going to deposit and cash out. He isn't going to run off to a new book every two weeks to get a bonus. And, most of all, he is going to provide ‘action’ far beyond his rollover requirements.
What does the current structure give people like this? Very little, compared to those who are in and out as soon as they are allowed to depart. Free payouts are advertised like they are offers of gold.
A player like me that might cash-out once every three months laughs at the concept. If I make deposits more often than that, consider it a good thing for the book because it means they have been beating me of late!
It’s time for sports books to start acting like the rest of the gambling world in regards to bonuses. An up-front bonus isn't bad for getting someone in the door, but put up solid rollover requirements.
After the player has accumulated the necessary action to cover the bonus, give him continuing bonuses. For every $100 bet, give a small kickback similar to a land-based casino.
Get better software or spend the time to gather the data and figure out what kind of player this is. If you think he is sharp, lower or cut off the bonus. If you think he is a square, increase it a bit and E-mail him extra bonuses to keep him around.
Seems simple doesn't it?
I noticed a lot of people have posted something to this effect recently, so people are definitely thinking about it.
The situation with e-winner just proves that bonuses continue to draw a lot of "undesirables" who are drawn by free money. I know a few places have made efforts such as this, but they are very much the exception.
In this system, the "bonus whores" wouldn't get ahead by switching books weekly and earning the bonus and benefits the good customers deserve.
Taking it further, charge a small fee for payouts or require a certain level of action before the player "earns" a free payout. The people who want to deposit and withdraw habitually like they are betting with a local ‘out’ would have a price to pay for increasing the sports book’s costs.
As a result, the benefit would go to those of us acting like it’s a real post-up account.
Finally, make the bonuses payable only in credit that must be used in making a bet. Do things that serious customers wanting to have a reliable book will appreciate. Do not give bonuses that bring out those looking to make an easy buck before getting out.
Think about it. When visiting a regular casino, you sign up for a player’s card. You make sure you get rated every time you play and the casino puts you in a system where they pay out a portion of what they expect their profit to be.
It’s not perfect, but it’s a proven way of getting more play out of your customers and gives them reason to come back and stay at your place.
Without the burden of providing rooms or meals for their customers, the offshore books have it easy. They just have to kick back a little cash that a player has bet. What could be easier and simpler than that?
Java,
I think its poor business though to do as you say. When you start taking your customers for granted that is when they start slipping away from you and going to the competition. Sure sharp players need the books as much as the books need them, but its still in the best interest of any business owner to take care of his best customers first. That was the point of this article.
Yes getting paid is and always will be on top of any players list, but there are plenty of books out there now that most of us figure to get paid by. I don't think too many sharps have money parked in books where they question if their money is safe.
I think its poor business though to do as you say. When you start taking your customers for granted that is when they start slipping away from you and going to the competition. Sure sharp players need the books as much as the books need them, but its still in the best interest of any business owner to take care of his best customers first. That was the point of this article.
Yes getting paid is and always will be on top of any players list, but there are plenty of books out there now that most of us figure to get paid by. I don't think too many sharps have money parked in books where they question if their money is safe.
WildBill-
Allow me to clarify:
1) The sharps/wiseguys are not the best customers. They are not only a drain of profits, but their last-minute max-limit bets, inside info, game fixing, and line manipulation can really knock a book for a loop.
2) You can't beat these guys away with a stick and they always try to sneak back in after you kick them out. There is no reason to give them a bonus as a reward for the privilege of playing (when most books would kick them out).
3) The sharps have ruined many starting books and it's the squares that get stuck, because the sharps are the first to pull out.
4) Now, there are plenty of squares that try to rack up bonuses with multiple accounts or free $50 parlays (I once saw 12 sign-ups from the same trailer park). If you gave away free coffee mugs, there are people that would create 100 accounts and open a coffee-mug business on EBay.
5) Any bonus program should be designed so that the players can benefit, but not "earn" on it. That is, the program should carry no incentives for the player to have multiple accounts or unusual play to gain an advantage.
Allow me to clarify:
1) The sharps/wiseguys are not the best customers. They are not only a drain of profits, but their last-minute max-limit bets, inside info, game fixing, and line manipulation can really knock a book for a loop.
2) You can't beat these guys away with a stick and they always try to sneak back in after you kick them out. There is no reason to give them a bonus as a reward for the privilege of playing (when most books would kick them out).
3) The sharps have ruined many starting books and it's the squares that get stuck, because the sharps are the first to pull out.
4) Now, there are plenty of squares that try to rack up bonuses with multiple accounts or free $50 parlays (I once saw 12 sign-ups from the same trailer park). If you gave away free coffee mugs, there are people that would create 100 accounts and open a coffee-mug business on EBay.
5) Any bonus program should be designed so that the players can benefit, but not "earn" on it. That is, the program should carry no incentives for the player to have multiple accounts or unusual play to gain an advantage.
TTinCo-
Oops. Sorry I missed that on point #1. Hard to keep track of all the ways the sharps take advantage.
I agree with you on #5 answer.
Unfortunately, we still need a way to discourage multiple accounts used to evade wager limits. Removing the bonus incentive only gets you part-way there.
Oops. Sorry I missed that on point #1. Hard to keep track of all the ways the sharps take advantage.
I agree with you on #5 answer.
Unfortunately, we still need a way to discourage multiple accounts used to evade wager limits. Removing the bonus incentive only gets you part-way there.
I see it as an either/or system. Either lower vig or bonus system based on volume of play. The benefit of the bonus system is you can do exactly what you want Java, you base the percentage bonus based on what you think the player is worth to you. With the software out there these days and just a little connecting the dots you can usually figure out what category to make a player. Yeah little freebies like yours will make the lowest level wagerer happy, but when it comes down to it I think there are a fair number of squares and just semi-skilled bettors that deserve more. Giving them bettable credits works better than just lowering your vig because in the end the lower vig helps the guys you don't want more than anyone. An upfront bonus helps the sharps more too because they deposit more and get bigger bonuses because of it.
My simple statement is the system doesn't work well in rewarding those that should be rewarded. It penalizes good solid customers and gives all the benefits to those that work in and out of a book to no one's benefit but their own.
My simple statement is the system doesn't work well in rewarding those that should be rewarded. It penalizes good solid customers and gives all the benefits to those that work in and out of a book to no one's benefit but their own.
"On #5, the answer is reduced juice, low\no bonus."
This is the best way to keep Sharp customers they know the value of reduced juice. My question would be is that the type of customer the books are trying to attract?
If they want long term customers instead of giving out bonus after a certain amoount of action, How about reduced Juice after a certain amount of action? That would keep customers but is that the type of customer they want?
This is the best way to keep Sharp customers they know the value of reduced juice. My question would be is that the type of customer the books are trying to attract?
If they want long term customers instead of giving out bonus after a certain amoount of action, How about reduced Juice after a certain amount of action? That would keep customers but is that the type of customer they want?
