First, why is volume so crucial to bookies? Betting volume is essential to bookmakers because it directly affects their profitability. Bookmakers make money by taking a commission or “vig” on the bets, which is a percentage of the total wagered amount. Therefore, the higher the betting volume, the more money the bookmaker can make.
Moreover, the betting volume also provides bookmakers valuable information about the market demand for different sports, events, and betting options. By analyzing betting volumes, bookmakers can adjust their odds and offerings to match the interests of their customers better and attract more bets.
Here are some examples of ways that bookies can produce more volume from their bettors:
- Offer a wide range of Betting Markets: Bookies can increase the volume of bets by offering various betting options. The more options available, the more likely bettors are to find something that interests them and place a bet.
- Provide Competitive odds: Bettors are likelier to place bets, with bookies offering competitive odds. If a bookie consistently provides more variety and better odds than their competitors, they are likely to attract more bettors and increase the volume of bets. An excellent example of this is offering players reduced juice in significant sports or a dime line in baseball.
- Offer Promotions and Bonuses: Bookies can incentivize bettors to place more bets by offering promotions and bonuses, such as a free play bonus for joining or being a valued customer. Everyone loves free!
- Provide Live betting: Live betting allows bettors to place bets during the event, which can increase the volume of bets. Bettors may be more likely to place additional bets during the event if they are provided with up-to-date betting software that doesn’t time them out of a live wager.
- Offer Mobile betting: Providing a mobile betting platform can make it easier for bettors to place bets and increase the volume of bets. Many people prefer to use their mobile devices for convenience, so a mobile betting platform can be a valuable tool for increasing volume.
- Offer Casino: Overall, the quality of the casino software significantly impacts the casino’s success. A good software provider creates a secure, fair, and enjoyable player experience, leading to higher volume and revenues.
- Live Dealer Casino: Nothing can replace the experience of a live casino. Today, players can play blackjack 24/7 with a live dealer from their mobile phones! And, bookies should not shy away from revenue-based software that affords players a much better experience than betting behind, where players bet other players’ hands.
- Other Examples Include: prop betting, contest, horse racing, international sports, e-Sports, virtual games, lottery, bingo, and quick payments, along with solid player support.
Overall, betting volume is a crucial metric for bookmakers as it directly impacts their profits and provides valuable insights into the betting market. Bookies can increase the volume of bets by offering various betting options, competitive odds, promotions and bonuses, live betting, and a mobile betting platform. Doing so can attract more bettors and encourage them to place more bets. It’s imperative using a pay per head company that offers the vast majority of these features to help drive player volume.