Online gaming has a large chunk of its reputation in two areas: sports and casinos. But racebook betting is a massive part of online gaming.
A properly run digital racebook can make its host steady profits year-round. There are some things a bookie agent must do to make a profit.
That’s why we’re offering seven tips to ensure you’re running your racebook the right way.
Most sports bettors don’t know much about horse racing.
Futures and props are two things you can use to interest sports bettors in your digital racebook. A future bet, like on the winner of the 2020 Kentucky Derby, can introduce sports bettors to horse racing betting.
Sports bettors are familiar with future wagers. A free future bet on the Kentucky Derby could get sports bettors interested in the digital racebook.
After the initial introduction, per head agents can open their players’ eyes to daily horse racing wagers.
Horse racing betting options fall into two categories, straight and exotic wagers. Straight and exotic bets allow bettors to really sink their teeth into the heart of racebook betting.
Straight bets are win, place, or show. The win bet is on a horse to finish first. The place bet is a wager on a horse to finish no worse than second. A wager on a horse to show means the horse finishes no worse than third.
Exotic wagers include bets like exacta, trifecta, and superfecta.
The exacta is a wager that involves the top two finishers in a race. Bettors must choose the exact order of finish.
A trifecta includes the top 3 finishers of the race in exact order, while a superfecta is a wager that consists of the top four finishers in the race in the correct order.
The reason we list straight bets and exotic bets is so you can explain them to your players. Remember, sports bettors are used to wagering against the spread and on moneylines.
Some may not have a clue as to what a superfecta is.
The Kentucky Derby is the Super Bowl of racebook wagering. Derby Day is the time to roll out the red carpet for current and new racebook bettors.
Think of the Kentucky Derby as the one time that every person in the United States wants to make a horse racing bet.
You want to maximize profits on the biggest race of the year. Offer rebates, bonuses, and other incentives to lure bettors into wagering on the Run for the Roses.
Variety is the spice of life. Offering bettors as many racetracks as possible helps create long-term horseplayers.
Bookie agents want to sign with a per head company that offers several thoroughbred horse racing tracks and other types of horse racing betting. Companies like PayPerHead offer racetracks with thoroughbred betting, harness betting, and quarter-horse betting.
The more digital racebook betting options bookies can offer, the more money they can make.
Many horseplayers work from race to race. That means some horseplayers bet on a race. If they win, they place a wager on the following race.
Your pay per head provider must grade races as soon as possible. If you work with a company that manually settles horse races, you will lose customers.
Odds in horse racing can lead to massive scores. Bookie agents must control how much players wager on each race as well as the payout of each race.
Do that by ensuring you have betting limits and withdrawal limits. If your clients hit it big with a superfecta or pick 4, make sure they can only win up to a specific amount.
You must make payouts based on what you can afford, not racetrack odds. Putting max betting limits on races and payouts protects your bottom line.
Digital racebook operators want to make sure players know how much they can bet on each race and how much they can win.
Also, you want to be fair.
If your exposure, your max payout, on each race is $1,000, make sure players know the most they can wager on a race is $500. That ensures they win at least double their bet limit.
Bookies can think of this as an eighth tip. Once your digital racebook takes off, don’t forget that you can’t stop talking about your sportsbook, digital casino, and live dealer casino.
The most successful sportsbook owners offer the best of everything.
Right now, per head agents should consider signing up with someone like PayPerHead. The company has a promotion where bookies can use their sportsbook software for free until major sports return.
That gives bookmakers a chance to kick the tires on a digital racebook and PayPerHead’s other services.