There are quite a few things you need to keep track of when you manage a sportsbook. You will learn all about them in this introduction to becoming a bookie. But for today’s tutorial, we want to focus on player management. Specifically, the schedule for releasing sportsbook winnings. As a bookie, you will have total control over your sportsbook operation. So you can choose whenever you want to release the payouts and winnings of your players.
However, you will also need to consider a few things when doing this. First, you need to be fair with releasing the winnings. You need to make sure that you have enough time to process and send out the winnings for your players. Why? Because if you release to player A, but hold off on player B, accusations can be made. They can say you have favorites, or that you do not have funds, and so on. This is unlikely to happen, but on the off chance that your players know each other, you will want to prevent this from happening. And when you run a small operation with a bookie pay per head provider, it is likely that you will have players who know each other. This is especially true if you offer referral bonuses in your sportsbook.
Schedule for Releasing Sportsbook Winnings
Second, is that you need to be in line with the industry standard. This helps you maintain your professionalism as a bookie, and establishes your sportsbook as a reliable and trustworthy site for bettors. It also gives you time to process the winnings and release payouts. Since you are basically a one-person show, it will be time consuming to do it.
Your sportsbook PPH solution provider will be able to help you, since the software automatically computes the financials for each player. You will be able to easily see how much money they have, and how much they are requesting to release. This alone can save you time.
It also helps to release a schedule in your sportsbook. Some bookies set aside days for payouts, while some just set a timeline. For example, all electronic wallet transactions can take anywhere from 2 hours to 3 business days, bank transfers 1-3 days, Cryptocurrency 2 hours-24 hours, and so on. As long as you do not exceed the maximum processing time, then you are good to go. It will help if you will research the processing time for your chosen payment channels so you know what you can set to your players.
This will help maintain customer satisfaction, and ensure that a proper procedure is in place, so you have ample time to double check the numbers, and process the release of your players’ winnings.
