Traditional bookmaker business module explained.
While most punters will never experience the wrath of a traditional bookmaker, that’s because they are long term losers.
I hate to be the bearer of bad news, but here goes. The more money you lose to a bookmaker the more you will be welcomed. An example of such is high rollers receiving extra presents from supposedly caring bookmaker. To put it simply, losers are the bookmakers best friend.
We should also mention it’s not just online that this happens, since it also occurs in betting shops. When you see staff call someone by their first name, it’s a sign they are losers!
Maybe you have you heard a person boasting they have VIP status. Broken down this means is they are serial losers who are given higher betting limits.
The fact is bookmakers profile client betting accounts, and they categorise people accordingly. To give you a better understanding of this, it’s the risk managers job to decide everyone’s level.
- VIP STATUS – Capable of making big deposits. Doesn’t bet according to odds, and clearly not a smart gambler. Already lost €50K, raise limits without risk.
- SAFE CLIENT– A person who bets often without feel for odds. Should be allowed to bet with standard limits and no further restrictions.
- UNKNOWN – Watch list for now. Bets and limits partly restricted until known better.
- WATCH LIST – Could be dangerous. All bets proofed and accepted manually. Reduced limits on all sports, and very low limits for marginal bets.
- DANGEROUS – Professional or arbitrage player. Only bets when odds are in favour. Strictly limited account, or closure
- ABUSER – Could be person with multiple betting accounts under various names. Do not allow bets from this IP and demand ID checks before any monies paid. Make the latter more difficult by asking for proof of funding. Senior manager to approve any transaction.
With the help of software, it’s the risk managers job to identify bad accounts.
For the traditional bookmaker winning accounts are simply not viable because they affect the bottom line. And, while winning big money is not altogether prohibited, it should be deemed a lucky and not a knowledgeable bet. An example of such is person picking ten teams and striking the jackpot. In fact, such big winners can be good for business, because they are used for positive publicity.
The other thing a traditional bookmaker does particularly well is brainwash the public into bad practice.
Promoting cash-out is a prime example, since it reduces the bookmakers liability and pays out short. You will often see a major bookmaker congratulate someone for cashing-out what would have been a losing bet. However, they don’t mention all the bets that were cashed out and went on to win. Cash-out is fantastic business for the bookmaker, because they often pay out two thirds of the real value.
Lets end by saying don’t be conned by flash TV advertising. Take it from us, the Traditional bookmaker wants your money. We would suggest you turn the cards around, and start taking their money!