Running a pay per head bookie business requires you to work with a money plan.
First, you must become aware of your current financial situation. Then, you need to create the money plan for your sportsbook and casino business, and finally, you need to take action on it.
As the head of your own pay per head bookie business, you are not only the CEO, but also the CFO, or chief financial officer, and it depends on you to keep the financial situation of your sports betting and gaming business healthy.
Remember, you really cannot fix what is unknown to you, so you definitely need to push yourself to become a pro when it comes to handling your cash.
The more you know about finances, the easier it will be for you to spot unwanted situations, to then apply the proper solutions to them.
Pay per Head Bookie: Creating a Balance Spreadsheet
Even if you feel that your pay per head bookie business is doing well without properly keeping track of your finances, to work with a balance spreadsheet is definitely going to make your life (and those of your direct, and indirect employees) easier.
It may be the case that you perceive that your betting and gaming operation is fine, but in reality your finances may not be as well you believe they are.
Maybe you are spending more than you are earning, and on the long-run, this could seriously affect your aspirations to become a successful pay per head bookie.
This is because all the money that you are making is leaving your pockets right away instead of going to your bank account, as it should be.
So, creating, and keeping a balance spreadsheet up to date will help you to make more rational financial decisions, and see the big picture.
With that said, a person that runs a sportsbook and casino operation without using a money plan is doubtless rushing blindly towards failure.
On the other hand, someone that uses a financial spreadsheet to run his pay per head bookie business is creating a clear roadmap to success (and this is who you really want to be)
Tools for your Money Plan
An awesome free tool that is recommended by financial experts from all over the glove is mint.com, which allows you to track expenses and really know where your money is moving to.
If you are a bit more computer-savvy, then another great solution is to create your own balance spreadsheet using microsoft excel or google sheets (of course if you don’t have the expertise, you can always get someone to assist you with this).
Get professional about it! This means that you need to forget about the idea of creating a balance sheet for your pay per head bookie business with pen and paper as this will be more time-consuming, difficult to track, and you run the risk of spoiling your sheet by throwing liquids on it, or you can also misplace it, for example.