Pay Per head | Bookie Software | Sportsbook Software

Monthly Archives: October 2016

Sportsbook Software Bookie: Shortcuts to Get Your Plan Done

Sportsbook Software Bookie: Shortcuts to Get Your Plan Done

Sportsbook Software Bookie: Shortcuts to Get Your Plan Done

 

Are you ready to create a strategic plan for your sportsbook software bookie business?

If so, some of the following shortcuts can help. Some may work together. Others actually clash with each other. Pick the ones that you believe are most convenient for your sports betting and gaming operation.

 

Sportsbook Software Bookie: Your Top Five

 

What are the top five strategic issues that are the most challenging for your sportsbook software bookie organization?

Write them down. And next to each, write what you need to do in the next 3 months to start accomplishing every one of them.

You may want to be on top of everything. But identifying the five most crucial things that you must accomplish helps you to stay focused.

Indeed, you are taking action on solid steps right now. Instead of waiting until you have a full business plan to start acting.

 

Something Better Than Nothing

If you’ve been working on the business plan for your sportsbook software bookie operation , but haven’t completed it, don’t worry.

Instead of thinking about what you are missing, focus on what you have done. After all, something is better than nothing!

Remember that many bookmaking software agents don’t even count with a written plan. So the fact that you have a partially completed one gives you an edge over them.

Plus, your business plan should always be in constant change. It must remain adaptable. And for that reason, it can never be really fully completed.

Each year, your plan can change like this:

  • Year One: Your plan is ok, but not very robust. This is because you are working on more general things, and not so much on specific strategies.
  • Year Two: The second year the plan has improved. And show a more complete overall picture. At this time, it is better to focus on goals, objectives, and action plans.
  • Year Three: Now the business plan is as complete as it can be, considering its ever-changing status. Now your plan is a truthful representation of your sportsbook software bookie organization.

 

Start Implementing Now

As stated above, your plan is a work in progress. This means that there is always something more to add to it.

With that said, avoid falling into the trap that you need a full plan to start taking action.

Remember that your bookmaking and pph poker business is always on a flux. So, just when you think everything is organized and ready, something new appears that changes your whole perspective again.

For this reason, you need to get used to changes. And never stop implementing your current ideas as this will allow you to work on your plan as you go. Getting you the best possible results.

 

One Bite at a Time

To try to tackle everything at the same time is a big mistake. This is true of every business out there. Including your sportsbook software bookie operation.

So, instead of trying to absorb everything, take bites!

Using this analogy can help you get the best results for your strategic plan. The reason is because when you break your plan into pieces, you will realize that this is a more doable way of working.

 

Create Your Plan, No Interruptions

Are you the kind of person that can’t stop until you finish something? If so, this is a great advantage for you.

This is because you have the ability to sit down and work on your strategic plan and don’t leave your office until it’s done.

Many sports betting agents are like sprinters, and enjoy tackling a given matter piece by piece.

You on the other hand are like a marathon runner. So take full advantage of this condition. And finish your ever-changing business plan ASAP.

If you want to make this process even easier, you can:

  • Work with a clear agenda.
  • Use a timekeeper.
  • Use both internal and external research.
  • Take a break every two hours.
  • Have snacks at hand, order food.

 

Leave Town

If you feel that you are running out of ideas, or find it difficult to concentrate, take a short vacation!

Leaving town may be just what you need in order to clear up your thoughts. Once your mind is free of distractions, you will be able to think more broadly about your pay per head bookie software business.

It is better if you actually take this short vacation all on your own. The point is to avoid any stressful situations. Allowing you to find the clear focus that you are aiming for.

Once you’re done with your personal off time, why not taking a staff vacation!

With your thoughts clear, you can opt for taking another small vacation with your staff. This way, you will be able to explain to them your own ideas and insights. And they can brainstorm their own under a different environment.

The staff vacation is optional. But doing so can certainly bring some extra benefits to the final strategic plan for your sportsbook software bookie business.

 

Outsource It

Have you considered using outside sources? People such as a planning consultant or a business coach. They can help you put together the strategic plan for your sportsbook software bookie operation.

If you want to, you can outsource most of the work related to your business plan. And then you can schedule monthly meetings to discuss any new ideas, or to talk about the results related to the work in progress.

 

The Numbers are for the Accountants

Dealing with the figures related to your business plan doesn’t have to problematic.

It may be the case that you love being a sportsbook software bookie entrepreneur. But you are not very numbers-friendly.

If this is you, then you can always hire an accountant to take care of this area of the plan.

In fact, it is likely that you’re going to need the help of an accountant during your career as a sports betting and gaming entrepreneur.

So make sure that the accountant that you hire to help you with your business plan is someone that you can count with in the future. As this is the best possible scenario for your sportsbook software bookie operation.

Cheap Sportsbook Software: Buying a Bookie Business

Cheap Sportsbook Software: Buying a Bookie Business

Cheap Sportsbook Software: Buying a Bookie Business

 

Most people think about starting a cheap sportsbook software bookie business from scratch.

But others also explore the idea of buying an existing sports betting and gaming operation.

First-time pay per head sportsbook software entrepreneurs have to deal with a number of difficulties related to a brand new business.

However, this can be avoided by acquiring a price per head bookie software company with an existing client base.

 

Cheap Sportsbook Software: Buying an Existing Business

 

Chances are that it is less risky for you to buy an existing cheap sportsbook software business than to start a brand new one.

This is because when you buy an operational bookie software operation, the business is already generating profits for you.

Let’s also not forget that an existing business comes with an existing and established client base.

And what’s best, you count with the good reputation of the bookmaker software operation you acquired.

Since this is the case, you avoid having to reinvent the wheel. In other words, you don’t have to deal with a number of procedures that are already in place.

Now, on the downside, to acquire an existing cheap sportsbook software business can be costly.

With that said, it is actually easier to get the necessary funding to acquire an existing company, than to start a new one.

The reason is because investors and prospective partners are more comfortable dealing with a wagering and pph poker business with a proven track record.

 

The Right Choice

If you want to buy an existing business, be careful when making your final choice.

Think about the size of the business you want to acquire:

Do you want a large company, or are you more on the conservative side and want to go for a small sports betting and gaming operation?

Also, consider the costs involved in doing business in your area of interest.

Once you have a clear idea of the size of the company and the costs required, start looking for your pay per head bookie software business.

Now, just because someone is not openly selling his business, it doesn’t mean it’s not for sale.

This means that if there is a cheap sportsbook software operation that you like, you can make an offer for it.

If you make the right offer, chances are that many sports betting and gaming entrepreneurs may consider selling.

If necessary, use your networking abilities, and bring the assistance of business contacts that can help you close the deal.

Using a business broker can be of a lot of help.

They work for a commission, and can help you with:

  • Prescreening a pay per head bookmaking software business for you.
  • Help you identify your main interests, and use the data to get you the best business prospects.
  • They can also help with the negotiation process. Although you may be the one with the last word, a broker can help you with the preceding negotiation stages.

 

A Closer Look

Now, whether you decide to do things yourself, or get the assistance of a broker, you definitely need to put together “an acquisition team.”

This includes a personal accountant, and an attorney.

These are essential advisors that can help you review the current circumstances of a cheap sportsbook software business.

When your accountant and your attorney are done doing their job, you will know exactly what you are getting, and from whom.

The main question to ask the seller is: why is this business for sale?

You also need to verify that the price per head bookie operation has a good reputation and no large outstanding debts to investors or customers.

Another factor that is determining is the outlook for the future: can the sports betting and gaming business stay profitable long-term?

In order to have an idea of the company´s anticipated returns and future financial needs, ask the current owner for the following data:

  • Balance sheets.
  • Income statements.
  • Cash flow statements.
  • Footnotes

With this information in your hand you will be able to determine if there are any underlying problems.

Also, don’t forget to check the business relationships related to the bookmaking and pph poker company you are interested on.

After a preliminary analysis, if you consider that the wagering and gaming business looks profitable, then give your acquisition team the green light to move to the next stage.

 

The Art of the Deal

The next stage is to negotiate a good deal that can benefit both you and the current owner.

With that said, avoid being the one that brings up the subject of price.

Allow the seller to figure this out, and then move on from there.

When buying a cheap sportsbook software business, you have two options:

You can work an asset acquisition deal. Here you only acquire the assets that you want.

This option is good because you are only spending cash on the assets that can bring you some kind of return in the future.

On the other hand, when you get picky, you have to pay extra for it. This means that asset acquisition can be expensive, and can also turn into a complicated process.

You also have the option of buying stock. Here you can buy the full stock for a company, or a number of it and become a partner.

 

Transition Time

If you buy a pay per head bookie business that is ready to go, then chances are that your transition is going to be fairly smooth.

However, if you acquire only part of the assets of the company, such as its employees or its customer list, then you will need to make a number of changes.

And this means that the transition period can be a bit more challenging.

Whatever the case may be, try to be as open and available as possible during the early stages of the business acquisition.

This is because you want to immediately stablish a positive relationship with your new employees.

And also because you want the clients of your new cheap sportsbook software company to get to know you better.

Cheap Sports Betting Software: Simplified Accounting Tips

Cheap Sports Betting Software: Simplified Accounting Tips

Cheap Sports Betting Software: Simplified Accounting Tips

 

As a cheap sports betting software entrepreneur, you must increase your interest in accounting.

This is because accounting can definitely help you become a better business manager.

If you are able to analyze financial data with accuracy, you will be able to make better decisions that will lead to higher profits.

It also prevents you from making gut-level decisions. And this will stop you from doing more harm than good to your bookmaking software operation.

 

Cheap Sports Betting Software: Top Accounting Tips for your Business

 

If you want accounting to work in your favor, then you need to understand it, and know how to interpret it.

For that reason, we are offering a list of ten tips that can help you get more familiarized with the concepts related to accounting.

 

Reaching Break-Even

The majority of price per head bookie software businesses out there have fixed costs. These are the costs that are locked in for the current year.

Whether your annual sales are at 100% or below half your current capacity, your fixed costs remain the same.

In fact, fixed costs are considered a dead weight on a cheap sports betting software business.

If you want to make a profit out of your bookie pay per head services, you need to get over your fixed costs hurdle.

How can you accomplish this?

Obviously, by getting conversions for your wagering and pph poker operation.

Every client conversion that you make brings in a certain amount of margin, which is the revenue minus the variable expenses of a given sale.

You manage to break even when you obtain the sales revenue that you need to recoup your fixed operating cost.

 

Set Sales Prices Right

When it comes to selling pay per head sportsbook  software services, it is all about margin, margin, and margin.

If you want to make a profit, you need to create conversions for your cheap sports betting software business. And most importantly, you need to earn an adequate margin on them.

As a bookmaking and casino entrepreneur, you need to set sales prices high enough so you can earn this adequate margin.

 

Distinguish Profit from Cash Flow

If you want to figure out whether you made a profit or had a loss during a current period, all you have to do is to check the bottom line in your profits and losses report.

With that said, the bottom line does not give you separate information for your cash flow, and separate data for your profits.

And it is important to recall that profit is not the same as the cash flow for your cheap sports betting software business.

So, make sure to keep close tabs on the changes in liabilities and assets that can impact cash flow from profit.

 

Accounting Policies

Although you may want to make use of an actual professional accountant, make sure it is you who create the accounting policies.

You definitely want to have a saying on which accounting methods to use. You can either be very conservative, or very liberal about your accounting. So you may pick methods that adjust to your personal preferences the best.

 

Budget Wisely

When creating the budget for your cheap sports betting software business, you don’t have to budget like a large organization.

Even small-scale budgeting can bring great results to your bookmaking and pph poker operation.

The reason why you want to budget is because you want to understand the dynamics related to profits, and to plan for changes in the next period.

When you work with a budget, you become aware of how much capital expenditures will be required.

This in turn will let you know how much additional cash you need to raise. And how much money distribution from profit you will be able to make with your wagering and casino business.

 

Get the Data You Need

In order to solve a problem, you first need to know that you have one. As a cheap sports betting software entrepreneur, you want to get on top of it ASAP.

So, make sure to work with a well-designed accounting system that can inform you of possible unwanted situations as soon as they are identified.

This way, you can tackle the problem before it develops to a point of no return for your bookmaking business.

 

Tap into your Accountant´s Expertise

What a best way to learn than from a professional! If you want to learn more about accounting, ask your personal accountant to help you.

You really want to know how your cheap sports betting software company is doing financially, and how to read those figures. So ask your accountant to give you some lessons so you can better understand the data you are being presented with.

 

Review your Fraud Controls

Fraud is always a consideration when you run any kind of business from any type of industry.

So, you should consider including a fraud control strategy in your overall business plan.

Remember that the best way to prevent fraud is to stablish good internal controls. If you feel that you need to, hire a third-party accountant in order to do an audit on your business.

This will give you peace of mind about the veracity of the current financial statements related to your pay per head sportsbook software operation.

 

When Preparing Financial Reports, Lend a Hand

Even if you are not numbers-friendly, you must consider keeping an eye during the preparation of your financial reports.

If you don’t understand the language spoken by accountants, dont be afraid about making a request for a simplified explanation.

This way, you will be able to build a good relationship with your accountant based on trust.

 

Sound Like a Pro

The better you understand your accounting, the more professional you will sound. And when you know what you are saying, this can benefit you with things such as:

  • Requesting a loan.
  • Taking the time to talk to prospective partners of your bookie pay per head services business.
  • Discussing your profit-sharing plan with the staff and associates of your cheap sports betting software operation.