The Importance of Player Profiling
May 14, 2012 in Bookmaker Advice
When the police want to catch the bad guys, they resort to criminal profiling. This is a process by which law enforcement officials compile the most common traits of law breakers by studying the behavior of known criminals. This allows them to know what kind of crimes they are likely to commit next and, in effect, how they can stop those crimes from ever occurring. In the same way that police officials do this, all bookies need to be engaging in player profiling. When you do, this will allow you to maintain your edge and to clearly see who is making you money and who is costing you money! By getting rid of those who are too good at betting, commonly referred to as wise guys, your hold percentage should go up greatly. Just make sure you’re using a service that lets you see what each of your bettors is doing and that allows you to tightly control and adjust individual accounts.
The right service will make player profiling easy by doing all of the hard work for you. You should be able to instantly access at any time a full report on the betting actions of each and every one of your players. When you do access these reports, you can easily glance through them and take note of bettors who have recently made a win. Soon after, you will want to access the reports again and, once more, take note of those who are doing well with their betting. Keep a careful eye on anyone who wins consistently or beats you to the number and, if it gets to be too much, cut those players loose. Remember, your running a business, not a charity, you want squares who are going to make you money instead of costing you! Keep in mind, however, that you shouldn’t eliminate consistent losers who happen to have a lucky streak every once in a while. It’s only those players who regularly cost you money that you need to be worried about.
In addition to player profiling, there are other steps you can take for a more successful business, free of wise guys. If you have a good service on your side, you can, for example, set up alerts that let you know every time a bet is placed and/or alerts that clue you in when someone places a bet over a certain amount (determined by you!). By using these risk management tools, you can run a stronger, tighter ship and make more money.