Whether you refer to yourself as a bookie, sattebaj or fixer, you need to avoid common mistakes.
Not only will mistakes in this business cost you money and potentially loyal clients, but if you make a big enough mistake, it could end up being the end of your entire business.
We’re here to teach you about common mistakes made by bookies in India.
However, we’re also here to prevent bookies in India from making mistakes to begin with.
Make sure you read our article on How to Start a Bookie Business in India to learn how we manage most of the day-to-day operations of your business, while you source new active players.
What’s the Biggest Mistake Bookies Are Guilty Of?
- Slow Paying Clients: The #1 mistake bookies make is slow paying players. It’s important that you maintain at least 20% of the credit you issue to players as a reserve fund (bankroll).
Some weeks one of your losing players may not be able to pay you. That doesn’t allow you to stiff or slow pay a client that won. This is why we recommend always maintaining a reserve fund.
This bankroll is to be solely used to payout your players if required. In a perfect world, you’ll never need to touch this money, but having it will ensure the longevity of your sattebaj business.
What happens if you slow pay a client? Not only will they likely leave, but they’ll spread the news that you took too long to pay them and that you shouldn’t be trusted as a fixer.
If that happens, that could be the end of your business, especially if your players know each other.
Top Four Mistakes Bookies Make
Apart from the #1 mistake bookies make, here are the next four common mistakes to avoid.
- Inaccurate Odds: Have you heard the term “sharp odds”? Essentially, that means your odds are in line with the market, but far too often bookies have inaccurate odds.
We handle odds management, which you’ll know if you read the article linked above.
You’ll never have inaccurate odds when you use our bookie software. We use the best data feeds in the industry and employ a team of oddsmakers to ensure our betting lines are sharp 24/7.
- Greed: Money is flowing into your accounts and your lifestyle has changed for the better, but don’t allow greed to get in the way of making the best decisions for your business.
Here’s an example:
You have 20 guys with a $250 credit limit (Our software uses $USD). You allow one of those guys to build up a $500 debt after extending him an extra $250 of credit.
As much as you feel that the player now owes you that $500, you need to be smart. If the player is trying to refuse payment, sometimes you just have to cut your losses with that guy.
What’s worse – losing out on $500 or potentially losing your business to the authorities? If a player is disgruntled enough or under pressure from his family, there’s no telling what that person may do.
- Flouting Rules/Law: We know some fixers in India that have had success and made lots of money, but some of them flout the laws/rules in place in India.
Keep in mind, you’re still an unlicensed sattebaj operating in India. If you make $100,000 as a bookie, but only claim $20,000 on your taxes, you can’t be driving around town in a new Mercedes-Benz.
Do you understand what we’re saying? You’re going to have to break some rules as a booke in India, but make sure you do your best to keep your head down and remain anonymous.
The entire neighborhood shouldn’t know what business you’re in.
- Choosing Your Customers: Volume is the name of the game as a bookie, but you should still be selective about who you’re allowing to become a customer of your business.
You shouldn’t allow every customer to join your bookie. How do you know what they do or who they may be associated with? You don’t. This is often the downfall of a lot of fixers in India.
Stick to sourcing players from people you know personally or through referrals.
However, even with referrals, be careful. Tell your players you want them to tell you any time they give your contact details out and ask them about the person they have referred.
Whether it’s a well-known stiff (sports bettor that doesn’t pay) or even potentially the authorities, there are some customers that you simply want nothing to do with as a bookie.
Don’t let the fast money cloud your judgement or else you may be closing up shop before you know it. We’ll help to ensure that our clients are shielded as best we can.
For instance, our clients can remain anonymous and pay us using cryptocurrencies if they want.
These five common mistakes made by bookies can be avoided now that you know about them.