Posts in category: Tips

Cryptocurrency has become a significant invention to the human history and opened a great opportunity to the future. Although cryptocurrency is such an excellent creation, nothing is perfect and it still has some negative aspects which need to be worked out. Let’s take some time to learn cryptocurrency’s potential cons as below examples.

Legal term

Not all the banks or governments consider cryptocurrency is a legal way of funding transactions. Therefore, it creates a certain limitation to use cryptocurrency comparing to other methods of payment because not every place accepts this form of money.

Illicit activities

Unfortunately, some criminals even have taken its advantage of anonymity to partake in the illicit activities like money laundering, terrorist funding, drug selling, etc. Therefore, cryptocurrency could possibly lead to any kind of usage for illegal purposes.

Volatility

Cryptocurrencies are trading 24/7 and the values change frequently and wildly than other traditional flat currencies. Which means that it’s more like a gambling that you may face a big risk to lose a lot of money if the price suddenly drops down. The lack of influence of a central bank could lead to an instability of market place. Indeed, here is a very good example in December 2017, Bitcoin’s value reached to the peak of nearly $20,000 but rapidly dropped to $7,000 during 4 months of time and then even crashed down to $3,500 by November 2018. As a result, many investors had a massive wealth loss because of cryptocurrency’s extreme volatility.

Challenging to use

Not everybody is capable to understand the concept of cryptocurrency and even has the difficulty to use it. Therefore, it can become quite challenging for some people to accept this method and feel uneasy to handle it.

No recovery

There is no way to recover your lost cryptos if something happens to the system or wallet. In fact, cryptocurrency doesn’t provide the same protection as credit card or bank account in case of fraud or hacking.

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According the recent research, cryptocurrency has been rising fast and eventually could reach the point to dominate this whole betting industry. Let’s take a look on all its advantages to understand why cryptocurrency is a valuable tool and the way of future for bookmaking business in betting industry.

Privacy and security

This is the main motive for why cryptocurrency was created. User can keep additional anonymity with his/her online transactions just like using cash. Although the shared information is on the public domain, the blockchain protocols leave no trackable money trail and there is no way for other intended parties or hackers to trace the activities. Besides, only you know your private key to access the funds, so no one has control over your money.

Low transaction cost

Another important advantage of using cryptocurrencies is their low transaction cost. If you compare the cost with other payment systems such as bank transfers, Paypal, etcetera, you would understand why most of people choose this means to save more money.  

No inflationary

The system of cryptocurrency is specially designed against the inflationary. There is a set limit on the total number of coins to come into existence in each cryptocurrency’s protocol which is used to ensure the process is well controlled and predictable over time. Moreover, there is no physical money-issuing agency that decides to produce more coins or decreases the value of the currency.

Easy and fast

You don’t need to have special tech skills to able to use cryptocurrency and it’s pretty easy to set up your personal wallet by simply following the steps and then start moving the money. Besides, its speed of transactions can beat all other methods because the process time to deposit the crypto is real-time. Which suggests that your transactions finish nearly immediately after you conduct the action just like handing in the cash.

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Are you just starting off your own bookie business not for long? You may wonder how can you get customers to bet with you to keep rolling this bookmaking business? Here we prepare a useful guide for bookie beginner as you to learn how to get customers.

Set up with Pay Per Head company

The first and very important step is to set up with a good pay per head company so you can provide a professional website and interface to impress the customers and make them stay betting with you. Not only the first impression toward the interface is important, but also the variety of games that players can choose to bet is another great factor. That’s why you should carefully choose the right pay per head solution to work with and start growing your bookie business.

Start out with acquaintances

You can start by reaching out the acquaintances such as family members, friends, co-workers, classmates, ex-colleagues or anybody you actually know in person. This is the safest and fast way to acquire customers because it’s easier to make credits from them since they know.

Get referrals

Another good method to obtain more customers is through getting referrals from your current players. What you need to do is to offer your players a free pay or any extra benefits if they refer more people to join your business. It’s a win-win situation and your players will appreciate and be happy too.

Create the good reputation

It is critical to have a good reputation if you want more people to bet with you. Therefore, make sure to always pay your customers full and on time because the faster your players got paid when they win, the happier they will be. Which also helps the referral process since your customer will happily recommend you to the people they know.

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If you are already running a bookie service, you definitely want to run your business smoothly. The very first step is to use a Pay Per Head software and take the advantage of their tools and knowledge. It would be nice to always have a balanced book and simply collect the juice with no risk; however, it is not possible to achieve the perfect result you desire all the time in the reality. Following are the actions that you should proceed to have a balanced book as you could.

Create a personal account

You need to have a personal account to be able to make bets yourself. This is a critical action if you want to balance the bets you receive. To be more specific, if you have total $20,000 bets taken in on New England Patriots but only $5,000 on Los Angeles Raiders, you need to place certain amount of the bets on the opposing team (underdog) in order to mitigate the one-sided risk.

Lay off action

It’s necessary to use the option to lay off action sometimes to maintain the balance of bets. However, we won’t recommend you to over-use it because the chances to break even or lose a little bit of money is pretty high. Therefore, even you can try to balance your players’ bets, you have lower opportunity to win big.

Use wager alert

A good Pay Per Head company like PricePerHead.com provides the complete software solution for all their bookies agents. One of those useful features that you definitely will need is the wager alert which you can set on your account. Such alert feature allows you to set up with either phone number or email for you to receive the notification while certain amount of wagers exceeds the set amount or even rom some specific players.

Study reports

You should also create a good habit to study the detailed reports provided by your Pay Per Head software. It’s important to know how much action you have on each game event and then use that information to forecast and determine what to do next.  

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