If there’s something clear about per head bookie leaders is that they are decision makers.
To be able to take smart decisions is at the center of being a real leader for a sports betting and gaming company.
With that said, how can you, as a price per head sportsbook software services provider, make the right choices as a leader?
Especially when you take action on a given matter, to then realize that there was a very relevant factor at work that changed everything. And you didn’t saw it coming!
Sometimes it’s just very difficult to wipe away the fog on your windshield. Meaning that there are always variables you don’t count on.
So sharpening your decision-making skills is really what separates your bookmaking and casino company from a “coin-flip” strategy.
Per Head Bookie: Decisions in the Fog
One of the main challenges for a per head bookie leader is to take accurate decisions.
And doing so without knowing what is the direction that relevant factors will take, or the changes that are waiting.
The truth is that when you take a decision, there are always certain elements that are never fully clear. And that is just a hard fact of life.
Indeed, there is always a small fog on all areas of life, including your wagering and gambling business.
So, it is unwise to wait for the weather to clear up because it isn’t going to happen.
Blaise Pascal is probably the man to look for for an answer.
More than 3 centuries ago, this man gave us an outstanding tool that has helped countless professionals with their leadership choices.
Pascal’s wager allows you to follow a rational course of action, despite incomplete data on key factors.
The “wager” part of this concept is related to the belief in a God. Example: if you believe, you gain all. And if you don’t, you lose nothing, despite the uncertainty of his existence.
This framework is very helpful when applied to the business world. And can bring countless benefits to your per head bookie operation. Especially when making decisions “in the dark.”
So, pascal´s wager is a wise decision-making process in an environment where there’s doubt about the path to follow. Considering the positive and negative probabilities. In fact, this is the birth of probability theory!
Using Pascal´s Wager to Lead
Pascal provided us with an outstanding tool to analyze decisions under uncertainty. In other words, it is a guide to rational gambling.
So, basically, you are presented with different combinations of variables, and by comparing them, you can choose the option that is more rewarding, and less risky.
The first thing you need to do is to take the most realistic options that are available to you as a per head bookie.
Take your time analyzing this. This is because you want to check for choices that you hadn’t considered yet for your pay per head sportsbook company.
This is actually a great opportunity to get other members of your bookmaking and pph poker organization involved. Ideally with a group brainstorming session (outdoors can get you the best results).
After analyzing your own thoughts and those of your staff, you will end up with a great list of alternatives.
The next step is to boil down each option to 2 polar opposites. This can be either maximum or minimum, yes, or no, etc.
Indeed, there are many choices between two extremes, but Pascal’s wager works best in terms of the biggest possible contrasts.
Then, make a list of the different factors that are significant in terms of how influential they can be to make the right choice.
This of course is dependent on every particular scenario.
Questions to Consider
The following questions are key to your for-profit per head bookie operation:
- What is going to happen in a determined number of years in relationship to the sports betting and gaming markets?
- What are going to be your internal financial expenditures in the upcoming years?
- Are you foreseeing any developments in relationship to the tastes and preferences of your sports bettors and gamblers?
- What are some of the possible upcoming changes in terms of the technological innovations that can affect your bookie price per head service?
- How do you think your competition can change in terms of their business strategy?
- How can a shift in demographics affect your wagering and gambling business?
If you are a leader in business, these, and many questions like it are among the variables you want to consider.
With that said, the point of these brainstorming sessions is to have a clear idea of what are the ingredients that you’ll need for your perfect business recipe.
The next step is to sit down with your staff and analyze which of these variables from your master list you’re most familiar with right now. Then, you can narrow your long list of variables into just a few “known unknown factors”.
Remember that such variables should present sufficient uncertainty as to what their real impact might be for your per head bookie business. And, don’t forget to keep your variables to a maximum of three choices.
If you get more than 3 options, Pascal’s wager can still work. But the formulation for a successful outcome becomes more complicated. The least variables, the better: 3 are ok, 2 are good, and 1 is optimal!
Your Decision Matrix
Next, you need to work on a “decision matrix.” This is a chart where you’re going to add:
- On the left, vertically, your alternatives for a given decision (yes or no, stay put or move, etc).
- Across the excel sheet, horizontally, at the top, your variables (those that you wish you knew before making a decision, but just can’t).
By doing this, you can have a clearer idea of what would happen in the event each option you take coincides with each possible outcome for each unknown.
The predictions on all possible results will definitely help you to know what the best choices to make are when the outcomes of such options are not very clear.
And doubtlessly, this can be of great value for your per head bookie operation.