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Business concepts that could end up killing your business.


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The bookies have to create their skills set on the fly since unfortunately there is no university or course that can be taken to be a good bookie. This forces bookies to adopt and adapt concepts from the traditional business world to their betting business. But if this is not done correctly these concepts can end up killing the business. Below we present a series of concepts whose misinterpretation in the betting business can lead you to bankruptcy.
 
The customer is always right
This expression has been around for centuries and it has been used so many times that it has lost his meaning. While it is true that the customer is one of the most important components of the business since without customers there is no business. It is not right or convenient to give all the power to the customer. There are many stories from betting business that has gone bankrupt by giving the reason to a client. For example, if a bettor earns a large sum of money because of a computer error or some other situation beyond the control of the bookie, this should not give the reason to the client, who will probably feel in his right to collect the money that won by mistake. In this type of situation, the bookie must stand firm to protect its business and must make the client see that everything was a mistake.

80% of the profits come from 20% of the clients
The Pareto law is a theory widely used in the business world to control the income of a business and establish what is supposed to be a healthy income stream. If a bookie claims that 80% of its revenues are produced by only 20% of its customers, it runs a great risk of losing its business. Bookies should ensure that they have several sources of income, such as casino games, poker rooms, and mobile betting. This way if the activity in one of the sources of income decrease the bookie will not feel a very strong blow in their earnings.

Pay Per Head companies provides bookies with a series of tools that allow them to have a successful betting business, without complications and most importantly, it protects them from falling into misinterpretation of business concepts.

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