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Financial advice from Wallstreet experts for bookies.


Having good control and management of money can be very complicated, for example, 42% of cardholders have forgotten at least once to make their payment on time. If this happens on a personal level it is worse and much more difficult to keep control of money in a betting business, since there are lots of transactions happening every minute.

To help the bookies to have better control of their finances, we present some tips from WallStreet experts for the correct management of the finances of a business.

Record all movements

Experts recommend having a folder where you store all invoices related to the business such as payments to suppliers, payments to the partner of pay per head, payments to staff, among others. Strict control of all financial movements related to the business must be maintained. In the event that a supplier does not deliver an invoice, you must record the expense in an excel sheet. The important thing is that you can know what each expense corresponds to and when it was made.

Use technology to your advantage

To make it easier to keep track of all the financial movements of your betting business, you must rely on technology. For this, the most advisable thing is to have a good Pay Per Head partner that gives you access to a good reporting tool. These tools record all the movements that happen within the betting site and allow the bookie to create complete and detailed reports with just a few clicks. By having a good reporting tool you should only worry about controlling the movements that the tool can not register, which probably will be very few.

Keep separate accounts
Business accounts should never be mixed with personal accounts. For example, if you manage the bankroll of your betting business in your personal account, this can confuse you and make you miscalculate your ability to pay. Which may result in you risking all your money and you may end up losing everything.

Professional advice
Finally, if money management is not your strength, do not be afraid to hire a professional to advise you and help you establish a financial plan for your betting business, so you are not only ensuring the continuity of your business but also you are ensuring that you have a plan that will help you grow and improve your income.

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