There are plenty of challenges being a bookie, but settle up day is probably the most prominent. In order to run a successful operation, the bookie must not only pay the winners, they also have to collect every penny owed to them when players lose. The book must be run as a business the rules of collecting need to established early so the local bookie can stay operational.

When a bookie gets a new player and plans on using pay per head services such as those offered by www.realpriceperhead.com, it is recommended that they get "front" money from the player to ensure they are not getting set up for a hustle. While getting money, or a stake, used to be out of the question, the arrival of online sportsbooks has now made this a very acceptable practice. In essence, their weekly limit would be the initial stake of the player.

Once the account is set up, the bookie will need to set up a weekly settle up place and time. Because some players may come up short, it is best to separate the days when the bookie is paying and when bookies collect. The reason for this is the bookie will need to know if they have to tap into the stake money that was initially put up by the player if they cannot pay off their entire figure.

In most cases, the player will not want to travel if they have to pay the bookie. While there will be situations where players do not want their family to know their business, more often than not the attitude will be, "If you want your money, come and get it." This is fine, as long as the local bookie knows this up front. We also recommend setting up the settlement day no later than Thursday, especially during football season. No local bookie wants their players putting in action when they still have red figures on the books.

When it comes to payday, the local bookie will have little problem getting the players to show up wherever they want to collect money. As long as it is safe, try using a local sports bar where the players can have some fun with their winnings. Believe it or not, this is also a chance for the local bookie to spread some good will. After all, what is better than getting an envelope loaded with cash and a free beer!

Local bookie collection can also use money orders. This can be a slippery slope as it does leave a paper trail, but the payments can be made out to cash. This is a great way to receive payment when a local bookie has a client that lives in another area. For both parties assurances, we recommend always sending the money orders with tracking. Because the money orders will not have a specific name on them, everyone will have a guarantee that the money showed up as promised.

As is plainly obvious, settlement day is a very important part of a successful local bookie operation. Establish standards and stick to them. It is also recommended that the bookies collect a stake from new players to ensure that they are paid if a player has a bad week. If they are unable to meet their loss, the bookie can deduct their figure from the initial stake and then decide if they will keep the player active or not.

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