Any Experience as a bookie?

fuloser · Dec 2, 2009

I take bets, nothing big time or anything, just with a bunch of people I know on a weekly basis. One of my clients was down a good amount of money until he started betting parlays. 2 days in a row, he hit two 4 team parlays. Next day he missed a 3 teamer by .5 but won a 2 teamer the same night. Next day another 4 teamer, as well as the day after. A week later now he has hit another 4 teamer. This weekend, another bettor tested his luck on parlays and hit 3 out of 4 that he bet. Tonight hit another 4 teamer. Yes, 2 individuals have hit 8 4 team parlays within the span of a week.

I'm considering not taking parlays any more but I cant help but tell myself that they won't continue hitting at this % but it just seems to continue and continue. What do you guys suggest I do? I was thinking NOT allowing cross-sport parlays, and maybe limiting ML's to under -160 or so. Again, this isn't big time so I can make small adjustments like that and still have people bet with me.

Let me know what you think.

Furmanski · Dec 2, 2009

I take up to 3 team parlays and $200 max. Cross-sports are fine. I don't care if my guys complain, I tell them to go somewhere else where they can get guaranteed payments on a weekly basis if they win.

fuloser · Dec 2, 2009

Furmanski said:
I take up to 3 team parlays and $200 max. Cross-sports are fine. I don't care if my guys complain, I tell them to go somewhere else where they can get guaranteed payments on a weekly basis if they win.

I hear ya. Do you think I'd be ok to continue taking 4 teamers? I mean honestly, I'd rather someone bet a 4 teamer than a 3 because the odds of going 4-0 are silly as is. The fact that these 2 people keep hitting is starting to worry me.

If my options were, to continue taking the parlays as is (maybe decreasing the maximum amount? what do you thin?

or

stop taking parlays altogether

which do you think is the right way to go about this?

Furmanski · Dec 2, 2009

It's a matter of preference....I'm willing to lose $2k on a single game (for select players) and $1200 on a 3 team parlay (for all players). The reasoning is that I don't want a guy that is down and is a $100-$300 player to "try" and get everything he lost back on a 4-teamer that hits.

It's not worth it to me because I don't have enough action on them. I base my limits on my exposure. With 50-60 people, I'm just not going to get enough on the other sides of those games to offset a 4-team winner......therefore, my threshold is a 3-teamer. I don't have to worry about it either way then.

Furmanski · Dec 2, 2009

fuloser said:
I hear ya. Do you think I'd be ok to continue taking 4 teamers? I mean honestly, I'd rather someone bet a 4 teamer than a 3 because the odds of going 4-0 are silly as is. The fact that these 2 people keep hitting is starting to worry me.

If my options were, to continue taking the parlays as is (maybe decreasing the maximum amount? what do you thin?

or

stop taking parlays altogether

which do you think is the right way to go about this?

And the fact is, they aren't going to continue to hit 4-teamers. I don't care if they are ML's or not. I just feel good with allowing my guys to play 3 teamers and that way, I'm not concerned about it.

You have to look at it as a personal business. If your players aren't happy with your rules, they can go elsewhere. Chances are, they won't......do what is best for YOU. A single bookie isn't a Vegas Sportsbook.

PRC · Dec 2, 2009

When I bookied I never took parlays. The guy I took it over from said he did for a little while and said he saw people getting down a lot and just hitting crazy parlays and getting closer back to even. I also didn't take ML's higher than -200.
I did the same thing. If they don't like it, tell them to go somewhere else. My bettors knew they would always be paid, which is something to be valued with a local book. Hold your ground and do what you please. You're in control.

fuloser · Dec 2, 2009

Furmanski said:
And the fact is, they aren't going to continue to hit 4-teamers. I don't care if they are ML's or not. I just feel good with allowing my guys to play 3 teamers and that way, I'm not concerned about it.

You have to look at it as a personal business. If your players aren't happy with your rules, they can go elsewhere. Chances are, they won't......do what is best for YOU. A single bookie isn't a Vegas Sportsbook.

Yea I agree. I think I'm going to leave it as is though. He has yet to go 2-2 or even 1-3 on the parlays (or 0-4). He simply cannot continue to hit at this clip and is eventually going to run cold and lose all if not most of it back.

Thanks for the advice man, I appreciate it.

fuloser · Dec 2, 2009

PRC said:
When I bookied I never took parlays. The guy I took it over from said he did for a little while and said he saw people getting down a lot and just hitting crazy parlays and getting closer back to even. I also didn't take ML's higher than -200.
I did the same thing. If they don't like it, tell them to go somewhere else. My bettors knew they would always be paid, which is something to be valued with a local book. Hold your ground and do what you please. You're in control.

I'm really considering putting a cap on ML's like -200 or over as you mentioned. A few of the parlays that hit were 3 NBA bets then a big ML fav just for insurance. I'd like to limit this I think.

Defying · Dec 2, 2009

Very Simple Solution to This...

Do Parlay Cards! Not only will this increase your customer base to a very casual gambler, but those that want to do parlays can do it on football.... and the house gets better odds on the cards than they do normal parlays!

Stop taking daily parlays, and do parlay cards... I would be tempted to keep taking them for a little while, because they can't keep up that %

fuloser · Dec 2, 2009

Defying said:
Very Simple Solution to This...

Do Parlay Cards! Not only will this increase your customer base to a very casual gambler, but those that want to do parlays can do it on football.... and the house gets better odds on the cards than they do normal parlays!

Stop taking daily parlays, and do parlay cards... I would be tempted to keep taking them for a little while, because they can't keep up that %

I don't have enough customers to be honest. Like I said, it's a very small thing I do with a bunch of people I'm close with because I enjoy betting, and having an edge as the house was too good to pass up. I'll keep what you all said in mind though, thanks again.

Furmanski · Dec 2, 2009

Defying said:
Very Simple Solution to This...

Do Parlay Cards! Not only will this increase your customer base to a very casual gambler, but those that want to do parlays can do it on football.... and the house gets better odds on the cards than they do normal parlays!

Stop taking daily parlays, and do parlay cards... I would be tempted to keep taking them for a little while, because they can't keep up that %

Not to be offensive, but parlay cards are the poor man's version of taking action.

Defying · Dec 2, 2009

Furmanski said:
Not to be offensive, but parlay cards are the poor man's version of taking action.

I dont disagree..

Im not saying stop taking regular action, just stop taking parlays except for you parlay cards....

and call is a poor man's bookie, but i call it several gauranteed k a year

Defying · Dec 2, 2009

fuloser said:
I don't have enough customers to be honest. Like I said, it's a very small thing I do with a bunch of people I'm close with because I enjoy betting, and having an edge as the house was too good to pass up. I'll keep what you all said in mind though, thanks again.

this is a great way to expand.. do you play cards? join a free poker league.. great way to expand clientele. you may not be trying to get big, but IMO you have to reach a certain number of people to try to get 50-50 more often... also, bowling teams, or just your regular bars are great for trying to get more people...

At the very least, i would do away with Parlays on Money lines... and make it a min of 4 teams....

but i still highly recommend doing the cards

GL

hoopsct · Dec 2, 2009

here i think is some good advice-once you have a player down a good amount of money and dont want to let him get even all you have to do is call in hisparleys with a good over seas book they take 5-6-7-teamers if he puts say 3 4 team parleys match the teams and make a 100 7 teamer if he hits all 3 4 teamers you hit a 7 teamer and make money even if he wins once your ahead what you want to win just call the rest off its called edgeing off bookies have been doing it for years.wish i had a book like yours very difficult for the average player to win vigs eat you up but i am the best handicapper on the planet peace hope this advicr helped you.

Furmanski · Dec 2, 2009

Defying said:
I dont disagree..

Im not saying stop taking regular action, just stop taking parlays except for you parlay cards....

and call is a poor man's bookie, but i call it several gauranteed k a year

I didn't mean it to sound like an insult about the parlay cards.

$tinky · Dec 2, 2009

you would be way better off with them trying to get even with a 3 or 4 team parlay than you would with a straight bet.

way more likely to get paid in full and on time too.

let them get back to even thats not the worst thing in the world either.

shiz · Dec 2, 2009

Bookies clean up on parlays and teasers, keep taking the action.

billhill999 · Dec 2, 2009

Never a bookie, but I was a laison (go between) for an independent office in Boston from the late 80's to early 90's.
I did the leg work (picked up and delivered).
Office game me 10 percent of net losses of every new customer I brought in.

F.A.D.E.D. · Dec 2, 2009

$tinky said:
you would be way better off with them trying to get even with a 3 or 4 team parlay than you would with a straight bet.

way more likely to get paid in full and on time too.

let them get back to even thats not the worst thing in the world either.

Exactly. If they are down 2k and want to do a 200 4 teamer. I'd rather take that than a 2k straight. they have to hit 4 instead of 1.

keep taking the pars.....it'll only benefit you.

Defying · Dec 2, 2009

Furman, i didn't take it personally, its all good...

but I wouldnt take ML parlays, if bankroll was a problem, them I would would top taking them or the cards...

If Bankroll isn't a problem, keep taking them, eliminate money lines, and you will be fine