Cricket World Cup
Cricket is one of the most-watched sports events in the world. This means that the sport is also one of the most wagered on. While various countries host the event internally, there is an international cricket championship every four years.
This sport is popular across countries such as England, West Indies, India, New Zealand, Namibia, Australia, Pakistan, Afghanistan, South Africa, and many others. As such, there is a feasible number of bettors across continents. As a bookie, you cannot afford to pass on such an opportunity to offer bets on a cricket tournament.
Yet, offering betting services has some risks. For instance, your odds can be lob-sided, risking your bankroll and the targeted profit. Fortunately, there are several things you can do to protect your business from one-sided odds.
Balance the Books
A bookie is not restricted from changing the odds until the last minute of the game. So, the moment you realize that the odds are one-sided, you can adjust them. You must have seen that betting lines fluctuate.
This happens when oddsmakers are trying to balance the books. The action is dependent on several things. For instance, people are likely to place more bets on their favorite cricket teams like India, West Indies, and England.
So, having balanced odds for an event featuring a favorite and underdog team is not enough. You must encourage bettors to place bets on the underdog by adjusting the odds. By doing so, you can balance the books and ensure a good profit no matter which team wins.
Close the Market and Return Wagers
Sometimes, there is not much you can do about lob-sided odds. You might have less time to recover the losses.
If you feel that there is nothing you can do to save your bankroll, you can close the market and return wagered money. You cannot always bounce to this solution because your clients will think you are unreliable. But, you cannot afford to lose all your money-paying clients and lose any chance to offer bets for tomorrow’s event.
Use a Layoff Account
The best thing to do about lob-sided odds is to use a layoff account. This account is designed to help agents place bets for a similar event they are offering odds on with another bookie.
If you win, you can use the money to pay clients at your site. If you lose to the other bookie, so will the clients that placed their bets with you on the same team. The account balances.
The best thing about any problem in the world is that it has a solution. For instance, when you partner with RealBookies, you can be assured of quality balanced odds in the first place.
You can also expect oddsmakers at the company will adjust the odds to ensure profits. You will also get a layoff account to use when the odds are not on your side.