SBR interviews Tony from 5 Dimes: The Sharp Player
Who Became A Shrewd Bookmaker; Part II
This is the second part of an interview with Tony -CEO and owner of 5 Dimes Sportsbook. You can read Part I by clicking on the following link: SBR interviews Tony from 5 Dimes: The Sharp Player Who Became A Shrewd Bookmaker; Part I
SBR Bill Dozer: Tony, do you use your ability to form sharp opinions to still play the game? Is wagering part of 5Dimes successful business model?
Tony from 5 Dimes: A sharp player comes in and bets a football total. Every time he bets, we notice that the line moves 2 points sometime shortly after the wager. It doesn’t take too many times before I’m laying off for the book to balance the exposure. After the book is balanced, I bet the game for myself. It is a huge perk for running a shop that is not on the Don Best screen. We get action before the Don Best books do. We act fast and use it to our advantage. Too many books go broke thinking that they can balance action against solid steam play. In my opinion, it is better to be on the side of the steam rather than against it. Those lines aren’t moving because someone flipped a coin and decided get down 500k on it.
BD: If so, what sportsbooks are able to accommodate your action?
T: The only ones who don’t take our action are the ones who have given us the boot. We’ll bet practically anywhere. We will do transfers with just about anyone. SBR ratings, as well as the other gaming forums, are a great way to keep up to date with the positives and negatives of any operation.
BD: Do you see the competition between sportsbooks as a thinning of the herd where the strong will only get stronger?
T: The strong will only get stronger. It is a Wal-Mart syndrome. People love Wal-Mart for one stop shopping. Wal-Mart killed the small grocer, the mom ‘n pop fruit stand, the one stall auto garage, the little vacuum cleaner store downtown. They’re all retired or working at a Wal-Mart now. One stop gaming is next. People want a full service 24 hour sportsbook, reduced juice opportunities, multiple casino platforms, lotto, and access to poker rooms all in one operation. It is very hard for new operations to compete with companies that have been already open 5-10 years offshore. As each day passes, the difficulty for establishing a new offshore sportsbook will increase until that opportunity is gone.
BD: Where do you see 5Dimes in 5-10 years considering this industry’s evolution?
T: Each year that passes, 5Dimes just gets stronger. 5Dimes is looking into adding the following: a poker room, a downloadable casino, a sister site offering reduced juice wagering, and a few other things we’re just not ready to announce yet. In 5-10 years, customers can expect to see all the options they have now and more.
BD: If the industry took a vote to agree on whether or not to have a sign up bonus which would you be in favor of and why?
T: Bonuses are a part of life, just like comps are part of life in an actual casino. A poorly structured bonus plan is the basis of most failures in this industry. A well designed plan can go a long way to gaining customer loyalty. “Once a redemption is placed, account bonuses will only be eligible on deposited funds which exceed the redemption amount(s).” The previous quote from the 5Dimes site sums it up. You can’t get a bonus for redeeming and sending the funds back later. This doesn’t matter if it is 3 days later or 3 years later. In my opinion, players who win or have won do not need a bonus for a deposit. Bonuses are intended to keep customers who lose playing with you. As long as bonuses are used for that purpose, I am completely in favor of them.
BD: It seems almost every player loves 5Dimes and the ton of wagering options. The only criticism I hear is that players would like to place larger wagers. Are there any future plans to increase betting limits or is this an important part of managing this book? Should these limits comfort players in that the offerings are safe and responsible for the 5Dimes?
T: There are two different concerns about 5Dimes limits.
The first is the individual ticket limit on the internet. 5Dimes limit per ticket is $500 on straight bets. Customers can place as many $500 tickets as they wish until the limit for the wagering option is reached. The limit on most major sports is “5Dimes”. There has been consideration in changing the straight bet per ticket limit, however, at this time we feel the structure online works for us and will stay as is for the time being. An online approval system for larger bets is also being considered, but it will not be implemented anytime soon. We like to approve all larger wagers in our call center. It might be “old school”, but it works for us.
The second concern about 5Dimes limits are the lower limits placed on “other” sports. Tennis, golf, auto racing, boxing, soccer, and other home made lines have lower limits than major team sports. These limits are the same over the internet and over the phone. Exceptions ARE NOT made to exceed these limits. The premise is simple. It is not in a sportsbook’s best interest to take a $5000 wager on an obscure soccer match in Poland using a 20 cent line. Limits on lesser events can range from $100 up to $1000. These limits are carefully planned out to limit exposure and continue the profitability of the company.
BD: In this day and age player safety has become a bigger factor in selecting a book. What can you tell players to make them feel comfortable sending their money to 5Dimes?
T: In the end, all anyone wants is to know their money is safe. Wagering options and great promotions can only go so far. If you don’t pay people in a quick efficient manner, you’ve lost their trust and their business. Every online processor 5Dimes uses is properly maintained to insure funds will be available for redemption at any time. Transfers with other sportsbooks are handled immediately. Person to person money transfers are available 7 days a week. Customer trust can only be earned by making sure they are treated fairly and paid in an efficient manner 100% of the time.
*You can read Part II by clicking on the following links: The Sharp Player Who Became A Shrewd Bookmaker; Part I
Explanatory side notes by the SBR Team and quotes will be italized.
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