Online betting isn’t just fun. It’s also very rewarding if you know how to play your cards. Taking the time to understand the online betting landscape can help you enter the world of online betting with confidence, as you’ll know that you won’t get conned in a scam. So, what should you look for when placing bets online? Here’s a guide.
Site Transparency
Before you trust a betting site, you must read the fine print of the website. The website will provide you with information regarding:
- Current licensing
- Highlights of the sportsbook
- Payout and deposit
- Bookmaker fee
- Contact (email, phone, live chat)
- FAQs
We recommend that you read reviews of the betting platform before trusting it. It’s best that you only use sites and apps that trusted people have referred to you.
Keep an Eye Out for Scams
Many bettors are looking for short bets and profits. They put their money on the first site or app that they come across and never see any cash or profitable returns. Here are some online scams you should keep an eye out for:
Prediction Software: Any website that’s promising you an accurate prediction of a sporting event’s results is a red flag. Any promises made about high profits may sound tempting but avoid them.
Betting Syndicates: Syndicates charge thousands of dollars to be a part of them. After that, they bet on your behalf and promise you that they’ll give you a set percentage of the profits.
Sports Investment: It’s usually sold as an investment or an opportunity. The promoter or the advertisement will use fancy words like “sports arbitrage” and glossy diagrams and promise that they’ll give you a considerable profit without putting any effort.
Spot the Red Flags and Protect Yourself
Warning signs that you may be a target for a scam are:
- Elaborate and unrealistic sales pitch with shiny leaflets and huge profits promised.
- They tell you that you should act immediately, or you’ll lose the opportunity.
- Frequent calls and pushy salespeople.
- The sales representative is using financial or technical jargon.
If you feel that you’re a target of a scam, you can:
- Hang up on the call if you feel pressured
- Research the company before you sign any deal
- Get independent legal and financial advice
- Don’t provide banking or personal information
Are you looking to open an online betting account? Bets Hall offers the best online sportsbooks on the internet. We also offer guides to help you begin betting with ten of the best available sportsbooks, like Bet365.
