There’s no denying that the global online sports betting industry is growing rapidly. Recent statistics show that it was worth over $7 billion in 2021.
Part of its success is because more and more online sports betting platforms allow gamblers to bet on a wide variety of games, from basketball to cricket to football to baseball, you name it.
But like any other kind of online betting, it does come with its fair share of risks. So, how can you participate in online sports betting safely? Read on to find out.
1. Take Time to Research Through a Particular Site Before Joining
Many bettors are often blinded by online bookmarkers’ appealing features that they forget to check whether or not they’re legit. This may cost them a lot when it comes to being paid for their winning wagers, withdrawing their funds, etc.
So, how does one find out whether a certain sports betting website is legitimate or not?
A legit online sports betting platform should provide its licensing information and logo, payout and deposit details, key features of the website, contact information, and clearly explained bookmarker fees.
Suspicious online bookmarkers often don’t provide all this information, or they may not have clear information. They do so to prevent the customers from asking questions that may expose them.
So bettors need to check for this information to determine the legitimacy of a particular sports betting website.
2. Always Be Aware of the Red Flags When It Comes to Sports Betting Websites
It’s one thing to determine whether or not a particular sports betting website is legitimate, but how does one know if a platform is a scam?
For starters, suspicious online bookmarkers have over-the-top promises like high returns and prediction software that helps individuals determine the right outcome of a sporting event, to name a few.
Illegitimate sports betting websites may also require bettors to pay a compulsory fee(which is often very high) to join the website.
Another overlooked sign of suspicious online bookmarkers is desperation. They may frequently be calling their customers to advertise their site. Some sports betting platforms also go a step further by sending desperate messages to bettors like “act now or miss out on the opportunity of a lifetime,” etc.
Remember, these bookmarkers make these promises only to attract customers and get money out of them, and they disappear.
3. Steer Clear of Pay Per Head Services
While Pay Per Head services may be appealing, it’s not the best thing to do, especially for beginner bettors.
Pay Per Head (otherwise known as PPH) is where an onshore bookmaker offers its bookmarking services to customers through an offshore bookmaker. The onshore bookmarker will pay the offshore bookmarker for every bettor(head) they bring into the betting pool.
So, these bookmarkers will do absolutely anything to bring customers into the betting pool, including exaggerated promises. So, it’s advisable for individuals, especially those new to the sports betting world, to steer of Pay Per Head Services.
4. Check for Safety Features Available on the Website
With the many hackers and fraudsters online looking to pounce on unsuspecting gamblers’ confidential information, security should be a top priority for online bookmarkers.
The best sportsbooks have put up several safety features to protect their customers’ personal information. A common one is the Secure Sockets Layer (SSL) encryption. This safety feature enables a particular site to prevent third parties from accessing any information shared between the server (the website) and the client.
Another common safety feature is the 2-Step Verification (also known as the 2-Factor Authentication or 2FA.) This feature requires bettors to go through a 2-step verification process to access their accounts.
With this feature, it is quite difficult for hackers to access people’s accounts since they may know one verification detail and not know the next one.
5. Opt for Websites That Have Crypto Wallets As a Payment Option
Nowadays, many sportsbooks accept several payment methods; one of them is cryptocurrency. This is one of the best and most secure methods of payment mainly because it doesn’t require bettors to provide their personal information when using it to place bets.
Since cryptocurrency uses blockchain technology, there’s no need for individuals to provide their confidential information when using it to pay.
Another reason cryptocurrency is an excellent payment method is that it is fast. Unlike bank transfer that takes several days to approve a transaction, crypto wallets approve instantly, thanks to blockchain technology.
6. Be Self-Disciplined
Safe sportsbook betting doesn’t only involve looking out for suspicious platforms; it also involves being self-disciplined. For starters, bettors need only to bet what they can afford.
Sportsbook betting isn’t all about winning. Sometimes individuals may lose their bets. That is why people should bet on what they can afford. That way, if they lose, they won’t feel a huge loss in their finances.
Another thing involving self-disciplined in betting is setting boundaries. Bettors need to have limits on the time they spend on gambling. Spending too much time betting may lead to addiction, and it’s pretty clear what gambling addiction can do in a person’s life.
It’s also advisable for bettors not to chase their losses. This means an individual betting almost twice the amount they betted last time and lost with the hope that they’ll win this time. Instead, bettors should approach their next bet with new strategies, whether they won or lost.
Sports betting is undoubtedly a profitable activity, but it doesn’t mean that there are no risks attached to it. However, knowing these risks and understanding how to avoid them can give bettors the upper hand in this venture.