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The online sportsbook industry is ever-evolving and the number of people who want to place bets online just keeps rising. Take the US as an example. Ever since PASPA was overturned in 2018, over 30 states have legalized online sportsbooks.
On a global level, the sports betting industry generates upwards of $75 billion per year. The revenue is expected to reach around $100 billion by 2030 at a CAGR of 5.09%. These numbers mean one thing – people like to place sports bets online.
There’s one catch about sports betting online, though. Not every platform is a legitimate and legal. Since they operate globally, certain jurisdictions can’t fine them even though they’re breaking the law. As such, the responsibility of finding a reputable online sportsbook falls upon you – the bettor.
If you’re new to the betting industry, you need to make sure that you know how to stay away from potential scams sites and frauds. Here’s how you can do that.
Check the Licence Of The Online Sportsbook
Every online sportsbook needs to have a valid licence in the jurisdiction that it operates in. For example, if it wants to offer its services to UK players, it must be accredited by the UK Gambling Commission.
Information about the licence needs to be displayed and you can usually find this in the footer of the official website of the betting site. Make sure that you double-check the info with the regulator, though.
These regulators oversee the activities of the sportsbook and make sure that they adhere to the laws. If the website doesn’t act accordingly, you can always send a complaint to the regulator itself. From that point, the regulator conducts an investigation and if it detects mishaps, it’ll fine the site or revoke the licence and serve you justice in the process.
Read User Reviews
Each online sportsbook strives towards perfection, but we all know that this is something that’s hard to reach. If a punter is dissatisfied with some of the services of a sportsbook, they’re likely to write a review on it.
Certain negative reviews such as slower withdrawals and not having a mobile app aren’t what you’d want to find, but they’re common and shouldn’t discourage you. But if the negative reviews say that the sportsbook doesn’t pay out your winnings or blocks your account for no reason, then that’s a sign that it’s a scam site.
Scam sportsbooks are known for using malicious practices to withhold your funds and not cash them out. If there are any reviews that suggest that, then you should definitely stay out of that particular website.
Search The News
Whenever unlicenced sportsbooks start operating in a jurisdiction or whenever a licenced sportsbooks has its licence revoked, there will be news about it. These news are commonly featured on the official websites of the regulators themselves.
Media will also publish them if it catches their eye. So, make sure that you search the news when you’re inspecting a certain platform. If anything negative about it pops up, then that’s a sign that you shouldn’t register and bet there.
Double Check The Bonuses and Promotions
One of the most common ways through which sportsbooks scam punters is via their bonuses. They offer promotions that look simply too good to pass. The wagering requirements are low, there aren’t any maximum win limits, the required deposit is low, etc.
The most popular saying goes “If the bonuses at the sportsbook are too good to be true, then they likely aren’t real.” In other words, this is just a tool that scam betting sites use to convince you to register an account.
They’ll also ask you to make a deposit and play with it, but when you request a withdrawal, your request might be denied or your account might be blocked.
Make sure that you pay good attention to the promo page. Having bonuses whose terms are harder to meet is a greener light compared to bonuses that are as simple as ABCs.
Test The Platform With Small Deposits
If you conducted your own research and concluded that the sports betting site is safe, you can proceed to registering an account. You can make a deposit, but don’t overdo it. Test the platform with smaller deposits first.
Also, we would advise you to use secure payment methods such as e-wallets. They don’t use your personal bank account details when making payments. Prepaid vouchers are also a good option. Not only do they have small limits, but they don’t use any of your sensitive info. In most cases, prepaid vouchers have codes that you use when transferring money.
Once you are certain that the online sportsbook is a safe platform, you can bet for real money, claim bonuses and use them to make your experience more entertaining.
