How Does Sports Betting Work?
Every sports fan has certainly heard of betting on the Internet. But how exactly do sports betting work? In the following we have compiled a small guide for beginners. At the same time we show you the first steps from the registration over the deposit up to the bet and the payout.
The basis for sports betting – bookmaker vs. customer
The betting portals on the Internet are operated by the bookmakers, who are virtually on one side. The providers offer their tips by providing the possible sports events with a corresponding betting quota. These offers are calculated on the basis of the probability of occurrence of the result. Customers can now accept these offers by placing a bet on them or reject them by simply leaving the odds to the side.
Sports betting is always a competition between bookmaker and customer, whereby the sports betting provider is in a significantly better starting position. He sets the rules and odds. At the same time, the profit margin is already included in the betting odds. The users always have to overcome these obstacles before they can win – or the customers start with a small handicap. Many still think that it is important to a betting provider who wins or who loses. This is not the case. The odds are automatically balanced. A good bookmaker has a balanced sportsbook. For each bet a bookmaker calculates between 3% and 8% margin. It doesn’t matter who wins or loses.
The first steps – that’s how it starts
Before the first bets can be placed, the customer must of course register with the bookmaker of his choice. The procedures are usually similar. Simply proceed in the following steps:
#1 Call up the registration form on the homepage. Usually this is possible via the buttons “Register now” or “Registration”.
#2 Fill in your data truthfully and then confirm the General Terms and Conditions. It is really important that you work with honest information. Wrong data will come to light at the latest before the first withdrawal of winnings.
#3 As a rule, you must now confirm the verification link in the welcome email and you are already a customer of the online betting provider.
The registration is generally free of charge and brings no obligations with it. The best bookmakers will forward you to the cash register menu immediately after the registration process. If this is not the case, you must log in again with your data and then click either on “Deposit”, “Cash” or “Banking”. Then proceed as follows:
#1 Choose your preferred payment method from the transfer methods.
#2 Enter your desired amount
#3 Complete the payment details, for example by entering the credit card number. With e-wallets, you will be taken directly to the financial provider’s website to confirm and complete the deposit.
The actual betting process – just as easy
How does the actual sports betting work? Bookmakers usually work with very simple and intuitive software solutions. The customers are guided through the betting offer in a butter-soft and self-explanatory way. In most cases, the betting process is completed with just a few clicks.
The desired odds are transferred to the betting slip with one click, which usually opens at the right edge of the screen. If you want to place a combination bet, you can move each odds one after the other into the ticket.
The bookmakers will show you in the betting slip the possible bet types – solo, combination or system. Enter the amount in one of the fields provided. You will automatically be shown the maximum possible winnings, often immediately the deduction of the bet tax. If you are satisfied with your selection, you send the betting ticket. If you are successful, the winnings will automatically be credited to your betting account.
The payout – this has to be considered
The sports betting payout works simply, but there are some special features to consider. No serious bookmaker will pay out the money unless the identity of the customer is clearly established. A legitimation check is always required before the first withdrawal of winnings. A photo ID (identity card, passport, driver’s license) and a recent address confirmation (utility bill, registration confirmation) are required. In individual cases, the online betting providers may request further documents such as a copy of the credit card or a bank statement. Our recommendation: If you don’t want to waste time, send these so-called KYC documents to customer support shortly after registration.
As a rule, only transfer methods that have already been used for a deposit may be used. If this is not technically possible, for example with direct booking systems or prepaid methods, the payment must always be made by bank transfer.
The exact rules for withdrawing winnings vary somewhat between bookies. Some providers, for example, generally only pay by bank transfer. It is also important that the target account is always the property of the player.
Withdrawals in favour of third parties are generally prohibited, even if they are family members. In addition, some bookmakers have monthly maximum limits. Higher winnings are sometimes paid in installments.