Every sports fan has surely heard about betting on the internet. But how exactly does sports betting work? We’ve put together a little guide for beginners below. We will show you the first steps from registration and deposit to bets and payout of winnings.
The basis for sports betting – bookmaker vs. customer
The betting portals on the Internet are operated by the bookmakers, who are more or less on one side. The providers offer their tips by providing the possible sporting events with a corresponding betting odds. These offers are calculated based on the probabilities of the outcome. Customers can now accept these offers by placing a bet on that offer, or reject them by simply disregarding the odds.
Sports betting is always a competition between the bookmaker and the customer, with the sports betting provider being in a much better starting position. He sets the rules and quotas. At the same time, the profit margin is already included in the betting odds. Users always have to overcome these hurdles before they can start winning – or rather, customers start with a small handicap. Many still think that a bookmaker cares about who wins and who loses. That’s not the case. The quotas are automatically balanced. A good bookmaker has a balanced sports book. For each bet, a bookmaker calculates a margin between 3 and 8%. It doesn’t matter who wins or loses.
The first steps – how it works
Before the first bets can be placed, the customer must of course register with the bookmaker of his choice. The processes are usually similar. Just follow the steps below:
● Access the registration form on the home page. This is usually possible via the “Register now” or “Registration” button.
● Fill in your data truthfully and then confirm the terms and conditions. It is very important that you work with honest data. Incorrect information will be uncovered before the first payout at the latest.
● As a rule, you now have to confirm the verification link in the welcome e-mail and you are already a customer of the online betting provider.
Registration is usually free of charge and does not involve any obligations. With the best bookmakers, after registration you will be immediately forwarded to the cashier menu. If this is not the case, you will need to log in again with your details and then click on either “Deposit”, “Cashier” or “Banking”. The next step is as follows:
Select your preferred payment method from the transfer methods.
Enter the desired amount
Complete the payment details by entering your credit card number, for example. With e-wallets, you will be taken directly to the financial services provider’s website to confirm and complete the deposit.
The game amount is available to you immediately with almost all payment methods, unless you have opted for the classic bank transfer – in which case it will take a few days.
The actual betting process – just as easy
How does the actual sports bet work? The bookmakers usually work with very simple and intuitive software solutions. Customers are guided through the betting offer in a smooth and self-explanatory manner. In most cases, betting is completed with just a few clicks. You can select the desired event by clicking on the following link in the middle of the screen:
The desired odds are transferred to the betting slip with one click, which usually opens on the right-hand side of the screen. If you want to place a combination bet, you can move the individual betting odds into the slip one after the other.
The bookmakers show you the possible types of bets on the betting slip – i.e. single, combination or system bets. Enter the amount of the bet in one of the provided fields. You will automatically be shown the maximum possible winnings, often including the deduction of betting tax. If you are happy with your selection, submit the bet slip. If successful, the winnings will be automatically credited to your betting account.
The payout – this is to be noted
The payout of sports bets works without any problems, but there are some peculiarities to consider. No reputable bookmaker will pay out the money if the identity of the customer is not clearly clarified. A legitimation check is always carried out before the first payout of winnings. A photo ID (identity card, passport, driver’s license) and a current address confirmation (electricity bill, registration confirmation) are required. In individual cases, the online betting providers may request additional documents such as a copy of the credit card or a bank statement. Our recommendation: If you don’t want to waste any time, send these so-called KYC documents to customer support shortly after registering.
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 paying out winnings vary slightly from bookmaker to bookmaker. Some providers generally only pay out by bank transfer. It is also important that the target account is always owned by the player. Payments in favor 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 out in installments.