Every sports fan has certainly heard of betting on the Internet. But how exactly does sports betting work? Below we have put together a small guide for beginners. We will show you the first steps from registration to depositing to betting and paying out your winnings.
The Basis for Sports Betting – Bookmaker vs. Customer
The betting portals on the Internet are run by bookmakers, who are more or less on the same page. The providers offer their tips by assigning the possible sporting events a corresponding betting odds. These offers are calculated based on the probabilities of the outcome. Customers can then accept these offers by placing a bet on this offer, or reject them by simply ignoring the odds.
Sports betting is always a competition between bookmaker and customer, with the sports betting provider being in a much better starting position. They set the rules and odds. 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 betting provider cares who wins or who loses. But that is not the case. The odds are automatically balanced. A good bookmaker has a balanced sports book. For every bet, a bookmaker calculates a margin of between 3 and 8%. It does not 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. Simply follow the following steps:
- Open the registration form on the homepage. This is usually possible via the “Register now” or “Registration” buttons.
- Fill out your details truthfully and then confirm the terms and conditions. It is very important that you work with honest data. Incorrect information will be discovered before the first payout of winnings.
- As a rule, you now have to confirm the verification link in the welcome email and you will then be a customer of the online betting provider.
Registration is usually free and involves no obligations. At the best bookmakers, you will be immediately redirected to the cashier menu after registration. 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, for example by entering your credit card number. For e-wallets, you will be redirected directly to the financial service 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 – then it takes a few days.
The actual betting process – just as simple
How does the actual sports bet work? 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 event you want by clicking on the following link in the middle of the screen:
- sport
- country
- Competition
Event
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 one after the other into the slip.
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 fields provided. The maximum possible winnings will automatically be shown, often also the deduction of the betting tax. If you are happy with your selection, send the betting slip. If you win, the winnings will automatically be credited to your betting account.
The payout – what you need to consider
Paying out sports bets works without any problems, but there are a few special features to be observed. No reputable bookmaker will pay out the money if the identity of the customer is not clearly established. Before the first payout of winnings, an identity check always takes place. This requires photo ID (identity card, passport, driver’s license) and a current address confirmation (electricity bill, registration confirmation). 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 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 withdrawal must always be made by bank transfer. The exact rules for paying out winnings vary slightly from bookmaker to bookmaker. For example, some providers generally only pay out by bank transfer. It is also important that the target account is always the property of the player. Withdrawals to third parties are generally prohibited, even if they are family members. In addition, some bookmakers have monthly maximum limits. Larger winnings are sometimes paid out in installments.