At the beginning of sports betting, the potential bets that could be placed was very limited and very self-explanatory. Therefore, there was not much uncertainty when starting your betting activity.
This has now changed as the potential bets one can play are now endless. From the range of markets, to different bookmakers, the decisions one has to make to get their betting venture under way can be overwhelming for some.
To avoid you going through all the content we have provided so far, here are some sports betting FAQs to provide a quick way to provide a foundation to your betting venture.
The 13 Common Sports Betting FAQs From Our Readers
What Sports Can I Bet On?
If you are asking this question, you must have never been to a local bookmaker or visited a sports betting website.
Most online sports bookmakers offer any event you can possibly think of. To put you in perspective of how vast the range of sports is, most major bookmakers today offer you 25+ sports plus including markets such as politics and e-sports.
Where Can I Place A Bet?
Since the introduction of the internet, the sports betting landscape has become extremely accessible for anyone who wishes to get involved.
Online sports betting is not only available at the comfort of your desktop computer, today all major bookmakers also offer mobile apps. This allows punters to place a bet on the move.
How Old Do I Have To Be To Bet Online?
Like all laws, it depends in which country you are in and what service provider you have chosen to use.
In most countries, the age required to bet legally is 18. In some countries like America, the required age to place bets is 21.
If your are thinking about lying about your age under the assumption that you can get away with it since you are behind a computer screen, you are mistaken.
I know people who have done so and the consequence of their actions was their bank reporting them to the bookmaker and losing their winnings.
Therefore, just wait it out till you are legal and enjoy it when you are allowed to.
How Do I Read Match Odds?
Odds may be confusing to those with no background in sports betting, and lack of understanding will lead to missed opportunities.
Mainly, there a two types of odds that bookmakers offer. These are fractional and decimal.
An example of fractional odds would be 7/2. The way it works is to divide 7 by 2 and plus 1. This gives you 4.5 therefore if you place 10, you win 45.
Decimal odds is the format i use due to its simplicity. An example of decimal odds would be 3.0. Therefore if you place 10, you win 30.
Is Sports Betting Addictive?
Betting provides a thrill like no other. This is both a psychological and physical process that affects the chemicals in your body.
Like all addictive activities, it may have large consequences on one’s life if not handled properly.
We have written articles on how to bet responsibly in detail in the past, and I strongly suggest you give our content a read before starting any betting venture.
How To Withdraw My Winning From Bookmakers?
This questions always baffles me when I hear rookie punters ask this.
Of course you will get paid, as long as you are using an established online sports betting bookmaker you will not have any problems.
Look at it this way, all successful businesses get where they are by thinking long-term. In what way does a bookmaker benefit by keeping your money?
The damage that would do to their brand is of much more value than your winnings.
So you may bet with your mind at rest that your bookmaker will pay your winnings.
How Do I Join A Bookmaker?
As there are only benefits to bookmaker when customers register on their website, they have made it very accessible for users to join.
After deciding which bookmaker suits your needs best, the hard part is over.
Just make your way to the bookmaker’s website, create an account option will be visible striaght away. Press on this option and feel out the relevant details requested.
Once this is done, you now have a betting account and you may begin your betting venture.
How Do I Place A Bet Online?
Although it may be less obvious on small online bookmakers, placing a bet is very straightforward for any user.
The standard way of this is to press on the odds you wish to bet on, a virtual bet slip will pop up where you enter the stake you wish to place and press on place bet.
The hard part is not actually placing the bet but actually decided what bet you will be playing. For betting strategies and tips, scroll through our content.
What Is Exchange Betting?
Exchange betting is another platform besides sportsbook where you are offered the same markets but you have the option to bet against something happening (known as laying) and you may chose the odds as long as somebody is willing to bet against you.
The benefits of this platform is it gives you the chance to maximise your winnings by getting the best odds possible. Also gives you the chance to bet against something happening which is not available on sportsbook.
A negative is that bookmakers charge a commision on winnings which is on average 5%.
Can I Bet During Live Matches?
Of course. The markets are called In-Play Betting and have become hugely popular in the betting industry.
The odds will be updated in real-time to the progression of the match you are following.
Personally focus my activity on this type of markets as seeing the match live puts you in a position to make decisions that pre-match statistics do not.
Can I Join Multiple Betting sites?
Yes you can. There is no restriction on the amount of accounts one may have.
An advantage of having multiple accounts is that it allows you take advantage of multiple bookmakers’ unique offers.
A negative about doing this is having multiple bookmakers on your bank statement might make it harder to get financed in the future.
Are Online Betting Winnings Taxable?
Like all tax laws, it depends on the country you are asking this question from. Check this out online and calculate your winnings accordingly.
Some of the countries that betting winnings are tax-free are United Kingdom, Australia, Canada, Italy, Germany, Denmark, Belgium and Malta.
How Long Does It Take To Receive Your Winnings?
This varies for each bookmaker but rest assured you will eventually receive your winnings. The industry average to receive your winnings is 3-5 days.
Thank you for reading out sports betting FAQs, if you have more questions; please feel free to email us, tweet us or leave them as a comment down below.