5 Things to Expect From All Online Sportsbooks
Nowadays there is more consistency with the sports betting industry and a standard operating procedure to expect as an online sports bettor.
This article lists five things you should be aware of going in to any online sportsbook.
SBR has selected the below five items as being the most relevant nuggets players should consider from the vault of player feedback submitted both via email and postings within the SBR Sportsbook & Industry forum.
#1. You must meet a minimum turnover
Often this rule is written as deposited funds must meet a minimum of X rollover. Normally this is around 3 times, though some online betting sites only require players to roll over their deposits one time before asking for a withdrawal. The reason is simple: Sportsbooks do not want to be used as financial clearing houses or to enable money laundering. Players must give the house action before asking for a payout, or face an early withdrawal fee at the very least, though some betting sites will hold firm and require the rollover.
#2. You must verify your ID
Back in the day players were never asked to verify ID, after all, word is bond, right? The industry has evolved and become more understanding of compliance protocols, and also reacted to the fraud to originate from select regions where ID fraud has grown into an industry all to its own in the black market. Expect to have to show proof of ID when establishing your sports betting account. Fortunately, most players only ever have to do this once and then never be inconvenienced again.
#3. You may need to verify your address
In line with checking ID, the Know Your Customer (KYC) process at some online sportsbooks requires sports betting sites to verify a player's address before serving payouts. It is recommended to keep a copy of a utility bill handy, usually from within the last three months, so that you can more easily clear the required steps associated with operating a new online betting account.
#4. You must give a valid phone number.
Nobody likes cold calls or being marketed to out of the blue, but the reason most online sportsbooks require a valid phone number is part of their AVC or address verification checks; most players will never receive a phone call unless one of their registration details or activity trips a silent alarm at the online sportsbook.
#5. Bonuses cannot be voided.
Sometimes players will deposit with the intention of wagering once and only using a bonus if necessary: This is frowned upon and not allowed at online sportsbooks. If players were allowed to do this, the house would lose money in short order. Bonuses are a way of enticing players to give the house some action, players who accept bonuses should realize that they will be expected to use them.