Beware Of Online Sports Betting Scams
Although online sports betting is a generally safer practice than it once was, you must still beware of online sports betting scams. The online sports betting industry is still largely unregulated and, thus, you might have close to little recourse if you encounter one such scam. Most of the sites are based in Antigua or Costa Rica, and are not held to any sort of legislated business practices. Seeing as the federal government passed a bill a few years back that outlawed online gaming, going to the authorities for help won’t work.
There are some eye-opening stories out there about bettors who have lost significant amounts of money through online wagering, not because their bets lost, but because the book refused to pay. Gaming writer Michael Konik’s book “The Smart Money” recounts in detail several such stories. The good news is, a measure of self-policing has helped clean up the act of online sports books. With the growing popularity of offshore betting, there are now many sites and forums in which potential customers are warned of online sports betting scams, and customers can rate their experiences with specifics books. If a book is running a scam, it’s unlikely to be in operation for long. Websites such as covers.com feature a forum dedicated entirely to this topic, and posters will share their feedback and advice regarding which sites you can and cannot trust. There is also a ranking of reputable sports betting sites.
Familiarizing yourself with these sites and finding one that has a solid reputation might be the best way to go. However, there are still some scam artists lingering out there, and there are a few warning signs that you should be aware of. For instance, be aware of sites that offer a large bonus on your deposit upon signing up with their site. This is often a form of a pyramid-type scheme in which bettors lose their money. Sites that promise this huge bonus usually do not have the capital to support the payout; they are hoping the site makes enough money from gamblers that they will eventually be able to make good on the bonus when you decide to cash out. If the site happens to go belly-up, it will take your money and everyone else’s with it. As they old saying goes, if it looks too good to be true, it probably is. Another factor to be aware of are sites that post a line that is significantly off what is being offered at other sites and perhaps at legal sports books in Nevada.
This type of “maverick” or “rogue” line usually indicates one of two things; one, that the operators of the site believe the original line is way off, and they are willing to gamble by posting a number that they think is accurate. The problem is, if their line turns out to be wrong and they lose a significant amount of money, it might not be long before the site shuts down and its owners bolt town.
Another factor at work here could be that the site’s line is indicative that it is gambling with your money on other sites, and is laying off money on its own action in an effort to protect itself from a huge loss.
Again, this is a form of a pyramid scheme in which the site’s operators take your money and gamble it, with no back-up capital to make good on your bets should they lose. If that turns out to be the case, they’ll be long gone and you’ll be left empty-handed and out in the cold. One more factor to keep in mind is the aspect of high-pressure telemarketing on behalf of the sports books. If you sign up for an account and are deluged with phone calls asking for an immediate deposit but promising some sort of customer bonus in exchange, be wary of doing business with this outlet.
When choosing an online sportsbook to bet with, it is always a good idea to take into consideration what TodaysPicks.net recommends. We have a full time staff that researches every online sportsbook to see who are the best and who are the worst. Here are a few of the best online sportsbooks:
1. Diamond Sportsbook
2. Bookmaker
3. SPORTSBETTING
4. 5Dimes
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