Online Sportsbetting 101

J. Phillip Vogel 07:28 May 30th, 2006 Sports Betting

It’s fair to say that for as long as there have been sporting events, there have been plenty of people eager to bet on them. During colonial times, for example, settlers were known to bet on cockfights and bare-knuckle pugilism.
In the post-Civil War era, horseracing was the event of choice, followed shortly thereafter by baseball. And in the technology-laden 21st century, sportsbetting has grown to include everything from traditional sports like football and basketball to politics, popular television, and even the exploration of space.

There’s little doubt that the Internet has revolutionized the sportsbetting industry. What was once a restrictive pastime available though limited outlets has evolved to a point where a gambler can place a wager 24-hours a day on an event halfway around the world in a matter of minutes. Such convenience has resulted in a dramatic surge in sportsbetting popularity as evidenced by the unprecedented growth in the online sportsbetting
industry which is estimated to bring in over $60 billion/year worldwide.

In this article, we’ll investigate the growing phenomenon of online sportsbetting and examine what it takes to succeed as an online player.
Let’s begin with a brief look at the differences between traditional and online sportsbooks.

Sportsbooks: Traditional vs. Online

Before getting down to the nitty-gritty of becoming an Internet sportsbettor, the first issue to cover is: “Why bet online?” Land-based sportsbooks such as those in Las Vegas offer bettors the same action without the risk of wagering with a relatively unknown company based in a foreign country. So what’s the difference?

There are several advantages to online wagering. The biggest difference is that there is no face-to-face transaction. This means it can take thousands of bets simultaneously where a Vegas book can only take dozens at the same time. This lowers the costs dramatically to the point where they can offer deposit bonuses and even sport/bet types that may be less profitable than what Vegas books can offer.
Land based books don't comp very much for sports play from as it is a low profit margin product for casinos. Also, it is incredibly time consuming to drive down to a book, pay for parking, walk the half mile through the maze of slot machines to the sportsbook and place your bet. Seems much better to place your bet from home and get a bonus on
your deposits.

In addition, online sportsbetting grants punters greater accessibility to informative resources, wagering opportunities that are not dependent on location, and the ability to bet on multiple events from any computer with web access. Internet savvy gamblers can use the Net to research teams, find the best odds, register at a sportsbook and place a wager all in a fraction of the time.

Online Sportsbooks: A Few Key Ingredients

People generally have their own impressions about what makes for a “good” online sportsbook. To some, it’s the number of sports covered. Others prefer a site with lavish comps. Still others are more concerned that there be a casino or poker room built into the site.

But just as a single ingredient doesn’t create a culinary masterpiece, neither does any one feature equal a good sportsbook. After all, it doesn’t matter that you get a few bucks for free if the site is lacking in event coverage, competitive odds and other more crucial factors.

And while there is a lot of personal preference involved in selecting a site that fits you
the best, there are also key elements universal to quality sportsbooks.
Look for sites that offer a combination of the following:

1) Wide range of events and betting opportunities. Premium sportsbooks almost always cover a large selection of events with a wide range of betting opportunities. A basic sample of popular betting options to look for include: reverse bets, round robins, futures, propositions, straight wagers, parlays, teasers, and if-bets.
2) Competitive odds. Odds vary with the site. Make sure you get the best possible price for each bet. Tip: use an online odds comparison service like oddschecker.com to find the best price.

3) Player incentives. It behooves a gambler to select a site that offers at least a moderate supply of incentives. These can take many forms, including sign-up bonuses, VIP points, 5% juice, referral bonuses and re-load bonuses. Ideally, the chosen site will feature a combination of recurring incentives such as monthly deposit bonuses, so gamblers can
perpetually augment their bankroll.

4) Special options. Look for sites that go the “extra mile” and offer special options like in-running betting (allows the customer to bet while the action takes place) and person-to-person (P2P) wagering (allows bettors to browse and accept betting propositions posted by other site members, or propose desired bets of their own.)

5) Quality customer service. Verify that the site provides knowledgeable customer service agents who can deal with questions in an efficient and polite manner.

6) Betting resources. Seek out sites that provide informative resources to their players. Sportsbetting often involves a lot of research and the best sites want to assist their patrons wherever possible. Look for free newsletter offers, links to sports-related portals, free picks and other services.

7) Multiple banking options. Sites should always offer numerous and convenient banking options. These include NETeller, FirePay, credit card, Western Union, bank wire, Moneybookers, Federal Express and check.

8) Quality design. Always be wary of a site that looks like it was hastily thrown together. That could signal a struggling organization, the last place you want to send money.

Although this list of “ingredients” does not represent the full spectrum of what’s available online, the best Internet sportsbooks tend to offer some combination of these features. Always keep these criteria in mind whenever you consider gambling at a site.

Step by Step: Choosing the Best Sites

Although online sportsbetting clearly has its advantages, diligence is always called for when doing anything online, especially gambling. Having decided to give web-based books a shot, it’s time to begin the arduous task of selecting a site.
Below is a step-by-step guide to selecting a site and making your first online wager.

Step 1: Research the site. Find out everything you can about any site that you’re considering, even if it offers most or even all of the “key ingredients.” Read reviews in magazines, visit gambling forums to see what other bettors are saying, and try to determine its overall reputation in the industry.

Step 2: Does it suit your needs? After narrowing down your list of potential sportsbooks, visit each site and verify that they offer what you’re looking for. If you want to bet on harness racing or baseball reverse runlines, for example, realize that not all sites offer them. On the other hand, some sites go to the extreme to make sure that bettors have every possible wagering option.

Step 3: Test the service. Once you’ve locked on to a few sites that seem promising, don’t be afraid to test their services, and see what kind of a response you get. Send them an
E-mail, or just call them and ask a few basic questions. The type of response you receive here is likely the response you’ll get down the road.

Step 4: Open several accounts. Now that you’ve gone though all of the trouble of researching sites and identifying the ones that best suit your goals and wagering preferences, it’s time to open your accounts--several of them.
By joining several sites, you increase the likelihood of getting the best odds for any wager. And since online sportsbetting generally doesn’t require the installation of gaming software, you don’t have to sit through hours of tedious downloads.
You need only become a member, simply fill out some online forms and deposit funds into your account.
Once the funds have cleared, it’s time to research the events and start betting.