Sportsbook Rules and Accounts
In this section we will take a quick look at sportsbook rules and player accounts.
Going through the rules of a sportsbook can be monotonous but it is one that you should undertake.
New players to a sportsbook often assume that if they bet on the wrong team by mistake, then they can simply cancel the bet. This is very rarely the case. The only way to effectively ‘cancel’ the bet is to use the ‘cash out’ option, if the sportsbook has one available, or to bet the other outcomes in that market. Both methods, however, will cost you in terms of the sportsbooks built in commission or vigorish.
Also be aware that when participants are withdrawn from an event – a rule 4 (uk) or equivalent can apply. In such cases, the odds are reduced in relation to the odds of the competitor and the reduced number of runners in the event. Your payout will no longer be in line with the odds at which the bet was struck. Place terms in the same market might also be affected. For instance a race market which originally paid out to 4 places, might only pay out to 3 places after runners have been withdrawn.
Later, when the bet is settled, players who have not read the rules, complain about not being paid out in full.
Other than keeping your personal information secure, it is via your player account that you will deposit and withdraw funds. In the US this has been an issue in recent years because some options for deposits and withdrawals have been closed off to US customers. However, sportsbooks still offer plenty of alternatives including credit card. Where credit cards don’t work, many other options are available including Bitcoin.
Customers should be aware of two things. Firstly, from our monitoring of sportsbooks, processing times can take a little longer than they used to. Secondly, withdrawal charges attach to some methods, so it is well worth investigating before you make you first deposit. Generally if you deposit via one option you will also need to withdraw via that same option, so check if charges are applicable to your chosen withdrawal method.
The humble bank check is often still used by players as a deposit method but don’t expect it to clear quickly. Sportsbooks focused on the US market are based offshore. The check first has to reach its destination, then be routed to the right department and then go through the clearing process. This takes time. Think ahead if you are depositing for the start of the busy NFL season
Also be aware that in the US in particular, ID documents are often required before accounts are made fully active. This is really for account holder’s protection and for the sportsbook to have some system for verifying players.
Bitcoin sportsbooks are on the rise and this is a valid option and usually free of charge to deposit and withdraw cash. Anonymity is also largely preserved.