Joining an online sportsbook is a simple process. On average, you can be placing your first bet within 10 minutes of starting to create your account. While it’s a relatively straightforward process, we’ll give you the ins and outs and break down some of the more critical aspects you should be aware of during the sportsbook sign up process.
MyBookie is a Legal Online Sports Betting Site, However you are responsible for determining the legality of online gambling in your jurisdiction. Sportsbook and Online Casino Rollover Requirements: All. Most online sportsbooks in Nevada will require you to make a deposit after opening an account if you want to make real money sports bets. MGM Resorts offers a $25 starting bet with no deposits. Some sportsbooks and casinos offer no deposit bonuses to make it really easy for people to give sports gambling a try.
1. Preliminary Steps
First, to set up an account, you will need to provide a few standard pieces of personal information:
- Full name
- Current address
- Date of birth
- Current email address
- Telephone number
Creating a Username
Depending on which website you’ve selected, you could also be prompted to create a username. Others, your sportsbook provides or a user ID for you. If you are making your own username, be sure it’s something you can remember and won’t hate in a year. This is because, in all likelihood, you won’t be able to change it. If the ID is provided to you, be sure to keep it stored in a secure location so you won’t forget it.
Creating a Password
Obviously, you’ll also need a password to accompany and protect your account. Typically, it will need to be longer than seven characters and should contain both numbers and letters to make it more secure. Keep it in a safe place and don’t share your password with anyone.
Security Is Important
You want to treat your sportsbook account like an online bank account. After all, it contains a lot of the same information. Be sure you log off after each use and don’t use any “remember me” password functions on your internet browser. Your account shouldn’t be something any roommate or kids could easily access if they use your personal computer.
Accuracy of Information
It’s important that the info you provide during sign-up is accurate. Sportsbooks do their due-diligence on all accounts created during the sportsbook sign up process to prevent fraud. They can run automated checks to verify that you have submitted the correct information. If they are unable to confirm an email address or find that you don’t meet the minimum user age (usually 18 years old, but can be 19 at some websites) then your account request can be denied.
If you don’t have an active email, it’s imperative that you create one. Every online sportsbook will ask for one at sign-up. Using a defunct email isn’t an option; some sportsbooks will send out a verification email during the sportsbook sign up process. Even for the ones that don’t send verification, an email will be their primary source of communication. Without an active email, sportsbooks alerting you to bonuses and perks is impossible.
If you forget your login or password, you won’t be able to recover that information without having access to your email account. So don’t sign-up with an old student email because you’re afraid to give your current email.
2. Potential Issues in the Sportsbook Sign-Up Process
As long as the information you’ve provided is accurate, there’s not much that can go wrong during the sign-up process. Perhaps the most common issue is a failure to receive a confirmation email; the solution is often as simple as checking your spam folder.
Sportsbooks limit accounts to one per user and sometimes one per household. So, if you’ve already used the same address and email to sign-up for an account at that website before, you could run into problems. If you forget your old account information, contact customer service instead of trying to open a new one. This is the best course of action and will lead to a quicker resolution than creating the account and contacting customer service later.
Create A Sportsbook Website
You should also contact customer service if you encounter any other issues during sign-up. All reputable online sportsbooks will have a customer service department you can either call on the phone or converse within a live chat window on your computer. They are ready to help you open your account and resolve any issues that may come up during the process.
If you’re a night owl or customer service isn’t available when you’re creating your account, it’s probably best to choose a site that has customer service reps available when you need them. Some sites have reps available 24/7 so keep this in mind when selecting a sportsbook.
3. Depositing Funds into Your Betting Account
The first prompt you’ll receive once an account is set up is to deposit funds. This is another reason including accurate information when signing-up is so necessary, as the name you used to create your account needs to match your payment information. On top of that, some sites send promotions and reload bonuses to your email address. Consequently, providing a fake or inactive email only cheats you out of those opportunities.
Each sportsbook has maximum and minimum amounts available to deposit at one time. These vary within each site depending on the method used to deposit funds. A variety of deposit options are available, but the most common are credit card/debit card, eWallet, Bitcoin and wire transfer.
Credit/ Debit Card
This is the most common method of funding an account. The deposit minimums are usually low (ranging anywhere from $10 to $50). While a credit card or bank account verification form can sometimes be required, your information is kept on file, allowing for hassle-free deposits in the future. Credit card deposits process instantly and enable new bettors to begin right away. You must use your credit card, though. If you borrow a credit card from someone else, it will get flagged for not matching the account holder’s information, and the deposit won’t be processed. However, prepaid Visa cards can be used to fund accounts, as long as they allow for international purchases (since most books house their operations offshore).
Cryptocurrency
More and more sites are accepting cryptocurrency as a viable payment the moving forward, which is good news for those who are hesitant to provide a sportsbook with their credit card information. Bitcoin was the first cryptocurrency accepted at sportsbooks, making deposits quick and easy, and withdrawals to an online wallet relatively simple as well. As a result, Bitcoin is the most popular and widely accepted cryptocurrency. However, Litecoin and Ethereum are both gaining traction with online bettors and should be a potential option at some books too.
eWallet
Digital wallets offer the same feeling of security and ease of transfer as a cryptocurrency, but akin to Bitcoin, specific eWallet brands aren’t ubiquitous at sportsbooks. Whether it’s PayPal, Skrill, Neteller or another brand, know that it may not be an option at a specific sportsbook. Sportsbooks place limits on the bettors they accept, either for geographic reasons or other business reasons. (For example, Skrill remains the only digital wallet sanctioned in the state of New Jersey.)
Wire Transfer
Available at large-scale sportsbooks, this is a slower method of funding your account and has the highest minimum deposit requirements. However, there are also higher maximum deposits when using this method, so only high rollers typically use this method. There are fees from the bank for a wire transfer, but some sportsbooks may offer to cover those costs on your first deposit.
Person-to-Person
Services like Western Union and MoneyGram allow users to send money to locations around the world without having to share their banking information. The sender just goes to an office and gives their name, address, recipient’s name and payment destination (this info will be provided by the sportsbook beforehand). Then, they’ll be given a reference number that the sportsbook uses to collect the money. It’s a discrete way to pay, but based on your location, it may not be the most convenient method. Fees can be high for this process too, although sportsbooks will usually cover the costs for deposits that are large enough (i.e. greater than $300).
Are Sportsbooks a Safe Place for Your Money?
For those worried about providing banking information, know that MTS only recommends the most respectable sportsbooks. Each website we rate details a comprehensive privacy statement and uses a Secure Socket Layer (SSL) to ensure that the sensitive details you provide are dealt with securely. Similarly, each sportsbook we suggest has a proven track record after years of service in the online gambling industry.
Each sportsbook has a license with the gaming commission within their nation of operation. That information will be located at the bottom of their webpage or within their terms of service. If you can’t locate the commission that a sportsbook is licensed under, it’s one you want to stay away from.
When Can You Start Betting?
As for when you can start betting, your account funds should be available almost instantly after deposit. Books will fund your account before your deposit processes, so you can begin betting right away. But be careful, if your deposit is reversed or uncollectible, all bets made will be forfeited.
Transactions can be denied for many reasons: insufficient funds, entering incorrect information, or your bank may not allow for transactions at a sportsbook. If you’ve investigated all those possibilities, contact customer service at the sportsbook. You may ultimately end up needing to deposit using another method.
If your deposit has gone through without issue, it should show up on your credit card/bank statements within 3 to 5 days. Be sure to keep a record of your deposit slip just in case. Sportsbooks will have a history of all transactions, but it’s a good practice to keep a record for yourself.
Identity Verification
While the initial sign-up is pretty painless, be aware that, down the line, you will need to produce documents to verify your account before you can withdraw any money. Most sportsbooks want a scan of a government-issued ID, front and back scans of your credit card (if you use one when making a deposit) and additional supporting documents verifying your address, like a bank statement or utility bills.
Sportsbooks require such documentation in order to prevent fraud, restrict users from creating multiple accounts, and comply with customer identification program guidelines. These programs are designed to prevent the use of their websites for money-laundering.
We’ll dive deeper into the withdrawal process later on, so you fully understand the ins and outs before you attempt to make your first withdrawal.
How Profitable is a Sportsbook?The question of how profitable are sportsbooks is probably one of the most commonly asked by those who are considering the possibility of becoming a bookie and also by bettors who are interested in knowing how much money a sportsbook can make from their action, however, there is no simple answer to this question, a lot of things come into play, just as they do in any other business or industry, but perhaps the sportsbooks have a more complex scenario, you have to understand how they manage risk, how they handle profit margins and none of this can be done in a short article.
So, we will stay on the surface, touching on the basics and trying to give you a big picture of how a sportsbook makes money and how profitable it can really be. This will help you if you are considering becoming a bookie and it will also help you if you want to become a more effective bettor.
Sports Betting Profit Margin
A sportsbook makes money through what is known as the juice or vig which is basically the “commission” that the company makes from taking the wagers, the main idea behind the juice is for a sportsbook to profit regardless of the outcome of a game, so they will always try to keep the bets on an event fairly even and in that way they can profit no matter what the outcome of the game is. The juice is the difference between what a bettor risks and what that wager pays back, this depends on the type of bet and line, but in the most common form of bet for every $1.10 wagered the bettor can win $1. The juice is adjusted depending on the probability of an outcome or how much money is being wagered on aside, this is also true for line moves if a lot of money is being wagered on one side the experienced line mover will adjust the line to encourage people to get on the other side, but they can also simply adjust the juice when the amount wagered does not justify a line move. Experienced bettors know that if a juice is high it’s a sign to avoid a bet.
Sportsbooks play with numbers and volume, they need to balance risk, the “line” whether it is a point spread or a Moneyline are designed precisely to help a sportsbook balance their risk. The job of the line mover is precisely to make sure to balance things out in order to collect the big with no risk, this being said, it is easier said than done.
Set your Betting Business
Sportsbooks definitely have different ways to balance things on their favor and make it a profitable business; however, the betting part is not everything there is to it, consider the expenses this business runs and how important it is to understand everything that is needed to set up and run a sportsbook.
Setting up a sportsbook is no piece of cake, it does require a high investment, not only do you need to have the monetary back up to respond to client wins but also the business relays heavily on technology, a good software is the first step, there are plenty of options in the market but just a few that really compile all the necessary features to guarantee a good experience for clients; hardware is also important, information needs to be protected, the systems need to have the capacity to respond to heavy traffic, and there must always be backups in place.
The maintenance of the website requires qualified personnel, and sportsbooks also need to have sharp line movers, experienced customer service representatives, personnel with the necessary knowledge to get processing options lined up for clients, among many other human resources needs to acquire and maintain players. Add to this the necessary office space, internet connection, services, marketing, etc. Running a sportsbook business can get very expensive.
Another aspect to consider is that even though statistically more players will lose than win, players can go on winning streaks, a sportsbook can get hit by sharp players, sometimes things simply don’t play out as they are expected to, some seasons will favor the book and some seasons will favor the players, so sportsbooks take as much risk as players, yet, handled properly it can be a very profitable business.
Create A Sportsbook Online
Best Option for Bookies or Agents
One of the options that has become very popular in the past few years are Pay Per Head sportsbook services, this is an alternative for bookies or agents that are looking to start or grow their business and perhaps do not have the means yet to set up all the necessary infrastructure, or simply don’t want to go through the hassle of it all.
Companies offering PPH services basically provide a customized solution, everything from a personalized website, betting software, the entire platform if needed, and they make money by charging a weekly fixed rate per active player.
Create A Sportsbook Poker
PPH is very convenient and can be very profitable for the bookie as well as for the service provider. Bookies can focus on growing their business and keeping their clients happy and don’t have to worry about the day to day of keeping things up and running, this headache is “outsourced” to someone else with the necessary experience. Another advantage is that they can have give their customers access to other services such as virtual and live casino, poker, live lines, etc. Another source of income.
It is important that bookies take their time to choose the right pay-per-head, since there are different levels of service, and as we mentioned above, great service and sharp betting lines are needed for a sportsbook to be profitable, companies such as AcePerHead.com have been in the sportsbook and PPH business for years and have the experience necessary to offer their clients a complete platform with high-quality services. If the customers are happy, the agent is happy, and the service provider is happy, and these all lead to the business making a good profit.
So, How Profitable is a Sportsbook? This will depend on how well it is managed, it has the potential of making a lot of profit if handled properly.