First, we shall clarify what is sports betting and who is allowed to offer sports betting? Sports betting is by definition bets on the outcome of sporting events. There are basically three types: 1) Pool and totalizer bets; 2) Bet at the bookmaker at fixed odds; and 3) Bet against each other at the betting exchange.
In the case of pool bets, all participants pay their stakes in a common pot (pool), the stakes collected are then divided among all winners. The most common examples of this type of sports betting are totalizer bets on the racecourse or the good old soccer pool.
Bets at the bookmaker are primarily characterized by the fact that bets are made at predetermined odds and therefore – in contrast to tote bets – you already have clarity about the amount of the possible payout on the betting slip when placing the bet. This type of bet is also known as an oddset bet in some countries.
Whether we are using the online or the betting shop way – bookmaker bets make up the largest share of global betting sales. While totalizer bets are becoming less and less important, the boom in betting exchanges has only just recently begun.
While you bet against a licensed bookmaker in a betting office, there is no clear distinction between betting acceptance and betting customers in a betting exchange. Every participant in the betting exchange can place bets as well as accept betting tips. The customers of a betting exchange practically bet against each other at previously agreed odds.
In most countries the following applies: regardless of whether the bets are offered in a betting shop or on the Internet, anyone from the age of 18 can participate. Minors are not allowed into a betting shop and are not allowed to place bets online, either.
So that the provider can observe and monitor the protection of minors in sports betting online, some important personal data must be provided when registering a betting account, which is usually also verified by the betting company.
For this reason, it may also be necessary to provide proof of identity (e.g., fax or scan of an identity card). This verification must take place at the latest when an application for payment of winnings is made.
The betting providers are sometimes subject to strict conditions on the part of the licensing authority, if the customer is asked for ID, this should by no means be understood as harassment, but on the contrary shows that the online provider works seriously and adheres to the legal requirements for player protection!
The online betting industry has developed enormously in the last 20 years, while in the mid-1990s there were still a few more or less dubious betting companies that mainly served the American market from the Caribbean Islands, the online sports betting business has now become a large and important branch of the world economy.
Today, group-like structures with thousands of employees at several locations are already behind the major sports betting sites, some of which are listed on the stock exchanges in Frankfurt, London or Stockholm and each serve several million betting customers from all over the world with a constantly growing number of different betting products.
That is why no one would seriously think of calling the betting industry as a whole dubious or insecure today. What is insecure is whether David Beckham misses a penalty or not. Do not take luck granted, be reasonable and bet in a smart way.