Can All Betting Sites be Trusted to Payout Fairly?
December 11, 2020
Winning big bucks online is a scam, right? And nobody can afford to pay out such substantial sums of money, or am I wrong? The online gambling industry is evolving at break-neck speed and there is no denying this is due to the amount of cash (jackpots!) up for grabs. While many of us are skeptical when it comes to parting with our cash, many of us still choose to try our luck with online betting and games, but how do you know online betting companies are paying out? Let us clear one thing up – if the online betting industry were a dodgy one, operators would be going bust every day, so asked yourself, when was the last time you heard of a betting company going bust? Google is awash with real player reviews and if there were rumors circulating of the non-paying of prizes, nobody would play there again!
Before any operator can offer gambling services, they must apply for a gambling licence and the powers that be that hand out these gambling licenses, don’t just hand them out willy-nilly! Not only do these operators have to prove they have the wherewithal to pay any winnings, but they must jump through a series of hoops to satisfy the governing body (in that specific jurisdiction), that they have more than sufficient security measures in place and much more! The list of requirements is literally as long as your arm plus, a hefty fee is also required at the point of application! And when the governing bodies (in each country they wish to offer gabling services) is happy, only then do they grant a gambling license.
It’s All Random
Understanding how betting and paying works before you start will help you understand the market better. In the casino sector, a sophisticated piece of technology is used to determine the outcome of all games, this is known as a Random Number Generator (also known as an RNG). Neither the operator nor the independent company who designed this software will have influence over who wins or who doesn’t. Whether you play a video slot with a non-progressive (fixed) jackpot or one with a progressive jackpot that increases with every spin until it finally drops – if you win, once the win has been validated with the software provider (behind the game), your win will be credited to your account with no messing! Some operators, however, do state in the terms and conditions that wins such as progressive jackpot wins may be paid in increments, but this is a very rare occurrence. The top online casinos pay the jackpot amount in full if you are lucky enough to win!
What about the sports betting industry? These legit sports betting sites are only part of a huge global business, all of which are able to pay on a winning bet. American football, the English Premier League and MMA are among the most popular markets to bet on, each carries its own set of odds and pays which varies from one bookmaker site to the next. Never have we heard of betting sites refusing to pay out on winnings, but there have been stories in the media over the years on refusal to pay based on what is known as ‘unverified accounts’, and if you don’t want the same happening to you, there are a few things you can do and it’s all to do with verifying your account!
All operators offering gambling services and betting offers are required by law to carry out checks on customers – do not be alarmed, it’s a process to combat money laundering and fraud. Do not wait for your account to come under the check spotlight, which then results in the freezing of your account until you are verified – do it as soon as you join! Once signed up or logged in, make your way to your account, and upload the necessary documents required. A photo of your identity, such as a passport or driver’s license will be accepted, along with a photo of a recent (within the last 3-months) utility bill and an image of your payment card registered on the account – you can blank out the middle 8-digits for your own security. Once documents are sent, they are processed and your account will be verified before they can request this info from you, and this will eliminate any hold on funds.
A new piece of legislation may also require operators to carry out what’s called source of funds checks (better known in the industry as SOF checks), but what are they? SOF checks are carried out on certain customers to ascertain whether they have the means to be able to gamble, a new rule which aims to combat problem gambling. Your occupation will be required along with a bank statement to prove you are a responsible gambler, and once satisfied, your account will be back to normal. If the operator is unhappy, you may find your account restricted, but if you have any outstanding bets or winnings in your account, they will be returned to you.