As many punters do not have the time to go to the track or the TAB to put down their bets, online bookmakers have become extremely popular with the betting world. It is now so easy to bet on hundreds of games and races with all the sports and their odds listed on thousands of different online bookmaking sites. However with thousands of online bookmakers available, bettors need to know which ones can be trusted and which ones are likely to take your money and give nothing in return.
Online Bookmaker checklist:
1. Popularity – If an online bookmaker is highly recommended and is being used by plenty of punters, chances are they will be more reputable and customer focused than smaller or less known sites. Finding out which sites are popular is easy. Access online chat forums such as yahoo and ask which online bookmaker sites are being used. Otherwise, there are many websites which review bookmaker sites and offer the negatives and positives of each site. However make sure that these sites are not being sponsored by a particular bookmaker and are not just advertisements disguised as a review page.
2. Payment – Bookmakers want your money so they should give punters a wide range of payment methods including credit card, cheque/money order and direct deposit. Never use your daily expenses credit card for betting. If it gets stolen or your card details are accessed, you won’t just lose your betting money. Also, online bookmakers should never charge their bettors excess fees for withdrawing money or using a credit card. Good sites will wear the cost of these fees to attract more punters.
3. Customer Service – Being able to contact the site is very important and there should be contact details listed on the homepage of the bookmaker’s site. Email, live chat and telephone assistance are all essential and should be offered 24/7. When you speak to the customer service operators, they should be polite and extremely knowledgeable on all aspects of the site. If they are rude to people before they have even signed up, chances are their manner will not improve once they have your money either.
4. Betting Options – Singles should be offered by all bookmakers and reputable bookmakers will not demand huge amounts of money to be deposited into your account. Although most people prefer to bet on the larger well-known games, online bookmakers should also offer odds on local sports or smaller teams. These types of games normally attract smaller bettors which indicate that the website is more customer focused rather than just trying to take the money from the high rollers. Another thing to keep in mind is that all online bookmakers will have a maximum winnings limit, however this amount should not be too low. Compare this maximum with other websites and see if it seems reasonable.
5. Signing Up – Before signing up with any online bookmaker all bettors need to be aware that all bookmaker sites are a business and like any other business, they will say whatever they can to get people in the door and betting. Offering over 20% bonuses and ridiculous freebie offers might seem great but are in fact almost always too good to be true. However if you do think an offer is legitimate and you sign up, make sure you actually receive the bonus promised. If you don’t, it might be a good time to reconsider your account with them.
6. Security – If an online bookmaker is in financial trouble, they are definitely not going to make this problem public which is why it is important for bettors to access information about the site prior to setting up an account. Publicly held companies must make their financial records available to the public and these can be easily accessed for review. However because private companies do not need to publish their finances, bettors can only really go by what other punters have said. Check that they received their winnings within the week or did it take them weeks of chasing up the site to get anything in return? Lastly, all safe websites will display that they are a secure site on the bottom of their page, otherwise steer clear of them.
SPORTS BOOKMAKER
The number of sports on offer by a sports bookmaker is endless and they are able to provide punters with great odds and betting types. The sports typically on offer are American Football, AFL, Baseball, Basketball, Boxing, Cricket, Cycling, Darts, Football, Golf, Greyhound Racing, Handball, Hockey, Horse Racing, Ice Hockey, Martial Arts/Judo, Rugby League, Rugby Union, Snooker, Tennis, Volleyball and more. Although Australian online sports bookmakers are regulated by the government, it is important for bettors to check a range of bookmakers to see which ones offer the best variety of sports and odds. This is because there are still bookmakers which do not abide by the government’s regulations and are not caught. These websites are typically unsafe and will not be so customer orientated but rather money focused.
Knowing how a bookmaker works is important and will assist the novice bettor in understanding the world of betting. The primary job for a bookmaker is to keep track of all the bets placed on an event and will try and maintain equal amounts of bets on all possible outcomes of the event. This is so that the bookmaker still receives a commission which is essentially their income. The quality of the events and the prices listed will vary between sports bookmakers which why it is essential for novice bettors to research before opening any accounts.
Bookmakers earn their income by over rounding which theoretically ensures them a commission from all bets. By offering odds that are different to the real probabilities in an event, the bookmaker is receiving the difference between the real and the higher offered odds. However there are ways for punters to limit the chances of bookmakers taking their money. Betting on sports such as tennis, Twenty20 cricket and snooker are great as they do not involve draws and consequently limit the bookmaker’s chances of receiving a commission.
In sports betting, bookmakers will generally offer two different types of bets, a straight up bet or a point spread wager. Straight up bets offer the punter one set of odds with two different payouts depending on whether the punter sides with the favourite or the underdog. If the favourite wins, the payout will be what was set initially, however is the underdog wins, and the punter chose the underdog, he will then will twice that of the favourite’s payout.
Point spread wagers are used by sports bookmakers to equal out their betting books so that punter will be on both the favourite and the underdog. For example, Team A’s odds are -10 and the underdog, Team B is written as +10. If the punter chooses to bet for Team A (the favourite), they will need to win by 11 points or more for the punter to receive a payout. If the punter chooses Team B, they will win if they bet for Team B to win the game or lose by 9 points or less.
RACING BOOKMAKER
Depending on which type of racing you wish to bet on, different bookmakers will offer only horse and harness racing while others will also allow betting on greyhound races.
Horse races offered by most bookmakers:
Maiden – For horses who have not yet won a race, the top races being the Maiden Special Weight races.
Claiming races – A race in which every horse can be bought or "claimed" out of the race. The punter must put in a request prior to the race and afterwards they are the new owner. This is risky as the previous owner will claim the prize money and pass the horse on even if the horse gets injured in the race or even if it dies.
Allowance races – Horses in these races are not for sale however the payouts are normally much higher. There are set conditions and specific weights the horses must carry. This type of race is typically held for horses who are non-winners in majority of their races.
Stakes races – The best of all horse races which is restricted only for the top horses. These races produce the largest pay outs and can be either local or major races. The top stake races are graded from 1 to 3 with 1 being the best races e.g. Melbourne Cup. There are no restrictions on these races apart from age and sex.
Oaks – A race specifically held for 3 year old fillies.
Derby – Only 3 year old colts may race in a Derby.
Sprint race – A race under one mile with normally only one turn.
Greyhound races offered by some bookmakers:
Group Races (1 & 2) – Top grade dogs which compete at major race events with average race speeds around the track of 38-39 miles per hour.
Group Races (3 & 4) – Middle graded dogs, which run regularly at some of the best tracks with average race speed of 37-38 miles per hour.
Group Races (5 & Maidens) – Most dogs begin and finish their racing careers at this level with an average race speed of 35-37 miles per hour.
Most well-known and established online racing bookmakers will offer odds on both national and international racing including races from Hong Kong, England, Singapore and New Zealand. From those interested in only placing a $1 bet to the high rollers staking thousands, racing bookmakers are able to offer the standard racing bets including the Win/Place, Quinella, Trifecta, Exacta and Multiples. Also, check whether the website offers exclusive betting options limited to only their site. Some of these offers can reward bettors with great odds and payouts.
MELBOURNE CUP BOOKMAKER
With the Melbourne Cup bringing over $140 million in bets, it’s little wonder why so many online bookmakers would want to be involved in the event. Attracting over 100,000 people each year and millions more watching on television, the Cup is the most anticipated race of the season. The race which literally stops a nation at 3pm on the first Tuesday of November is raced for approximately 3 minutes and 20 seconds over a 3200 metre track.
The race features Australia’s greatest stayers and has featured many famous horses including Phar Lap, Makybe Diva and Carbine. Throughout the course of the day there are 10 races held between 10.20 am and 5.15 pm. Prior to the day, bookmakers receive the field and form guide of the race on the Saturday before. This information is essential in determining all of the horses’ odds as it provides information on the final horse line up and their barrier positions.
Good Melbourne Cup bookmakers will start advertising the race months in advance to remind punters to visit their website when they want to place a bet. As it is a high stakes race, Melbourne Cup bookmakers should be offering the highest online betting limits for the event as many people will wager more than usual on this particular race. Also, they should be working at the lowest bookmaking margins so that customers will receive the maximum payout for this race. Attracting bettors is easy for racing bookmakers who will offer Melbourne Cup bettors free bets if they sign up with them and place their bet first. Also check whether the bookmaker is offering odds on all the Spring Racing Carnival races. If they are, why not check out their odds for these races too? Closer to the race date, bookmakers will be offering all standard racing bets including:
Pre-Post – Choose the winner out of an extensive list of horses before the final line up of horses has been decided.
Straight bets – Win (which horse will finish first)
Place (horse must place first or second)
Show (must place in top three)
Across the board wager (horse will take any of the first three places).
Quinella – Choosing two horses in no specific order to win first and second placings. Although the punter has good odds, a quinella will pay less than a trifecta.
Exacta or Perfecta – The punter must choose which horses will win first and second place in the correct order.
Trifecta – Picking the first three winning horses in the correct order.
Box trifecta – First three horses in any order.
Standout trifecta – Picking the winner and then the next two horses in any order.
Superfecta – Same as trifecta plus the fourth placed horse.
