How to identify and avoid online betting scams

Running a betting site can be extremely lucrative, which is a huge opportunity for scammers to ignore. Because of a high number of betting sites out there, it is easy to fall victim to an online betting scam. So, if you want to avoid adding another cautionary tale to your life experiences, you need to be on a lookout for signs of scams, and take some steps in order to avoid them. Here are some of the common traits that scam platforms display, and how you can avoid them.   

Ridiculous bonuses 

If you frequently bet online, you already know about the incentives that big companies use to increase their user base. These are typically welcome bonuses that allow you to play with more funds than you initially deposited. However, you will rarely see a legit betting site offering 10 times the initial deposit. It’s clearly scam when it is too good to be true, and you will most likely be better off just closing the website. Also, if a site offers way better odds than a regular sportsbook, it is highly likely to be a scam as well. 

Selling prediction software 

Let’s say you create a highly accurate prediction software that you can use to place bets and increase your win rate. It’s a thing that pays for itself right? Why do you have a need to sell such software? If it works just use it and get funds you need, it makes no sense, and it is too good to be true. In other words, this is most definitely a scam especially if they claim it’s for real-life betting. If such a thing was possible betting would no longer exist. So, if someone is selling this make sure to ignore them.    

Lack of valid license

One thing you should always do before placing bets on an unknown site is to check their license. That being said, this may not be the most reliable way to figure out if it is a scam or not. Many sites had licenses that were suspended due to malpractice or not complying with the regulators. Still, you are always better off checking then trusting them blindly, and if you cannot find the information, it would be wise to stay away from those sites. You should also check if the site offers a fast and reliable way to withdraw your funds.   

Read sportsbook reviews and comments

Finally, the best way to see if a site is legit is to go over sportsbook reviews. If you find it on a website that compares multiple sportsbooks it means they are a safe option. You should also be on a lookout for comments. If other users had a bad experience with a scam site they will likely share it.