Safety is the number one concern for anyone who intends to invest their money in something. Obviously, when you sign up and deposit at an online sportsbook, you instantly put your money at risk because a 100% safe bet does not exist. There is always a chance of the pick letting you down. Nevertheless, we are not referring to this type of risk in this article. We are rather going to discuss the possibility of you getting ripped off or cheated by an online sports betting operator.
This is where we begin to talk about licensing and its importance in the entire online gambling industry. You want to avoid even the slightest risk of fraud and stay on the safe site while loading up your betting account with money. Amidst the various crisis shaking the world such as the US presidential elections and the coronavirus, these casinos will ensure you enjoy your leisure time with minimal stress.
Registering with a licensed bookmaker is crucial
To avoid unpleasant scenarios, the key is to only bet with licensed operators. Luckily, numerous sites only promote such bookmakers. BettingBilly.com is, by all means, one of these. We’ve not found a single shady betting operator promoted on there in the last several years. So, if you want to save time you would normally spend to investigate a sportsbook’s license, Betting Billy is the way to go. If you, however, want to double-check (we can never blame you for that), stay tuned and pay attention to the next couple of paragraphs.
Do all sportsbooks need to obtain a license?
Yes, every single legal and legitimate sports betting operator needs to be recognized by a specific government entity before it accepts the maiden deposits and bets. This is the case because banks and credit card companies (such as Mastercard and Visa) do not want to cooperate with unlicensed companies. Moving forward, the owners of a sports betting site that functions without a license can be significantly punished by their country because running an illegal business is considered a crime.
How do bookmakers get a license?
If you think that a sports betting operator simply buys a license by paying a certain amount of money to the government, you are wrong. The process is much more than a rubber stamp. For any (serious) government to issue a license, an operator needs to fulfill specific minimum standards of security, reliability, and fairness, on top of paying the fee.
The list of governments’ requirements has been getting bigger and bigger in the last several years. Nowadays, sports betting operators need to meet the following criteria to get the most reputable licenses:
- They have to provide a list of allowed and prohibited clientele
- Their owners and senior management need to pass specific tests
- They have to offer adequate customer support services (e-mail, live chat, or phone)
- They have to set limits on deposits
- They have to perform regular testing of the Random Number Generator software
- They have to publish data on the RTP (Return to Player) for every game they offer
Some regulating bodies can ask for more, but these are the most common requirements for any sports betting operator looking to obtain a valid license.