Money is the primary subject when learning how to be an online bookie. One financial aspect of the business is the collection. As such, many people are asking, “How do bookies collect sports betting money?”
Despite what you see in movies, bookies don’t beat players who can’t pay right away. Operating a sportsbook is a legitimate business. That’s why they use legal means to collect money from players.
Most software sportsbook providers set up post-up operations. That means players must make a deposit first before they can place wagers. As a result, bookies can focus on providing gambling services instead of collecting money.
Ways Bookies Collect Sports Betting Money
There are several methods bookies use to collect money from players. The popular techniques provide privacy for both the players and the bookie. Here are some of the commonly used banking methods:
Person-to-Person Transaction – This is the most popular method of collecting money among offshore bookies because it involves cash. However, players should consider using the technique if they already know the trustworthiness of the sportsbook.
Cash – Local bookies still accept cold cash for wagers. Also, some players do prefer cash over other banking methods. On the downside, bookies need to have a considerable amount on hand if ever players choose to get their winnings in cash.
Credit Cards – Next to cash, players prefer credit cards. However, bookies often try to avoid accepting credit cards due to banking fees. Also, there’s a higher risk of chargebacks. In some countries, they don’t allow players to use credit cards in depositing money into gambling software.
Cryptocurrencies – The most private way of depositing and withdrawing money from a sportsbook is cryptocurrency. Players’ finances remain anonymous because there’s no personal info stored when making transactions. However, the value of cryptocurrencies is too volatile, which places the bookie business at risk of losing money.
These are the methods of collecting sports betting money from players. Make sure you provide several options to your players. That way, they can use the method that’s most convenient for them.