Tags: racing | betting | gambling | betfair | online sports betting | online betting exchange

How to Get Started Setting Up an Online Betting Account

Monday, 22 Nov 2010 01:05 PM

The Internet has made things easier on many fronts, be it communication, finding information, or shopping. And betting is no exception, be it for sports. But things tend to be a bit different when it comes to betting online in the US. There are many conflicting views on whether it is legal for US citizens to indulge in online betting. A number of players, including one of the world's largest online betting exchanges Betfair, refuse membership to US citizens. There are also many illegal betting websites and, in many cases, scamsters may be on the prowl. Therefore, it is important to do thorough research before opening an online betting account.
Here are some tips on how to get started setting up an online betting account:
You must find out the legal situation in your state before opening an online betting account. Different states have different laws regarding online betting on things like the sports for which bets are being made, the funding of online betting accounts, and the overall legality of the online betting exercise.
You will need to check with your bank and credit card company about whether they allow transfer of funds to the online betting account you intend to open. At times, people first open an account after paying the required fees and charges and later find out that they cannot transfer funds to the account with their credit card or bank accounts.
You must check the credentials of the online betting service provider and make sure to deal with only reputed and authorized entities. Itertops, Racingchannel, and Youbet are some of the known names in the online betting business, but you will have to check about the local laws of your state for online betting.
Horse racing is one of the few sporting events for which you will find a large number of authorized and legal entities offering online betting services. You can consider TVG, a US-based horse-racing betting company that has a tie-up with Betfair, for online betting on racing events. However, you will need to check whether TVG accepts bets from people residing in your state. Only after you find this out will you be able to place bets with TVG.
Last but not the least, you must check about the factors like financial position of the online betting service provider, the ease of placing bets, and mode of transferring funds that is used by the provider before deciding upon the online betting account you wish to open.

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