Is Online Sports Betting Safe? Everything You Need to Know About Placing Online Bets Safely

Mark Saldana | Jul 31, 2020

The big game is approaching and you think you’ve got the winner picked. Your friends are placing their bets and you want in on the action, but is it safe to bet online? The short answer is yes.

However, not all online sports betting sites are created equal and you can definitely find yourself losing more than just a few bucks. Safety and security checks should be your number one priority before placing any bets online.

Looking for more information on safely making bets online? You’ve come to the right place to learn everything you need to know about safe online betting and how you can cash in big on the next big match.

Safest Online Betting: How to Choose an Online Sportsbook 

Wagering sports online is not only fun, but it can be rewarding if you play your cards right. You’ve already made a great decision by doing your research on the safety of online betting.

Bettors who take the time to get to know the landscape of online betting can enter into bets with the confidence of knowing they won’t get caught up in a scam. The last thing anyone wants is to have their team win in overtime just to find out their money has been sucked up in a scam and the payout never happens.

So, what should you look for when choosing an online sportsbook? Here are a few tips to guide you in the right direction.

Online Sportsbooks: Site Transparency

Before you start entering your information into a betting app or site, take your time to read the fine print — and there should be fine print. Their website should provide you with:

  • Current licensing information
  • Key highlights of their sportsbook
  • Deposit and payout details
  • Clearly laid-out bookmaker fees
  • Frequently Asked Questions section
  • Contact info such as phone, email, or live chat

We also recommend you read the reviews or only use apps and sites that have been referred to you by a trusted contact. The experiences of others can be very telling in the betting world.

Online Sportsbooks: Beware of Scams

It’s happened to many bettors looking to place a quick bet. They sign on to the first app or site offering big returns and never end up seeing a penny. Here are a few scams to be aware of:

Prediction Software: Any site offering to sell you betting software promising to accurately predict the outcome of a sporting event is a huge red flag. Promises of high returns can be tempting, but don’t do it.

Betting Syndicates: These often come with a compulsory fee which can be thousands of dollars to join the syndicate. They place bets on your behalf and you are promised a percentage of the profits.

Sports Investments: Often sold as an opportunity or investment, the promoter will use glossy diagrams and fancy-sounding terms, like “sports arbitrage” and promise you a huge return with little to no effort.

Protecting Yourself: How to Spot Red Flags

As with most scams, there are warning signs to watch out for.

Signs you might be under threat of a scam include:

  • Over-the-top sales pitches with glossy pamphlets and massive returns promised
  • You are told that you must act now or you will miss out on the opportunity
  • Frequent sales calls or pushy/desperate salespeople
  • The salesperson is using technical or financial jargon

If you suspect you may be caught up in a betting scam there are a few things you can do, such as:

  • Hang up on any sales call that seems pressured
  • Do your research into the company before signing anything
  • Get independent financial and legal advice
  • Look for ongoing costs and know how to cancel before you subscribe
  • Do not provide any personal identification or banking information

The truth of the matter is scams exist. But the good news is that when you know what you’re looking for they are easy to spot. Take the time to conduct an independent check on any company you plan to place bets with before signing or buying.

Live Betting vs Online Sports Betting: Which is Safer?

If you’re reading this, chances are you’ve been to a live betting site and are now considering moving your betting online. There are risks associated with both live betting and online betting, but knowing what the possibilities are will help protect you from an unfortunate incident.

Between the two, the risks that come with live betting come at a much higher cost, but it’s important to be aware of any issues you may be faced with when betting online.

The Safety of Live Sports Betting

First things first, let’s all agree that no one should ever be placing bets with an illegal bookie. Place your bets at a legal brick and mortar sportsbook. That being said, just because it’s legal it doesn’t mean it won’t attract some unsavory characters and criminals.

Common crimes that take place at casinos and sportsbooks include:

  • Robbery – There are many stories of winners being held up by gunpoint, or beaten in a bathroom stall, or even followed home.
  • Pickpockets – On the less violent side, pickpockets are sly and can easily go undetected as they steal everything you’ve got.
  • Losing your winningsAnd we aren’t talking about betting. It’s happened to even the most careful of people. You’ve won big and that wad of cash is sitting in your pocket or wallet and it falls out.
  • Losing track of your bets – It’s pretty easy to lose track in the heat of the moment. You start winning and then wagering even more. Add in a little alcohol and you totally lose track of what you started with.

We’re not trying to scare you away from making live bets, this can be a lot of fun, but you should always be aware of your surroundings, even after you’ve left the establishment.

The Safety of Online Sports Betting

Since we’ve already covered the possible online betting scams, here we’ll focus on the risks of making bets on a safe site or app. Using an established online betting site is by far a safer way to wager on sports, but there are potential threats that you should be aware of, such as:

  • Hackers – while this is becoming harder with some online sites, you never want anyone to gain access to your online betting accounts and information.
  • One-click betting – sometimes the convenience of online betting can be the downfall of a bettors bank account. If you have a history of discipline problems when it comes to placing bets, then you should just walk away from online betting.

The risks of online betting are minimal and easily avoided with a little leg work on your part. Do your research, understand the safety and security measures of your online betting app, and don’t store or save your passwords on your devices.

ZenSports Uses Cryptocurrency and Blockchain: Keeping Your Information Safe

ZenSports is an online betting marketplace that allows its users to place bets without a centralized bookmaker. Using ZenSports’ unique cryptocurrency called SPORTS tokens you can safely deposit, withdraw, and place bets. With the help of blockchain technology, online bettors can see and verify that transfers have been made, and credited to your ZenSports account.

Maybe you’re unfamiliar with cryptocurrencies and blockchain and you’re wondering how this is better than cash. Don’t worry, we’ve got you covered. We want you to have all the information you need so that you can feel secure in trusting ZenSports for all your online betting needs.

What is Cryptocurrency?

Cryptocurrency is a digital payment system that doesn’t need banks to verify transfers. This allows anyone, anywhere to send and receive payments. Cryptocurrency transfers are recorded in a public ledger and your funds are stored in a “digital wallet.” The word cryptocurrency comes from the term “encryption”,  which is used to verify every transaction, thus providing safety and security.

It may all sound a little strange if it’s something new to you, we get it. But cryptocurrency involves super-advanced coding to guarantee that your funds are kept safe, and are recorded publicly.  So they can’t just “disappear.”

What is Blockchain?

What’s a blockchain, and how does it fit into all of this? Blockchain is the complex technology that’s used to build cryptocurrencies. It’s called Blockchain to describe the way transactions are time-stamped and recorded in “blocks.”

Blocks store information, such as:

  • The date, time, and an amount of your recent transaction
  • Who is participating in the transaction, but without using your name you will be assigned a “digital signature” instead (like a username)
  • Information that distinguished the block from other blocks called a “hash”, which is a unique code assigned to each transaction

A blockchain is a series of blocks all strung together like a chain. 

A block cannot be added to the blockchain unless these four things happen:

  • A transaction must take place
  • The transaction must be verified
  • The transaction is then stored to a block
  • That block must be given a hash

It may seem complicated, but that’s the idea. It’s very difficult for hackers to tamper with. Transactions require a more detailed authentication process than your bank would typically offer.

We know that trust is a huge issue in the online betting world. So now you know why we go to such lengths to develop our own cryptocurrency using blockchain technology. With ZenSports, you can rest assured knowing your bets are in safe hands.

Peer to Peer Betting: The Future of Sports Betting

In a traditional wagering setting, a bookmaker sets the odds and stacks them in their favor as part of a profit-making strategy. The ZenSports platform operates on a peer-to-peer betting system, meaning that anyone can become the “bet-maker” and anyone can be the “bet-taker.” Without a bookmaker, your odds go up.

So how does ZenSports make money? Simple, we take a small percentage of every bet made on our platform. Aside from better odds, the great thing about peer-to-peer betting is that you can make or take bets anonymously from anyone around the world, and invite your friends to join in.

Peer-to-peer allows users to create their own bets as a maker, with their own odds and terms, putting you in full control of your betting destiny. If you prefer to be the taker of bets, simply set up your ZenSports account and find the bets you’re interested in betting on.

ZenSports is a decentralized sports betting system where everyone within our ecosystem has a role to play so that everything runs smoothly and fairly. We have created a system that operates on:

  • Rules
  • Deadlines
  • A penalty/reward system

This ensures that everyone within the marketplace is acting in good faith. Peer-to-peer is the future of online betting. Give us a try today.

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