Before You Bet: 8 Things You Need To Do

Before you bet online, it’s crucial to take some essential steps to ensure you make informed decisions and protect yourself from potential risks of online gambling. In this article, we provide a comprehensive ‘before you bet’ guide for Australians looking to sign up with an online bookmaker and place a bet.

The first step in online betting is selecting a reputable bookmaker. There are many online bookmakers available in Australia, so you should do thorough research to find a betting site and betting app that is both trustworthy and offers a great user experience. Some essential factors to consider when choosing a bookmaker include:

• Licensing and regulation: Ensure that the bookmaker is licensed and regulated by a reputable authority, such as the Australian Communications and Media Authority (ACMA), which oversees the country’s gambling industry.
• Website security: Make sure the bookmaker’s website uses SSL encryption, as this will ensure that your personal and financial data is secure during transactions.
• GoBet and user reviews: Here at GoBet, we only feature bookmakers that we have tried and tested and had a positive experiance with – so you can be sure to be betting with only the highest quality bookmakers. For additional research, you can check social media platforms, and review websites to read real user experiences with the bookmaker. This will give you an idea of the quality of their services, customer support, and payouts.

2. Understand betting laws and regulations in Australia

Before signing up with an online bookmaker, it is a good idea familiarise yourself with Australian betting laws and regulations – espacially if you are very new to online betting. In Australia, online sports betting is legal, but online casinos and poker are not. Each state and territory has its gambling regulations, so you should research and understand the specific rules in your area.

It is also crucial to understand the Interactive Gambling Act of 2001, which governs the legality of online gambling in Australia. Although this legislation primarily focuses on preventing operators from offering prohibited services to Australian residents, you should still be yourself informed and ensure you’re betting legally and responsibly.

3. Learn about responsible gambling and set a deposit limit

Responsible gambling is the most crucial aspect of online betting and gambling in general. Before placing your first bet, familiarise yourself with responsible gambling practices and tools available to help manage your gambling behaviour. Many bookmakers offer responsible gambling features like deposit limits, self-exclusion, and time-outs to help you stay in control.

Do not skip this step.

It is extremely important to set a deposit limit that is well within your means.

Doing so will help prevent overspending and ensure you enjoy your betting experience without causing harm to your finances or personal life.

If at any stage you feel like your are losing control, use the time out features or close down your account altogther.

If you need futher assistance, you can call 1800 858 858 for free and confidential support or visit gamblinghelponline.org.au.

4. Understand the different betting markets

There are a huge amount of betting markets available in the world of online sports betting and you should know exactly what you are betting on every time. Understanding the various markets and types of bets available is essential to making informed decisions and increasing your chances of success.

If you ever get stuck with knowing exactly what a betting market is, check the glossary of terms with your bookmaker, ask them on live chat, or even ask us here at GoBet if you have any complicated betting quetions – we are always happy to help out.

5. Develop a betting strategy (and stick to it)

To maximise your chances of success in online betting, it’s crucial to develop a strict betting strategy. Your strategy might include researching horses, teams and players, understanding statistics and form, and considering other factors that may impact the outcome of an event.

Your betting strategy should include:

• Bankroll management: Set a budget for your betting activities and stick to it – this will help prevent overspending and ensure a more enjoyable experience. Don’t just have a budget in your head or on paper – always set a deposit limit.
• Staying informed: Keep up to date with the latest news, stats, and developments in the horses, sports and teams you’re interested in. This will help you make informed decisions when placing bets.
  If you can’t keep up with the latest in your sports or horse racing, you should significantly reduce your betting stakes or even better – do not bet.
• Selecting the right markets: Focus on the betting markets you’re most familiar with and have a better understanding of.
• Shop around for the best odds: Compare odds across multiple bookmakers to ensure you’re getting the best value for your bets. Odds can change significantly between bookmakers depending on their hold for a particular event or race, so always shop around to get the best odds.

6. Verify your identity

Before you start betting with an online bookmaker, you should verify your identity. This is a legal requirement in Australia and helps protect both the bookmaker and its customers from fraud and money laundering. Verification must be done within 72 hours of sigining up.

To verify your identity, you’ll typically need to provide documents such as a driver’s license, passport, or utility bill. Ensure you have these documents ready before signing up, as failing to verify your identity may result in delays or restrictions on your account.

7. Set up a suitable payment method

When signing up with an online bookmaker, you’ll need to set up a payment method to deposit funds into your account and withdraw your winnings. Many bookmakers offer a variety of payment options, including credit and debit cards, e-wallets, bank transfers, PayPal, and more.

Consider the convenience, security, and transaction times of each payment method before making a decision – for example, a bank deposit can take 2-3 days for the money to be credited to your account, while credit/debit card deposits are instant.

Additionally, you should keep in mind that some bookmakers may have restrictions on specific payment methods, so ensure your chosen method is compatible with the bookmaker’s requirements.

8. Test the bookmaker’s customer support

Good customer support is extremely important for a smooth and enjoyable betting experience. Before you bet or sign up with a bookmaker, test their customer support by asking questions and gauging their responsiveness, knowledge, and professionalism. This will give you an idea of the quality of support you can expect should you encounter any issues while betting.

Testing customer support is often overlooked when betting with a new bookmaker, but you will be grateful you took the time to test if you ever have a need to use customer support for any urgent matters in future.

In conlusion, by following these 8 steps before you bet, you’ll be well-prepared to start your online betting journey. Remember to do thorough research, develop a solid betting strategy, and always gamble responsibly.

With the right approach, online sports betting can be an enjoyable and potentially profitable pastime.