Everyone likes to gamble. No matter if it’s online, in a traditional brick and mortar casino, or even during a TV game show, we are drawn to the chance of winning big or small amounts of money. But like most things in life, this also has its pros and cons.
One of the biggest connersies to betting is the amount of fraud that exists. You see, people will login with stolen identities, make false bets, or even create bets with fake accounts. All of this is done simply to obtain funds to fund their lifestyles and/or support their favorite sports teams. It’s a numbers game for the scammers, and since betting is such a popular pastime, there are always plenty of willing participants.
But even with all that fraud, there is still a lot of value in betting. Sure, most of it is theoretical at this point because nobody knows how to properly estimate the odds of winning, but the point is that betting creates an opportunity to try something new and different. If you’ve never done so, it’s also a great way to explore the possibilities of sports betting. And for those who enjoy a good wager, betting sites offer the chance to place bets on almost any sporting event or game show.
So, it’s either really good or bad depending on how you look at it. But why is it that betting sites don’t add up?
Tricky Financial Transactions
Back in the day, sportsbooks would get paid for betting on the outcomes of sporting events. But given the security breaches that exist online, this kind of financial transaction isn’t practical anymore. This is why most betting sites are actually platforms which allow users to bet on the outcomes of events via the blockchain.
The blockchain is a technology which allows for online transactions to happen without the need for a third party. Instead of going through a traditional bank to deposit money, you can simply use a cryptocurrency to transfer funds. It’s a much more secure and efficient way to carry out financial transactions.
This being said, the blockchain can be rather complicated to understand. Even tech-savvy people can have a difficult time following its intricacies. For this reason, most betting sites offer users the opportunity to deposit funds into their accounts using a variety of payment methods, such as credit cards or bank transfers. Some even allow for anonymous deposits.
It’s a tedious process just to deposit and then withdraw funds from your account. This is why most users either keep their accounts active only with fake money or engage in online betting only when they have a lot of free time on their hands.
This is also why it’s such a great opportunity for scam artists. Since most users are not tech-savvy, it’s easy for them to create convincing email scams which will convince users to deposit funds into their accounts. They will often use social engineering to get people to follow their instructions, which in most cases, will be to visit a fake website where they can get an online sportsbook to sign up for.
Lack Of Educated Betting Crowd
Even if you’re a pro bettor, it’s rather difficult to be successful at sports betting given the slim margins which exist in this line of work. For this reason, most people who get into betting eventually grow out of it.
But if you want to remain in this line of work and keep your finances healthy, you need to invest a lot of time into learning how to place bets. And this is where most people quit before they get started. This is why betting sites don’t add up; they don’t have enough engaged users to make it worth the effort.
The good news is that there are resources out there which can help you get started in the right direction. For example, the Blockchain Sportsbook Education project aims to provide athletes, coaches, and team management with the educational resources necessary to understand and utilize the benefits of the blockchain technology.
They want to democratize sports wagering by providing a free, comprehensive education leading to certification in blockchain sports management. In addition to providing valuable content, the project also rewards participants who take the time to learn through offering them BTSM points, which can be converted into a variety of cryptocurrencies, including BTC and ETH. BTSM points can also be redeemed for sports tickets, merchandise, and more.
To learn more, visit their website at https://blockchainsportsonline.com/ and download their whitepaper which is fully free from any charges.
Limited Userbase For Mobile
Mobile betting has become a bit of a gold rush in recent times, and for good reason. With the right tools, you can place bets from the convenience of your phone. Thanks to apps such as MyBookie which have made mobile betting a reality.
But just like any other form of gambling, mobile betting has become quite the target for scammers. This is why most mobile apps which allow users to place bets are completely free, but come with all the usual security warnings you’d expect from an app of this nature.
Since many mobile users are on the go, they don’t have the time to become fully engrossed in the complexities of blockchain technology and the various cryptocurrencies which exist. For this reason, mobile betting can easily be manipulated by hackers, and this is why most people who get scammed by such a thing end up loosing a lot of money.
The good news is that there are also reputable, trustworthy mobile apps which allow for safe and secure betting. Examples include the Bitcoin Casino which uses 2FA authentication, the MyBookie Sportsbook Mobile which is completely free from any viruses or malware, and the Unibet Sportsbook App for Android which is approved by the Android Authority. If you’ve been searching for a safe, secure way to bet on your phone, these are some of the best options out there.
It’s always great when a new way of doing things comes along. At face value, online betting is a great solution to all of the problems discussed above. But as we’ve learned, appearances can be deceiving, and even the most reputable, safe, and secure sites out there aren’t without their quirks. This is why, ultimately, online betting doesn’t add up.
For those who want to stay in this line of work and keep their money, it might be a good idea to start by learning how to place bets. Once you have a basic understanding of the theory, it’s just a matter of educating yourself on how to use the different resources available to you.