The parimutual betting market or pari-wagering market as it is more commonly known, is a relatively new addition to the world of sports betting. Simply put, parimutual betting accounts allow members to make wagers on sporting events without needing to open an individual account with each bookmaker. Instead, they open an account with a betting company and use that account to stake all their gambling activity.
Each bookmaker, or betting exchange as it is commonly known, takes a percentage of all deposits made into the account. However, members can limit how much they are willing to gamble by setting a maximum wager limit or withdrawal limit on their account. This provides them with some measure of security in case they win or lose large sums of money while gambling. It also prevents them from being banned from the site altogether if they continually go over their allotted bankroll.
Withdrawing funds from your parimutual betting account is fairly straightforward. All you need to do is request a cashier’s check or money order for the full amount available in your account. You can usually expect to get your money within a day or two, though it could take a little longer if the bank is closed on a Sunday.
Why Should You Care About Parimutual Betting?
Pari-wagering accounts offer benefits to both new and experienced sports bettors alike. First off, opening an account with multiple bookmakers is generally discouraged by regulators because it can lead to higher fees and commissions. This, in turn, might cause a bettor to lose money because they would be unable to keep track of all the fees and charges that get tacked onto their gambling activity.
Pari-wagering accounts allow you to open an account with a single company that handles all your finances. This, in turn, makes managing your bankroll much simpler. You won’t be dealing with multiple bookmakers and will instead be betting directly with the company that has your account. You can use this resource to make all your bets and monitor your account balances at any time.
Another advantage of putting your bets through a pari-wagering account is the diversity of the sports that can be bet on. As mentioned, you won’t be restricted to just one bookmaker when using this type of account. You can choose which events you want to bet on and which ones you shouldn’t. For instance, you might want to avoid betting on sporting events in Argentina where you could possibly get yourself in trouble with the law.
How Much Money Does Parimutual Betting Account For?
The amount of money you can keep in your parimutual betting account will be based on the regulations set by your chosen provider. However, you can usually expect to have access to at least several hundred dollars in your account. Anything beyond that and you will need to make more deposits in order to keep all your funds. The good thing is that you won’t be getting in too deep financially if you keep to the recommended wager limits.
Setting up a parimutual betting account with a company like BetConstruct is pretty easy. All you need to do is open an account and then add money to it. You can then begin placing bets on the events that interest you. Bear in mind that you will need to stay within your budget because an excess of wagers could lead to you being cut off entirely from your funds. In this case, you would need to open up a standard individual account with the bookmaker and place all your bets through that account. So, while you can enjoy the benefits of betting via a parimutual account without risking your entire bankroll, you need to be mindful of staying within your budget.
Bets Of A Certain Size
If you are new to sports betting or just want to test the waters before committing to a legal wager, going over a certain amount might not seem too risky. After all, you are only risking what you can afford to lose. On the other hand, if your bankroll is already sizable, odds are you are already taking a significant risk by continuing to gamble after telling the bookmakers that you are trying to stay within your budget.
One of the biggest draws of betting via a parimutual account is the ability to stake larger sums of money on larger events. Most sportsbooks will allow you to stake up to the amount of what is advertised on their websites. However, if you are using one of the more reputable companies, such as BetConstruct, you can stake up to four times the amount of the original investment. This could potentially lead to huge wins or losses depending on whether you are betting on the bulls or the bears.
More Than Meets The Eye
Most people who enjoy betting on sports love the idea of placing a large wager on a single event and seeing it pay off. Not only does it give them the thrill of victory, but it also feels great to rack up a big win on a favorite sports team or player. However, sometimes the math does not add up. For instance, if you are backing the Michigan Wolverines in the University of Michigan vs Maryland game, you will need to lay down some pretty significant funds for the pleasure of taking a hit on the outcome of the game.
While there is certainly some risk involved in betting, especially if you are going over your budget, the rewards can make it all worthwhile. This is why more and more people are turning to parimutual accounts in order to access the benefits that they provide without risking their entire bankroll.
Considering all the advantages that parimutual betting offers, it is clear to see why so many people are flocking to it. With so much competition in the online betting world, especially with regards to legal and regulated sportsbooks, it is imperative to find ways to stand out from the crowd. One way to do that is by investing through a parimutual account.