The Basics
If you’re not familiar, 1+ is an industry-speak term that indicates the amount of money you’re risking on a particular wager (or “lay”). So, if you’re placing a $100 wager on the Super Bowl, the +1 is going to be the cost of your meal at the nearby restaurant. Your $100 will be covered twice, once when you bet it and once when your opponent bets it (assuming they win).
What this means in practice is that if you want to place a $100 wager on the Super Bowl, you have two options. You can either use real money or you can use a credit card (with a casino sponsor) to fund your 1+ account. Once you have funded your account, you can use it like normal money. Just remember that any winnings are going to be taxed as income.
The Benefits
The two biggest benefits to using a 1+ account are convenience and security. Convenience comes from not having to go to a casino and deposit money in person. Instead, you can use the card at a nearby restaurant or grocery store and get the benefits of those businesses’ bank accounts.
Security comes in the form of an added layer of security in your account. If you’re depositing money in person, there’s always the chance that something could happen. However, by using a credit card, you’re adding an additional barrier between your money and their hands. The main downside to this is that your credit card may be declined if the casino is suspicious of your motives. Still, it’s better than going to a bank and handling the money in person.
Another important benefit to using a 1+ account is that you can access your finances from anywhere. In the example above, you can see that we have a bank account for a 1+ account. This means that we can review our bank statements and look at our investments from any computer, tablet, or mobile phone. Additionally, because this is a widely accepted mode of payment, you’re automatically covered by most forms of insurance. If you ever lose someone’s contact details or the card itself is stolen, you can file a police report and get a new credit card within minutes.
Do I Need One?
If you’re not sure whether or not you need a 1+ account, it’s probably best to say no. You don’t need one if you deposit cash in person and you don’t need one if you use an online banking website to manage your finances. In both of these cases, you’re going to be handling money in an open and transparent manner that doesn’t require the added layer of security that a 1+ account offers. For example, if you want to deposit $100 into your account at the end of each month, you can do so without any problems. No additional security is necessary in this case since you’re not putting your money in an untraceable account.
However, if you’re looking for a more private place to store and track your money, a 1+ account is your best bet. If you’re deciding whether or not to get a 1+ account, think about what you’re going to use it for. Are you going to be wagering a lot of money or are you just going to be using it to cover the occasional wager?
Additionally, if you want to use a debit card to fund your account, make sure that the casino accepts those cards. Otherwise, you’re going to have a hard time paying out of pocket when you win. Even if you plan on using a credit card to fund your account, you can still use your debit card at the casino to make purchases. The two cards will work together to give you the best possible experience. Sometimes there are fees associated with using a debit card at the casino, so be sure to check out the fine print before making a purchase.
When To Use It
You have four basic situations where you might want to use a 1+ account. The first is if you want to deposit money into your account. Second, if you want to withdraw money from your account. Third, if you want to transfer money from one account to another. Fourth, if you want to make a payment (wagering or otherwise) and don’t want to use paper money.
In the first situation, you can deposit money into your account at a casino and immediately start using it. When you win, you can either cash out (withdrawing the entire amount you won) or you can use the funds to place another wager. In this case, a 1+ account is ideal because you don’t want to worry about carrying around cash. If you plan on keeping any of the winnings from a large wager (at least $100), you’re going to need a 1+ account.
Withdrawing money is typically a bit more complicated. You have to find the place that you deposited it (if it wasn’t at the casino), wait for the appropriate time, and then request your money back. This can be done online or by phone. Just make sure that you follow the correct procedure to avoid any problems.
The next three situations are pretty self-explanatory. If you want to transfer money from one account to another, you can either use an online banking service or you can visit a bank and get the cash transferred to your account. Like with depositing money, the simpler the better in the case of transfers. For example, if you want to transfer $100 to Betty, you can easily do so using online banking or you can go to a bank and have them write out a check for that exact amount. You don’t need a 1+ account for this one since you’re not putting your money in an untraceable account (yet you want maximum security).
The last situation is what we call “banking”. In this case, you want to make a payment (either pay out of pocket or with a credit card). If it’s the former, you can make the payment using your debit card. If it’s the latter, you’ll need to open a 1+ account and use that to make the payment. Once again, simplicity is key. Make sure to find the easiest way to do whatever you need to do.
Why Should You Try These Exchanges?
There are many reasons why you might want to consider using Betfair to exchange wagers with other users. First off, they offer a well-regulated marketplace that has clear guidelines for using flagships (their word for these accounts). Second, they have a good reputation for customer service, which is incredibly important considering that this is a live conversation that you’re having with another person. Third, they have many different sports covered and a relatively large number of markets, which gives you a lot of statistical information about the games (and the outcomes of those games).
To put it simply, if you’re looking for a place to wager and you want to do so in a safe and secure manner, then you should try out Betfair. Just remember that it might take a bit of work to get set up initially, but after that, you’ll find that it’s well worth it. Plus, at the end of the day, you’re just trying to have some fun and make a few extra bucks, right?
Hopefully, this article has helped clear up any confusion that you might have had regarding 1+ accounts and how they work. Just remember that for the most part, they’re designed to take the hassle out of your life so that you can focus on having fun.