After I started researching matched betting as a college student, it took a while before I mustered up the courage to try it. The idea of depositing my entire net worth into an online sportsbook was terrifying: who is running these online gambling sites anyways? What if they realize I am gaming the system and decide to take my money? Ironically, I would go on to take out a personal loan to fund one particularly large bonus two years later.
How Trustworthy are the Books Really?
In reality, the onshore books are extremely safe places to park your money. The U.S. heavily regulates online gambling, which is why there are so few operators in comparison to other markets. Each onshore online betting platform must go through a rigorous approval process before being allowed to launch in a particular state. On top of this, online gambling deposits in the U.S. are FDIC insured up to $250,000. This arguably makes them safer places to keep your money than PayPal, Venmo, or any major Crypto Currency Exchange.
Offshore Books
It is very important to note that this only applies to the legal, onshore sportsbooks. If you are located in a state like California where online gambling is not regulated, then you may still take advantage of the offshore sportsbook promos. However, do so at your own risk. If an offshore sportsbook decides to take your money, you will have absolutely no recourse. That being said, the more well-known books like Bovada and Betonline have a reputation to maintain and are unlikely to steal your money. I generally stay away from the offshore sportsbooks altogether as they offer much less EV, and have absurd playthrough requirements (they are also illegal in states with onshore betting).
Getting Caught
One question I get a lot is what happens when an onshore sportsbook finds out that you are gaming the system?
There are three possibilities, all of which will end with you walking away with whatever money you deposited:
- Promotion Ban
- Account Limit
- Outright Ban
Promotion Ban
A promotion ban just means that your account will no longer be targeted for additional promotions. In this instance, your account will remain open, and you will still be able to place bets.
Account Limit
If your account is limited, then the book has placed a limit to how much money you can place on one bet. In extreme instances, people will only be able to place a dollar on a line making matched betting impossible.
An account limitation usually means that the trading team has reviewed your play and believes you may be sharp. In matched betting, we generally try to find the highest conversion lines possible, but doing so puts you at a higher risk of being limited (I will expand on this in a later article).
Outright Ban
If a sportsbook believes that your broke their terms and conditions, they may close your account outright. Outright bans are not that common. In fact, most beginners most will never get banned outright unless they are multi accounting.
If they ban you outright, you will not be able to access your account. Generally, the sportsbook will withdraw your funds directly to whatever account you used to deposit.
In the U.K., it is not uncommon for books to confiscate your funds after banning you. Luckily, regulations in the U.S. protect professional gamblers. A regulated U.S. book will likely remove any of your free bets or bonus funds, but they are not allowed to touch your cash balance.
Most of the books know this and will pay you out instantly upon account closure. That being said, I did encounter one scenario where I was banned, and the sportsbook was dragging their feet. I simply complained to my local gaming commission. I received my funds a week later.
TLDR
If you are matched betting using regulated U.S. sportsbooks then you can trust that your money will not be tampered with. However, human error is still a major risk in matched betting. It is extremely important to read the terms and conditions of the bonus, where everything you need to know is written in plain English. That being said, if you would like to take the risk of human error out of the equation, I highly recommended pre-ordering our matched betting course, which includes step by step walkthroughs on how to extract thousands of dollars in bonus money. Not ready to put your money on the line? Be sure to check out our free walkthroughs.