There can be no denying just how revolutionary online betting sites are in comparison to outdated high street bookmakers. At the click of a button, you can deposit and withdraw funds via heaps of everyday payment methods, gain access to thousands of pre-match betting markets, and even gamble in-play.
Moreover, the online betting space offers a number of features and benefits that the traditional segment cannot compete with. This includes lucrative bonuses for both new and existing players, as well as the ability to cash bets out before they are settled.
However, as great as online bookmakers are for seasoned punters, this still beggars the question – are betting sites safe? Here are three reasons why your money is 100% safe when gambling at an online betting site.
First and foremost, the UK betting industry is one of the most regulated gambling sectors in the world. The industry is safeguarded by the Gambling Commission, which in itself has a number of sanctions at its disposal should betting sites fail to comply with its LCCP (licence conditions and codes of practice).
The crucial section of the LCCP dictates that online betting sites must be in possession of a Gambling Commission license if they wish to service UK players. Both obtaining and retaining a Gambling Commission license is no easy feat for online bookmakers, which is why they must ensure that they meet and comply with all relevant regulations.
Notably, this includes a range of player protections and safeguards to ensure you are able to gamble in a safe and secure online environment. Failure to do so can not only lead to large fines for the betting site in question but ultimately, it could lead to the site having its license revoked.
If you’re yet to experience the joys of online betting, then you might be worried about payouts. In other words, how do you know that the online betting site actually has the money to honour your winnings?
Once again, this leads back to the Gambling Commission and its highly stringent LCCP. In a nutshell, all UK bookmakers operating in the online space must utilize segregated bank accounts for player funds. This means that every time you deposit money into your betting account, the funds will be held separately from the accounts used by the bookmaker for everyday expenses (such as wages, operation costs, marketing, etc.)
What this means for you as a player is that was the operator to experience financial difficulties, your money would still be safe. This acts as a major safeguard in the discussion of whether or not betting sites are safe.
The final safeguard that ensures online betting sites are safe is with respect to security. Firstly, betting sites will install a piece of technology called Secure Sockets Layer (SSL). Without getting too technical, SSL ensures that your personal data is encrypted before it reaches the server of the betting site.
As such, when you enter your debit/credit card details to deposit funds, the betting site will not be able to view your credentials. Instead, the data is encrypted before the deposit is processed, subsequently ensuring that your financial information does not get into the wrong hands.
Furthermore, you will also benefit from other security controls, such as email notifications. This is where you can opt to receive emails every time a key account function is performed. For example, you will receive an email when a withdrawal request is made. This ensures that in the unlikely event your account is accessed by an unauthorized actor, you will be made aware instantly.