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Make The Most Of Online Betting Accounts

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Make The Most Of Online Betting Accounts

Opening an online betting account couldn’t be easier with the only real decision coming when entering payment details. Most will opt to use their debit card but there are other ways to fund a betting account.

Most punters will choose to have an account with most online bookmakers, if not all of them. There are no charges for having online betting accounts and although you are likely to use some more than others, certain odds or offers will usually tempt you into an odd bet with the ones you use less often. Man O Bong wrote an OLBG blog comparing some of the top bookies and that can be viewed here, alternatively you can check out reviews from other OLBG members for all the bookies covered on OLBG.

Important Considerations When Opening An Account

Make sure you are familiar with the terms and conditions when you register with an online bookmaker. Here is a selection of questions you should consider when looking through online bookmaker terms and conditions.

  • Minimum deposit requirements.
  • Deposit methods accepted.
  • Options for withdrawals from betting account.
  • Are fees charged to deposits on betting account?
  • Are fees charged to withdrawals from betting account?
  • Minimum bet amount taken.
  • Maximum winnings allowed.
  • Rules for the individual bet you place, especially rules for when bets are voided.

Making A Deposit With An Online Bookmaker

The minimum deposit is often around £5. This money is taken from your chosen method of payment and then shows as a positive account balance in your bookmaker account.

Bookmakers return any winnings to the same card or payment method used to deposit. Sometimes you will be asked to provide details to help the online bookmakers comply with money laundering regulations. Please understand that the online bookmakers are not being difficult, they are simply following legal guidelines.

You can also transfer money between the bookies’ other products such as poker, casino and bingo. Transferring money between accounts is very simple and if you only want to play the sportsbook you can just ignore this function.

We recommend using Skrill (formerly Moneybookers) for depositing into, and withdrawing from online bookmakers, as it is fast, convenient and the fees are reasonably low. You can find out which bookies accept Skrill here.

Free Bets

The types of free bet differ from bookie to bookie and it’s important to understand the different types of free bet in order to make the most out of them and to not waste any opportunities. The types of free bet available are covered in the bookmaker offers betting school lesson.

Important Considerations When Looking For Free Bets

These are questions to ask yourself when looking at a bookmakers free bet terms and conditions.

  • How much you need to deposit?
  • How much you need to bet?
  • Which bet your free bet applies to - i.e. some bookmakers will match your first bet with them only?
  • What odds you need to bet at to qualify?
  • Do you need to bet on a specific sport or event?
  • Do there need to be a certain number of outcomes in such an event?
  • What is the time period within which you need to use your free bet?
  • When will the free bet be available and how will it show on your account?
  • Do you need to make a certain number of bets or bet a certain amount before you can withdraw any bonus payment?
  • Different Free Bet Types and Amounts

The type of free bet promotions vary greatly and its important to understand the differences before you try and get your free bet.

You may wish to open a new online betting account in order to receive a free bet. We keep an up-to-date list of bookmakers free bets and have also arranged some exclusive ones which are only available if you register your account via a link on this site. Click here for the latest OLBG Free Bets.

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Comments from the Forum

  • monkeytennis

    <r>Is it best to leave your money in your betting accounts or do you withdraw your balance after each bet is settled?<br/>
    <URL url="http://www.olbg.com/school/lesson78.htm"><s></s>Make The Most Of Online Betting Accounts<e></e></URL><br/>
    Think this Betting School lesson needs anything else added to it? Disagree with anything written above? Let us know your thoughts and your insight could be included in the OLBG Betting School!</r>
  • LesterBowie

    <t>I always withdraw...that way you have less cash flow problems !</t>
  • jayandbob

    <t>i found that if i leave money in my account i get offers that are personal to me as a loyalty reward - paddy power and ladbrokes are the most generous bookies</t>
  • Savcri

    <t>when I have a large amount I prefer to withdraw</t>
  • Sportsbook

    <t>In some online websites if you leave money in your betting accounts, then there are chances to get rewards, offers, bonuses, extra points etc. However, if you think that the amount in the betting account is quite high then you should withdraw it.</t>
  • otbc canary

    <t>My first thought is that if I am prepared to lose my stake on any bet, then I should be prepared to leave any winnings in my account. Obviously if your balance increases to a substantial level then consideration should be given to withdrawing some or all of it depending on your needs. I have always, until recently, believed that leaving a larger balance in your account will protect you to some extent from closure or restrictions. Unfortunately this has not proved to be the case including amongst others PP and Laddies, referred to in an earlier post. Whether it has ANY merit, I remain to be convinced.</t>
  • Dennis17

    Thanks for the simple but informative lessons.
  • Archon

    <t>This is a tricky question. It depends more on how trustworthy is the bookmaker you have chosen. I guess big brand names will not do something that could hurt their brand name and drag them into court fights. Not so big names (especially if they have low liquidity) are more probable to find a clause in some small print that you did not notice and confiscate your money. If you win all the time and you keep withdrawing your money then you are not a profitable player and it is very likely that at some point you will find your account blocked or restricted. <br/>
    I believe the best policy would be to leave an amount always in and withdraw the profits. If your initial deposit is 100 Euros and you have won let's say another 100, withdraw the profits and leave the capital in. This will also help you keep discipline and not spend more than your pocket can afford. If you know you have money in your account you will not have to redeposit new amounts and therefore lose control. Plus you will have some cash flow to use for whatever suites your purposes.</t>

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