Online sports betting is now big business in Asia and there are many different online bookmakers available. As you would expect, Asia is an enormous region with almost 4.5billion people and 48 different countries. In this article we set out the legal framework of online sports betting in Asia, the most popular and major betting area on the globe. Where can you bet?
Online Gambling is legal in most countries but not all. There is little information available on how online bookmakers set the odds on specific games. However there is general consensus that sportsbooks favour odd numbers because they believe that bettors will be more confident to bet large sums if they feel their odds are relatively even. For this reason bookmakers usually offer odd-even odds that mean that a bettor who picks the sum of both the wins and the losses must at least win every odd number even though they can lose a bet if the odd number difference is greater than one.
Most Online sports betting sites ask you for a 'Deposit' before you start but there is no legal requirement for this. Therefore you can use any money in your bank account. You should never use your credit card details if you don't want to end up paying a heavy fine. Make sure you do a careful risk analysis before depositing any money.
Most online sports betting sites offer 'No Deposit' or 'Lowest Cost' betting options. This means you don't need a deposit to start betting but if you wager big then obviously you will need a deposit to withdraw your winnings. If you wager small, you may find that your winnings are very small relative to the amount of your deposit. This is okay as long as you can cover the costs of withdrawal, such as credit card fees, bank charges and other charges associated with withdrawing your winnings. Some online betting sites allow you to make unlimited deposits and some even let you withdraw your winnings without having to wait a long time for it. However, make sure you read all the terms and conditions associated with the online sports betting options before choosing which one to use.
Many of the online sports betting sites have 'No Money' or 'USD' withdrawal options for residents of Hong Kong. However, some do not have this feature available. You should check to see if your favorite team's ticket sales office has this feature or whether they are planning to add this feature later. This feature is very important in case you have a USD bank account and would like to take your winnings home in the form of cash instead of transferring them to your bank account. However, some of the online betting sites may have plans to add this feature gradually across all the teams in the future.
If you wish to deposit through the credit card, make sure you have all your personal details correct. There are some fraudulent companies who may not have your most recent bank statement and other personal information. They can steal your funds in no time. Also, some of the online sports betting websites do not accept credit cards for withdrawal. If you wish to withdraw your winnings, you will need to visit the nearest ATM or contact your credit card company to enquire about a withdraw option. Most of the credit card companies will allow you to take money from your account if you withdraw your winnings.
