Online Sportsbook Rules | Placing a Bet
The most important aspect of sports betting at any online sportsbook is successfully placing a bet. It is also the simplest aspect of the whole process, but one with certain rules that need to be kept in mind.
Any online book taking action is going to have specific procedures for placing bets either by phone or through the internet. These books are also going to post some rules and regulations that are somewhat specific to their sites. However, there are some basic rules for placing bets that span across the entire online sportsbook industry.
One of the most heavily searched topics when it comes to betting on sports is minimum and maximum betting limits. The minimum wager for any bet at any book is generally $1 in US currency. However, the maximum limits are bound to vary from book to book depending on the specific bet being placed.
Citing the betting limits page from one of the top-rated online books in business today, the maximum bet on a pointspread for one NFL game is $2,200. The max drops to $880 for a NFL total line bet. These same limits also apply to NBA, NHL and MLB games.
You might consult another online book’s betting limits and find that you can bet as little as .50 on a NFL game all the way up to $5,000. Betting limits is the kind of subject that needs to be addressed with the online betting venue booking the bet. You can usually find limits posted in the sportsbook rules section of the individual online sportsbook’s website for every kind of conceivable bet you can place.
MUST WATCH – THE WILD WORLD OF SPORTS BETTING
A few of the more specific rules and regulations governing the mechanics of placing sports bets have to do with your online sportsbook betting account. The most basic rule is that no bet can exceed the amount of funds you have in that account. The most important rule to always remember is that the posted odds on the board at the time the bet is actually placed will be used to grade the bet. In other words, if you place a bet on Dallas -7 points that is your spread regardless of where the number moves ahead of the actual kickoff for that game.
Billions of dollars have been won and lost over a ½-point move one way or the other. As a general sports betting tip, if you absolutely love a betting line when it is first released, then place that bet right away. If you are looking for a betting line to move in your direction, delay placing that bet for as long as possible.
It is always the sports bettor’s responsibility to verify that all the details of any bet placed are correct. Once a betting transaction has been confirmed, it cannot be changed or cancelled. Disputes after the fact will rarely be resolved in the bettor’s favor.
If a dispute does arise over the time when a bet was actually placed, the sportsbook will defer to the set time recorded on its transaction log.
It is also the sports bettor’s responsibility to ensure that any deposits into the betting account have been validated. A winning bet could be voided if your sports betting account did not have the proper funds to cover any previous uncollected payments due.
If for some reason the venue is changed for a set sporting event, any bets placed prior to that change will be declared null and void. All events must take place on their scheduled day. Any event that is postponed such as a rained-out baseball game will void any bets placed.
These are just a few of the basic rules governing the placement of sports bets. As mentioned, you should always consult the rules section of the online sportsbook where you are placing the bet.
Article by Dave Schwab
Posted April 14th, 2019
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