Signing Up Accounts:
Signing up with a sportsbook or exchange is relatively straight forward. You provide some details about yourself, go through the process, and an account is created for you that can be accessed through your browser with a username and password. While there's nothing wrong with opening just one account, if you continue betting be sure to deal with a variety of sportsbooks so you can shop around for the best odds.
Putting Money In Your Account:
When your account is first opened it doesn't have any money in it with which to place bets. The process of funding your account is usually known as making a "deposit", which can usually be found in a "banking" section in your account after you've logged in.
There are many different ways that customers can fund their account, though just which in particular depend on who you're dealing with. Credit and debit cards are a common depositing method for many, with wire transfers the preferred method for most bigger bettors handling larger sums of money. Withdrawals (collecting your winnings and/or balance) can be made in a variety of ways too - including wires, cheques, e-wallets and many other ways. You should have checked before signing up to make sure the banking facilities accommodate your needs - but if not, now's the time. If you don't see any option that allows you to make a deposit (and/or just as importantly a withdrawal!) it's time to find another place to bet. If everything's fine both ways with banking, follow the instructions the sportsbook or exchange provides for making your deposit and you're ready to start betting.
Making Bets:
We've already discussed the main types of bets you'll encounter as well as the different types of odds available at different sports betting venues, so you should be ready to check out the action. Most sites will use a tree hierarchy for listing all the available events, first split into different game types and/or leagues, then branched further into leagues/groups.
Once a sport or league has been selected, sub-categories for that selection (if available) will be available for you to click on. Once you find the market you're looking for, click on it to bring up a list of the events available for you to bet on. If there are different types of bets available there may be further segregation available - in which case choose the type of bet you'd like to place (i.e. Asian Handicap, Correct Score, etc.) to view further details.
Once you've found your bet, make the appropriate selection to choose your team/player/horse/dog/whatever you're backing, add it to your betting slip, enter your stake amount and place the bet. Some sportsbooks may have the a field to enter your stake amount along with your team choice - particulars depend on where you're betting. Be sure you're comfortable with the betting slips and how to make your wagers before placing any bets.
Taking Money Out Of Your Account:
When you do make the right picks and the cash comes in - the money should be credited to your account as a balance once the bets are settled. This means that the sportsbook/exchange won't immediately mail you a cheque with your winnings after each wager, you'll have to make a withdrawal through your account, much in the same way you made a deposit in the first place.
Choose your desired withdrawal method and follow the instructions provided to have it processed. Normally, if you made a deposit with your credit card, a sportsbook will refund the initial amount that was charged first. For example, if you deposited £100 using your Visa, and cashed out £150 - they would credit the £100 back to your card, and send the remaining £50 balance by another means.
The accounting department may ask for additional verification before they will process your first withdrawal. This is commonplace, and is done to protect them from fraudulent activities (such as people making bets under false identities with other people's credit cards, then taking the proceeds). They may require you fax/email/post some proof of identity, but thankfully the inconvenience will only be required once.
Did you get through all that? You should be ready to venture into the world of online sportsbooks and betting exchanges! As a newcomer, take your time and get comfortable with any sports betting site before you start wagering.
