Credit Betting: The Rotten Apple in the Barrel
An online casino is nothing but a godsend to the betting community. It is convenient, easy to use, and accessible without the constraint of time or location.
Bettors that are new to the online casino scene will grow fond of it, whereas the idea of going back to a brick and mortar casino has never crossed the minds of bettors that have tried and stuck with one.
There is never a dull moment when you bet in an online casino. You can try your luck at all sorts of games, including lottery games, casino games, slots, as well as sports betting. The best part is? These games reward bettors for their boldness and discernment with cash prizes so steep, it can change their lives 180°.
On the surface, betting seems like one of the most straightforward activities. For instance, with sports betting, you just pick a game, bet on it, and when the results are out, you either win or lose some. And it should be!
Betting is supposed to be a pastime bettors can take delight in, but owing to unethical business operators with ill intentions, bettors are susceptible to fraudulence and scams. In the end, these bettors fall victim to incidences we read as headlines on TV news or newspaper – Man, 45, swindled out of RM 10,000.
One of the betting types most prone to a fraud or scam is Credit Betting.
Before sports betting was made available online, local bookmakers operated in such a way that they allowed bettors to wager on any sports events without depositing. On top of that, bettors were rendered with a balance and required to pay the sportsbook only after a given period if losses were incurred.
Credit betting emulated this model, except it didn’t pan out the way it was supposed to be, and bettors that placed their wagers through credit betting suffered beyond monetary loss.
In simpler terms, credit betting is like shopping with a credit card – you buy first, pay later; you play first, pay later.
The settlement for credit betting can take place either weekly, monthly, or by quota basis. For example:
A bettor has applied for a credit line worth RM 1,000 to bet on a greyhound race, and the settlement agreed upon was on a once every weekly basis. On the fourth day, the bettor has lost RM 500.
To continue gambling, the bettor must pay off what he has lost first, despite not depositing any money. In this case, the bettor must settle RM 500.
Contrarily, if the bettor has won RM 500, he or she will be paid RM 500.
It seems legit, but you will come to see that credit betting has one of the worst structures.
Although it is not in circulation, bettors are still exposed to the danger of credit betting because some operators conduct this type of betting covertly and would try to lure gullible bettors into joining. Credit betting is dangerous because it is unlike our conventional betting procedure (cash betting).
A majority of bettors, if not all, are engaged in cash betting. First, a bettor must decide on a gambling website. Then, sign up as a member. Lastly, deposit in advance before playing any games (unless stated otherwise). Bettors can search for all sorts of cash betting websites online, and they all come with a medley of game options to choose from. When playing, the bettors are in control of their bankroll too.
Cash betting sites are also legitimate, licensed, and regulated by a third-party regulator. There are systems in place that ensure transparency and accountability, so bettors are not kept in the dark. iBET Online Casino Malaysia is a prime example of how cash betting operates.
Continuing the introduction from before, there are no websites that bettors can visit when credit betting because bettors can only reach the dealers through connection. In other words, you need to know people that know the ins and outs of this monkey business. Not to mention, bettors can only take part in sports betting.
What you are about to read is a true story about Melvin*, a bettor who had fallen victim to the distress of credit betting.
*not real name to protect anonymity
A Big Waving Red Flag
Melvin enjoys all kinds of sports, and he has learned to maximize the thrill by participating in sports betting. But like many of us, Melvin doesn’t always have sufficient funds, yet he wishes to keep up with this pastime. As if his prayers heard, Melvin came to learn about credit betting from his friend, James*.
When James told Melvin he was getting the money from a credit shop he had a close connection with, Melvin was hesitant, but seeing how James was a good friend, Melvin brushed the thought and agreed. Melvin also did not pursue his inquiry about the credit shop.
James proceeded to loan Melvin a certain amount of money and told him that he could worry about paying back once the sports event finishes. When asked about the payout, James confidently said it would be given out promptly too.
In the beginning, the settlement was carried out on time. Melvin was also able to control himself, did not go overboard, and paid his loan when the time came.
But over a short time, Melvin started to notice discrepancies. It became harder to get in touch with James, and the payouts were paid much slower, at times, skipped. The times when Melvin got hold of James, the calls would only end with him saying, “James, what is going on? Something is wrong, and you’re not being upfront about it.”, followed by the dull dial tone. Melvin was confused and exasperated.
All hell broke loose when an incoming call from James said that the credit shop he was with was under the care of a new owner and that he was no longer liable for any pending payouts. Melvin wanted to file a report. After all, it was only the right thing to do. But he couldn’t provide any valuable information because it hit him that he knew nothing about the credit shop at all.
In total, Melvin had surrendered a total of RM 20,236. It was an expensive lesson to learn, and this frightful incident will forever be etched in Melvin’s mind.
Though this experience did not tarnish the taste of sports betting in Melvin’s mouth, he had gotten very cautious with who he trusted and would only gamble in websites that were reputable, licensed, and regulated.
*not real name to protect anonymity
Regrettably, many bettors have shared the same faith as Melvin due to negligence and the lack of awareness. Based on Melvin’s stories, we can deduce several loopholes about credit betting:
- No legitimacy and accountability
Unlike a typical online gambling website where bettors have full control since the beginning of the sign-up process, the bettor that engages in credit betting can only rely on his/her connection (the person in touch with the dealer) to facilitate and execute the sign-up, placing of wager, settlement, and more.
Credit betting depends too much on trust with no third-party regulators that will make sure all transactions and procedures will take place accordingly and fairly.
Other than the absence of customer service, which leads to bettors having to deal with any problems alone, the dealers behind credit betting are not accredited too. That is why when there are hiccups they can choose to take the easy way out. It is also unlikely they will get convicted because they are not registered.
On a rare occasion where the dealer does have a website, he or she can opt for a new domain or declare the business under the watch of a new owner to avoid any liabilities when things go sideways.
- Susceptible to scam
Since bettors are not at their discretion to select a dealer, they can only rely on their connections to (hopefully) hook them up with an honest dealer. If not, bettors can very well say farewell to their hard-earned money and hello to bitterness for a long time.
With credit betting, there is also no such thing as privacy because all of the bettor’s information will be disclosed. This can further lead to other problems such as:
a) Lack of identification – There isn’t sufficient information that proves the credibility of the bettor.
b) Misuse of identification – Credit betting dealers misuse a bettor’s private information on any amoral agenda.
If a dealer is online, it is a common trick to use shills to beguile bettors into signing up.
- Limited game options
When credit betting, bettors can only engage in sports betting due to the nature of the business – no need for wagered money upfront and can operate anywhere.
Although the play-first-pay-later basis doesn’t mean unlimited quota, it will still lead to bettors exceeding their bankroll because they don’t notice the money that is being spent, since it is not being withdrawn directly from their accounts.
For players with poor self-control, credit betting can lead to bankruptcy.
Because credit betting doesn’t go by a specific system, it is easy for both the dealers AND bettors to take advantage of one another. One way to do it is to omit the settlement – dealers don’t pay out, and bettors don’t return their loans. A stiff is used to describe a bettor who doesn’t pay his/her debts or the money he/she owes from lost wagers.
Dealers will publicly condemn bettors in the stiff list, and the bettors will also bite back. In the end, it will become a finger-pointing game that does not die down.
- Flawed system
Without a legitimate system to fall back to, bettors are put in jeopardy of receiving their payouts late (delayed) or have their payouts nulled.
In an instance where the dealer is a reliable one, the bettor cannot withdraw his/her winnings immediately anyway.
- Lack of promotion
Other than the lack of game options, credit betting only has rebates to offer to its bettors. Unlike cash betting, where players are spoiled with all kinds of promotions and offers like welcome bonus, deposit bonus, sign up bonus, and more.
Can you see how feeble credit betting is now?
Over the years, authorities have banned credit betting, and bettors who come across one can file a complaint. Credit betting is also an illegal activity that will bring you more harm than good.
Melvin’s story serves as a reminder for bettors, that is why you should always opt for cash betting because not only is it convenient, but it also guarantees that your money is in safe hands and that there is no need to worry about where your money will end up.
With cash betting, you are equipped with resources such as forums, videos, blogs, reviews, ratings, etc., to learn more about a specific betting website before deciding to sign-up or not.
It is also through these resources that you get to learn more organic and genuine feedbacks about a particular cash betting website. Plus, why settle for less when you can do more than just sports betting?
The next time you are looking to bet, look no further, and choose cash betting sites like Maxbet instead! Maxbet is a reputable and trustworthy sportsbook that promises a remunerative payout, transparent modus operandi, and a safe gambling environment.
To get on with betting on your favorite sports, visit iBET Online Casino Malaysia now and click on the Maxbet sportsbook.