Most people who are into online betting are familiar with bookmakers. However, they only have a vague understanding that it is a place for betting without knowing the actual company behind it, its scale, and how a bookmaker operates.
What are the criteria for becoming a bookmaker?
Although betting is a legal form of business, it also raises concerns among the general public. Therefore, legitimate businesses in this industry must adhere to strict regulations and comply with the laws of their respective jurisdictions.
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To legally register as a bookmaker, a company must meet the following basic requirements:
Authorized capital of 1,000 billion VND.
Possession of a business license.
Only companies that have been granted a certificate according to Decree 06/2017/ND-CP are allowed to engage in online betting.
The organization of the business must ensure transparency, honesty, and objectivity to safeguard the rights and interests of all parties involved. The currency used for betting and payouts should be the Vietnamese Dong (VND).
Bookmakers always make money in every situation. This is a question that many new players wonder about when they first enter the world of betting. However, once you understand the following reasons, you will no longer have any doubts:
It is difficult to beat the bookmaker and even more challenging than beating other players.
The desire of losing players to recover their losses only enriches the bookmakers, while the more frustrated the players become, the greater their losses.
Bookmakers offer a variety of odds, each with different margins.
The number of players increases exponentially every day, so the profits from intermediaries in the betting market are enormous.
Encouraging players to choose a wide range of bets instead of focusing on a single one. Moreover, each type of bet has its own unique odds.
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So, now you understand where bookmakers make their money. It's not just that; there are also certain laws related to betting that act as a gold mine for them, making them richer and richer.
How to identify a reputable bookmaker?
Identifying a reputable bookmaker can be quite challenging for a new player. However, if you are willing to read and learn from articles about player experiences, it can become easier. To evaluate the ranking of reliable bookmakers, consider the following criteria:
Is the bookmaker licensed?
Explore all the information about the bookmaker in the "About us" section. In Vietnam, most bookmakers need to be licensed by the government and are supervised by government agencies. This determines whether the bookmaker is safe for players or not.
Does the bookmaker have a 24/7 customer support system?
Reputable bookmakers always provide the best customer support and care. Therefore, highly reputable bookmakers usually offer customer support 24/7 through hotline operators or direct support on their website.
Does the bookmaker have a well-designed interface?
In terms of money and credibility, the websites of the most reputable bookmakers are carefully designed and tailored. So, if you come across websites with messy interfaces that constantly urge you to deposit money to receive promotions, it's best to stay away from them.
Is the bookmaker a member of IBAS?
IBAS (Independent Betting Adjudication Service) is an independent company with the authority to handle unresolved disputes between bookmakers and customers. Many bookmakers join IBAS to ensure the security and rights of their customers. This is also a benchmark for evaluating a reputable bookmaker.
The above are some key considerations when it comes to bookmakers and the truth behind this billion-dollar industry.
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