What is a betting broker and how to use them

Are you into sports betting or considering getting started in this activity, and you want to make the most out of it? You may want to try using a betting broker. If you do not know what that is, keep on reading and find out all about it and how you can use it!

What is a betting broker and how it works

A betting broker is a middleman between you and the bookmakers, and it allows you to place multiple bets with different bookmakers through a single account. This makes everything a lot easier for you, and it expands your options.

The majority of betting brokers collaborate with about ten different bookmakers. Depending on your location, some of them may not be available to you. However, once you sign up, you will only see and be able to use the ones that are available for your jurisdiction. From here, you can select with which of the available ones you want to connect your account and place wagers with.

You can analyze the odds and lines the bookies offer all from one place, saving you a lot of time. Then, you can quickly decide which bookie to choose for a certain type of bet you wish to make or make multiple with different bookies.

Betting brokers do not only offer sports betting, but they also often come with options for you to bet on commodities, indices, stocks, and more. KingCasinoBonus has thoroughly analyzed the link between trading and betting on stocks and gambling on casino games. Check that out and see how it all comes together and what you should pay attention to! 

Advantages and disadvantages of using a betting broker

There are many advantages to using a betting broker, but here are the most important ones:

• Accessibility – having all your preferred bookies in one place saves you plenty of time. You can quickly analyze, pick your best options, and place your bets. Also, it is great that instead of having to create multiple accounts and remember the credentials to all of them, you simply sign up with the bet broker and enjoy the fun;

• The possibility to move funds between bookies – the betting broker allows you to instantly transfer your funds from one bookie to another with only a couple of clicks. If you have placed multiple bets and some were successful, you can use your winnings with a different bookmaker to place new wagers;

• Higher stake limits – bookmakers may not offer the best stake limits, especially if you are a seasoned bettor and have the budget and the knowledge to wager high amounts of money. Betting brokers have the resources to accept bets that you might not be able to place with most bookies. And the best part about this is that everything still looks and works just as it would on a regular betting site. Therefore, if you are already familiar with these platforms, a betting broker will not be hard for you to navigate or understand;

• No withdrawal hassle – since bet brokers are just the middleman between you and the betting platform, they have no interest in you losing, as the money you lose does not go to them. They earn money from transactions, so whether you win or lose, it is irrelevant to them. While this does not sound like an advantage, it is because this means you will most likely never have issues withdrawing your money. On the other hand, bookies may look for various ways to keep you from cashing out so you can use the money in your balance for more bets. The more you lose, the more they get to keep, so making the withdrawal process long and difficult is in their best interest. This is not the case for all bookmakers, but betting brokers make everything easier and faster, as they have more interest in transactions and satisfied customers than your actual losses;

• Sharp bookies perks – most betting brokers include sharp bookies, which gives you all the advantages these come with, including the best odds in the industry, bet broker arbitrage, and no account restriction. These sharp bookies cater to experienced and even professional gamblers and are quick to respond to any marketplace changes, offering you correctly priced odds.

There are also disadvantages when it comes to using betting brokers:

• It’s only for bettors – if you like betting but are also into playing casino games, a betting broker cannot offer you that. Instead, you may prefer to stick with gambling platforms that offer both a betting section and a casino games section and bring you the complete entertainment package;

• You have to pay commissions – betting brokers charge commissions that are different from one broker to another. Therefore, you will have to do some research and pick the broker that best suits your needs. Also, you have to pay attention and adjust your budget to include these expenses;

• Turnover requirements – there are strict turnover requirements you need to meet when wagering via a betting broker. Check those out before using such a platform;

• Trust – while betting brokers need to be licensed in order to offer their services, like other gambling platforms, you are still putting your trust in a third party to manage your money. Some bet brokers do not provide the same protection that high-profile and well-established bookies offer.

Are betting brokers safe to use?

Betting brokers are entirely safe to use as long as they have a valid license issued by a trustworthy authority, such as the United Kingdom Gambling Commission. However, just like in the case of online casinos, not all of them are licensed and regulated.

We advise you to never gamble or bet on an unregulated and unlicensed website, as neither your money nor personal information is protected.

Another thing to consider is that most betting brokers are medium or small businesses, which means that poor management can strongly impact their success and even lead them to abruptly close. The Samvo Group is a clear example of how that can happen.

How do bet brokers make profit?

Betting brokers can make a profit in one of two ways: subscription or commission. Let's talk about them!

Some bet brokers ask their customers to pay a subscription fee, which is usually not too high, considering the amount of money you can make with their help. Depending on the website you choose, some offer different subscription packages, and their prices vary based on how many bookies you have chosen to connect your account with. In addition, in some cases, you may even benefit from a trial period in which you will not be charged for using their services.

The second business model bet brokers can have is commission-based. This means that for some platforms, you are not charged for signing up or picking bookies. Instead, they get money from commissions paid by the bookmakers themselves. Others, however, may also charge you a small commission for transactions, be them bets or deposits and withdrawals.

Now that you know everything about what a betting broker is and how to use it, you can decide if it is the best choice for you. It clearly has some significant advantages, but it also comes with drawbacks. Take both into consideration, and if you find that the pros outweigh the cons, you should start looking for a bet broker that can fulfil all your wants and needs!