Parting ways with financial information over the internet can be a difficult task for some individuals. The potential of identity theft or money being syphoned from bank accounts by sophisticated hackers can prevent many from using online websites. The popularity of online betting has resulted in an endless amount of new gaming websites, hoping to get in on the action. Some appear more legitimate than others, but just how do you trust an online sports betting site?
Identity theft is the fastest growing method used to carry out criminal activity. There are several different ways identity can be stolen, from shoulder surfing, theft of paper documents and from poorly secured websites, which are vulnerable to hackers. When looking at an unfamiliar bookmaker it is important to do some prior research. Checking online for reviews and information about the company is a start. They should also have a SSL certificate and many will be protected by software such as Norton.
There are occasions where identity isn’t stolen, but the bookmaker goes under. This happened with WSEX and left thousands of customers out of pocket. It is therefore prudent to spread funds across different bookmakers and there are other measures and checks that can be made to prevent the loss of a balance in the case of liquidation. (Discussed further down)
Punters choosing dynamic betting exchange can rest safe in the knowledge that their identity and betting balance are completely safe. The WBX hierarchy took the decision to ensure that Members Funds are ring-fenced in a trust. In layman’s terms this means keeping them separate from daily operating capital, to ensure that in the case of any unexpected financial issues, the customers will get paid out. The WBX Members Fund trust is audited on a quarterly basis to ensure that the balance is enough to cover all members’ accounts. To provide further transparency, the statements of funds are published to a website as an assurance. WBX were the first to provide this extremely high level of protection for Members Funds and the protocol has now been followed by Betfair. As a fully UK licensed and operated company, WBX have to ensure that members funds are secure in case of insolvency.
It really is imperative that you undertake due diligence before opening an account with a bookmaker. WBX is extremely safe as they are publicly traded, do not rely on the outcome of sporting events to pay their customers and the firm are refreshingly open with their financial statements and updates. A ring fenced trust is a huge relief for punters and add in the generous
odds and plethora of markets available, with WBX you can bet without anxiety.
Of course the major betting firms and exchanges such as Betfair are secure (thanks to following the WBX protocol), but they do not offer the same concessions as WBX. Lower commission rates, better discounts and never any premium charge are just some of the reasons why customers are better off choosing this new, exciting exchange.