The biggest risk of online betting is losing more than you can afford to lose. You should always treat betting as a form of entertainment and not as a way to make money.
Bookmakers factor margins into the prices, which means that the average punter loses in the long run – just like at the casino.
With online betting and betting apps so easily accessible, spending more time punting will usually lead to losing money, and can lead to problem gambling that affects your relationships and your work. We recommend always using responsible gambling tools, such as deposit limits, time limits, and loss limits, at every betting site you use to help prevent gambling from becoming an issue.
If gambling is becoming a problem for you or someone you know, please contact Gambling Help on 1800 858 858 or self-exclude at BetStop. You can find out more information about responsible gambling here and the free support options that are available.
Offshore gambling is also another significant risk to Australian punters. Australians should only use Australian-licensed and regulated betting sites because you can be guaranteed of getting your winnings when you win.
Offshore betting sites and casinos can use KYC as a way to invalidate your account, and refuse any payouts – especially if you hit a major jackpot.