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Gambling/sportsbook and gambling account


QUESTION: so you mentioned that reliable i mean you will be able to get your money out etc?Also to start an account to gamble and take a shot as gambling as a business what would be the best way to start an account for just that you know like a 401g for gambling.How do you do it?just like saving up like anything else or?any advice would be greatly appreciated thanks

ANSWER: Blaze,

Yes.  These days being able to withdraw your money is the only sign that the site is reliable.  But the environment is always changing.  Do your research on sports betting forums to gauge the easy of recent withdraws.  The payment processors you'll need to get your funds on and off the site will charge you a fee, and Bovada limits the size and frequency of your withdraws (as do all on-line sports betting sites).  It's not as easy as charging your credit card nor as speedy.  The process will take weeks, not minutes, hours, or days.  Once a site starts to lower their withdraw limit, or takes longer to pay out, means that the site is in financial trouble.  This should be a red flag and you should not trust the site.  Some sites are still in operations and no longer pay out anything, but entice new players with 100% matching funds!  Insane.

I would not suggest starting an account, even on Bovada, to sports bet as a business.  For entertainment or for minor income, yes, but not as your sole source of income.  Professional sports betting is best done in Vegas in person at a legal sports book.

But if you want to start small, Bovada is the only site these days.  I'd start by depositing no more than $3,000, running that up to $6,000, then making your first withdraw.  Don't deposit any amount that you're not comfortable losing.  This link shows you the various pay out options -- none of which are speedy or convenient -- and all have associated fees which, if you withdraw small amounts, will eat into your profits.

Proceed with your eyes opened.


---------- FOLLOW-UP ----------

QUESTION: What about just a regular account like to play craps and stuff?just a regular checking or savings? What would you recommend and any special tips for that?

If you live in a state that offers on-line casino games, such as NJ, then you can fund your account with a number of payment methods directly from your bank.  Be cautious when transmitting any personal financial data via the Internet.  

If you do not live in such a state, then the Unlawful Internet Gaming Enforcement Act (UIGEA) made it illegal for any financial institution to send/receive electronic payments to/from on-line gambling sites.  So it's not the actual playing that's illegal, as many think, but rather it's illegal for banks to be involved.  If you've had a chance to look at the Bovada site, then you see that funding your account and making withdraws involves fees and is time consuming.


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Vic G


I can assist you with a number of casino games to include blackjack, craps, roulette, and poker (Texas Hold'em, 7 Card Stud, and Omaha). I have visited hundreds of casinos and may be able to answer specific questions about casinos or poker rooms in your area. Lastly, I have a collection of over 3,700 casino chips, so if you're a collector, or are just curious of what the value of a chip may be, I can assist you.


I grew up in New Jersey during the late 1970's when casinos came to Atlantic City. I played blackjack and craps in Resorts and the Golden Nugget during my high school and college years. I play poker at least once a week in my local card room and make the annual trip to Las Vegas for the World Series of Poker each year.

Ante Up magazine: October 2008

BS from Rutgers in Electrical Engineering. MBA from Wright State in Management Science.

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