Wondering how to bet on sports in Thailand? Let’s face it, gambling is extremely popular in Thailand, yet, online sports betting is only a small part of the action. According to an estimate, more than 60% of Thai are engaged in gambling. Mostly, gambling takes place underground.
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Without a doubt, betting on sports is becoming the most exciting way of enjoying sports. It has been around for hundreds of years. In recent times, sports betting has increased rapidly because of the internet. This has enabled the bettors to research easily and choose their picks carefully. In addition, they don’t have to leave their house for placing bets.
Online Sports Betting Laws in Thailand. Sports betting is banned under the Gambling Act of B.E. 2478 of 1935, with the exception of betting on horse racing which is regulated by the Regulation of the Ministry of Interior on Betting on Horse Racing, B.E. 2525 of 1981.The prohibition also extends to online betting, as there are no specific regulations for this version. Taxes in Thailand. Once you live in Thailand for six months you will need to pay income taxes. This includes all domestic and international income. You need to pay taxes even if you don’t have a work visa. Your best bet is to work with a tax accountant to file your taxes. Even if you can file the taxes on your own, everything is in Thai. Benefit from better odds by betting online. Availability – Retail betting shops are only open for a limited number of hours per day. In contrast, online betting sites are available 24/7 – even on Christmas Day.
We have created a guide for betting on sports in Thailand. Before you can place a bet, you should know everything about it.
What is Sports Betting?
For those who don’t know, sports betting can be defined as an act of placing a wager on the result of a sporting event. There are many people who have probably placed a bet on sports family or friends. For instance, you have bet your friend you will buy them lunch if their favorite team wins. If yes, you have placed a sports bet.
Betting on sports is available for almost all sports. The most popular sports being soccer, boxing, basketball, hockey, baseball, and football. There are some sportsbooks providing betting for other sports like tennis, NASCAR, golf, and UFC.
There are different types of sports bets, from something as simple as picking out the winner to something more complex like how many points will the team score. The bets might include how someone will win or how long will it take someone to win; it can even get much more complex than this.
Placing a Sports Bet
There are thousands of people who shy away from placing a bet because they believe it is confusing or might take a lot of time to learn. This is just a misconception; sports betting is extremely simple and easy. Since the bets can be complex, it can be easy and a lot of fun if you stick with straightforward bets.
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Here is how to place a sports bet.
Elements of Sports Bets
The most important aspect of sports bet is placing wagers with the bookmaker. The process is simple; all you have to do is make your selection and decide how much you want to stake. Additionally, you have to select how and where you should place your bet. Keep in mind there are several ways to bet with the bookmaker.
No matter how complex the bet is, it will include these components.
Selection
In this, you will have to select what you will be betting on. For instance, you will be betting on what will be the result of the event. Your focus will be on which team you think will win.
Stake
A stake is a term used for referring to how much you want to bet. In case you decided to bet $20 on a game, then the stake will be $20. You might have heard of the term high stakes. This term refers to the people betting large amounts of money. In high stakes, high is the level while stakes are the amount of the bet.
The stakes you bet is up to you. However, there are some sportsbooks with a requirement of minimum bets while some impose maximum stake level. For example, the sportsbooks might have a $10 minimum stake and $10,000 maximum stake. Your bet should be somewhere in the middle of the range.
Odds
This is the most confusing part for bettors. In simple words, odds can be defined as the probability of something happening. Depending on the odds, the sportsbook will pay the wager when you win. There are some bets in which you are paid one to one. This means you will get $10 if you bet $10.
Usually, most bets are not paid in this way. The sportsbook will pay you on the probability of what you are betting. If there is less chance of an outcome to occur, you will be paid more when you win. In the same way, when the likelihood of an outcome is more, you will get paid less if you win.
Methods of Placing a Sports Bet
When it comes to placing a bet, there are different ways to do so. You can do it over the phone, internet, casinos, or bookmaking shops.
Casinos
One of the most common places for betting is the casino. The sportsbooks in casinos are just like bookmaking shops, but the location is different. You can find sportsbooks in all major casinos in Thailand showing all sports events. These places have plenty of big screens for displaying sporting events and odds and lines.
Bookmaking Shops
Bookmaking shops are very common in some places. For placing a sports bet, go to the shop, fill a betting slip, and give it to the bookmaker with cash. Usually, the odds are displayed on the screen. If the odds are not displayed, the cashier will inform you about the odds.
Moreover, in order to claim your payout for the successful bet, you should give your betting slip. Mostly, the winnings will be paid out in cash. In case the winnings are huge, an alternate will be used.
Telephone Betting
Another easy way to place a bet on sports is through telephone betting service. This is the easiest way for placing a bet as you just have to make a call to the bookmaker. The bookmaker will ask you details of the wager and confirm odds for the wager. You will have to pay for the wager using a debit or credit card.
Online Betting
The most popular and commonly used, nowadays, are online bookmakers. It is the easiest and quickest way to place the bet. In recent times, thousands of bookmakers can be found on the internet, which is used by millions of people across the globe.
As far as using it is concerned, these online bookmakers are easy to use. For using this, you have to open an account and deposit some cash. After that, you will be able to place a sports bet with jus a few clicks.
There are numerous betting websites covering a wide range of events and sports. Some of the websites are extremely competitive when it comes to odds and lines. The online bookmaker provides rewards and bonuses for depositing or betting with them.
When it comes to sports betting, only Horse Racing is legal in Thailand. Many Thai players are using online sports betting websites because the local police focus on physical shops instead of websites. Though the websites have a license from abroad, it is still considered illegal. Many Thai bettors place a sports bet on an outcome through the UK or Asian bookmakers.
The first thing you have to do is have a bank account for withdrawing the winnings. After that, you will require a mobile phone and a good internet connection. Many online sportsbooks have a strict verification process; they require you to have all the documents for proving your identity.
For placing the bet, you must decide what type of sportsbook you will be playing on. You have to choose between Asian-based bookies and UK-based bookies. After you have decided, all you must do is sign up.
Once you are verified and registered, you are ready to place a bet on the sports you want. There are some websites, which enable you to check the site before you start playing with money. For beginners, it is crucial to take this trial.
Here are some tips for beginners to get the full benefit.
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Learn the Basics of Placing a Sports Bet
For every beginner bettor, it is better to learn the basics of sports betting before you dive deep into it. When you have a better understanding of the basics, you will be able to make a well-informed decision.
You will have to have knowledge about the mechanics of sports bet and even the betting terms. Sports betting has its own terms, which can be confusing for someone who is new. This is why it is advised to completely understand all the technical terms and jargon that you might hear on when placing a bet on sports.
Only Bet on Sporting Event That You Know Well
For beginners, it is suggested to bet on sports that you know well. In this way, you will increase the chance of making good betting decisions. We understand it is attractive to bet on many different sports. It is common to log in to an online sportsbook and place plenty of wagers.
In case you don’t know anything about a sport, and you place a bet. There is more than a 70% chance that you will lose your wager. So, you should place a bet until you have complete knowledge about the sports you are betting on.
Have a Clear Mind
Betting on a sport involves a huge risk. This is why it is advised to bet with real money only when you have a clear mind. It means you should not bet when you are drunk or under the influence of drugs. There are thousands of people who bet on sports when they have been drinking. For many people, watching your favorite sports and drinking goes hand in hand.
So, it is recommended that you should place your bets before you start drinking. This will help avoid making bad betting decisions. In case you are under the influence of anything, you should just watch and enjoy the event.
Expectations Must Be Realistic
Many people believe that they can make a living off by betting on sports. We hate to break it to you, but this is a huge mistake. We are not saying, you will not make money, but you cannot live off your winnings.
There are a few professional bettors who live off of gambling. If you think they don’t lose, you are wrong. Professional bettors lose up to 40 to 45% of their bets. This is why you must have the right expectations from the very beginning. In order to make money from sports bet, you need to have comprehensive knowledge about betting.
Keep It Slow in the Beginning
This is one of the best tips for amateur bettors. Placing a sports bet can be an overwhelming and exciting experience. We know you will be amped up for placing a bet and get things started. We all have been there. This is why we advised to take things slowly and not dive into placing a bet so quickly. It is also recommended to learn basics before placing a bet.
Trustworthy and Reliable Website
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There is a plethora of online sports betting sites. However, not all the sites are reliable and trustworthy. This is because you don’t want to end up risking your personal information and money on an unreliable website.
With a little research, you can find a website that is trustworthy. The most reliable ones are the UK and Asian bookies. You should select an online sportsbook offering the following:
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- Secure system
- Have deposit and withdrawal options with a minimum amount limit
- Competitive offers and odds
- A wide range of bonuses
- Live support
- It must market all major events and sports from all over the world.
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Therefore, sports betting is illegal in Thailand, you can place a bet without the fear of prosecution. When it comes to sports betting in Thailand, it is extremely simple and easy. All you need is a mobile device or PC, bank account, and internet connection.
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