In 2022, betting and gambling are more popular than ever, with around 1.2 billion people enjoying a flutter on a regular basis. Whether it’s buying a lottery ticket or visiting a casino, there’s something about gambling that gets the adrenaline pumping – particularly if you’re lucky enough to bag a big win. Despite the popularity of betting, this has largely been seen as a solitary pastime in the past but, all of that has changed with the rise and rise of social betting. 

Social Betting

What is social betting ?

Social betting, or peer to peer gambling, takes the solitude out of gambling by creating community platforms. Currently extremely popular in the USA, social betting platforms allow like minded gamblers to chat and share tips. On these platforms, a gambler can share their recent wagers with friends and family as well as asking advice on forthcoming events such as horse races or hockey (JÄÄKIEKKO) games. 

One of the more popular aspects of social betting sites is a feature which allows gamblers to share their predictions with other bettors who may then place their own bets based on these predictions. The massive popularity of this is such that some social betting sites – such as www.olbg.com – hand out cash prizes to the most successful tipsters – in fact, OLBG has paid out a staggering £650,000 in prizes over the last few years. 

The good, the bad and the ugly

While social betting is unlikely to become a thing in a lot of countries where gambling is forbidden or restricted, a significant number of countries are getting onboard with this new trend. As with any trend, there are pros and cons to social betting and, in this section, we’ll take a look at some of these: 

The Pros

The social network

With more and more people living alone and working from home, loneliness can be a major issue and many turn to the internet for company. Gambling alone at home can feel as though you have something to hide, even if you only bet a few pounds every week. Social betting sites, however, allow users to make friends while betting online – friendships which occasionally move offline and into real life. For many, this vital contact is a lifeline on days when they have little interaction with the outside world. 

Profit and success

Signing up to a social betting site gives users access to tips and predictions from other gamblers – and, in some cases, these fellow bettors have professional or semi-professional gambling experience. For the inexperienced gambler, this provides valuable advice for when placing bets; which can often lead to increased success and bigger wins. 

Cutting losses

The average, occasional gambler generally has little experience and, as a result, will tend to lose more often than they win. Social betting sites allow these users to gain information about events and bets which should be avoided, helping them to keep hold of more of their hard earned cash. 

Honing skills

When even the most inexperienced gambler has access to a collective skillset on a social betting site, they can improve their own gambling prowess through watching and learning. By speaking with more experienced bettors, a user can better understand how certain bets work and how to calculate odds for the best results. 

The Cons

Increased gambling

While the social aspect of social betting can absolutely be considered to be a good thing, there can be a darker side too. In some cases, a person might enjoy the social part of these sites so much that they are visiting more frequently and, subsequently, gambling more often and spending more money. In many countries across the globe, gambling addiction is an increasingly widespread problem which can devastate the lives of gamblers and their families. 

Scamming

Although it’s rare, some people visit social betting sites in order to deliberately encourage others to place bad bets – for example, somebody speaking as an authority on horse racing may predict that a certain horse is ‘a sure thing’ when, in reality, this is far from the case. Sometimes, these people will do this to try to reduce the number of people placing certain bets – and others do so simply for a bit of slightly malicious fun. 

War of words

When a user on a social betting site gets a tip from another gambler – and that bet comes through as a winner, all is good and the two users will usually continue to bet together and may even become friends. If, however, a tip turns out to be bogus, things can get ugly. In some instances, when a user loses on a bet, they will choose to blame the person who gave them the information. 

This can quickly escalate to online arguments, threats and even extreme activity such as swatting. This latter is a trend which is sweeping the United States of America and involves a gamer or internet user making a hoax call in order to incite police to descend on the home of another user. This practice, which takes its name from US police SWAT (Special Weapons and Tactics) teams, has led to a number of arrests and imprisonments in the USA in recent years. 

How do I get started with social betting ?

There are a number of social betting sites out there, including Bethereum, Betconnect and, as mentioned earlier, OLBG. It’s worth looking at reviews and shopping around to find the best site for your requirements (for example, if getting betting tips is your priority, you’ll be looking for a site which focuses on this aspect). To get started, all you need to do is sign up to your chosen site and add a few of the usual details. 

While most of these sites are free to join, you may have to hand over payment details, such as your debit card number to be able to place bets through the platform. Before signing up to a site, you should always check out its reviews to make sure that the site you’ve picked is legitimate to avoid being scammed by a dodgy site. Once you’re signed up, you can connect with other users and get started with your social betting journey. 

Conclusion

In today’s world, the internet offers all kinds of opportunities – we can work, shop and even socialize online without ever leaving the house.  Social betting is one of the latest innovations to sweep the internet and, while there are some downsides to this, as highlighted in thai article, they are usually outweighed by the benefits. 

Social betting sites provide an opportunity to connect with like minded gamblers to chat and compare notes, as well as helping users to improve their gambling skills and gain more wins. As with any kind of gambling, however, it’s important to know your limits and to make sure that you never bet more than you can afford to lose. 

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