If Betway has recently limited your account, it might come as a surprise. It’s a frustrating situation to deal with…
Generally speaking, the wider public isn’t aware this happens (even though just about every bookie does it). The bar has been lowered significantly in recent times with Betway imposing limits on betting accounts if they believe you pose a threat to their profits in the long run. It’s a bitter pill to swallow but it’s been happening for years.
In this piece, I’ll delve into why Betway limits certain accounts, the mechanisms behind these restrictions, and the optimal steps you can take given your circumstances.
Let’s get straight into it…
Why Does Betway Restrict Betting Stakes?
Betway limits betting accounts and caps stakes as a strategy to boost corporate profits — it’s as straightforward as that.
They do it on an individual stealthy basis because they don’t want to be ‘seen’ to be stopping winners, it’s a sneaky tactic with the use of technology. Typically, they’ll only limit bets on sports while encouraging users to continue with their casino.
Why? because you can’t win long-term on the casino (with very few minor exceptions). To them it doesn’t make much sense to shut down your account. Especially when they can move you over to the gaming section.
How do you know if you’re Betway account is being restricted? You’ll start to see this frequently…
To reinforce – upon placing a £5 bet, the system blocks bet placement and suggests the pre-approved betting amount is just 78p. To be more than that we need to request approval. In doing this our bet is pushed to a ‘trader’ in their betting operations room who looks at your account further.
At this point, Betway is basically confirming you are consistently profitable.
Depending on your account history, and if your bets are at positive expected values or not the trader will restrict your account futher or allow that whopping £5 bet to go down. Now it’s important to say, they’re aware that such practices are totally out of order, but it’s legal and they’re making lots of money – so why would they care?
They don’t. They also use these tactics to limit how much you can make matched betting. If you’re part of a matched betting community you will have certainly heard people complaining about this behaviour from companies like Betway.
Tip: A straightforward solution is to switch to a betting exchange account where such limitations won’t be an issue.
Their method of choosing who to limit is quite shrewd as well…
Which Betting Accounts Do Betway Restrict?
Betway seems to employ a value-assessment technique known as stake factoring, a common strategy among major betting companies.
Then, once you’ve been identified, they use a variety of ways to avoid paying out. See their questionable terms and conditions below:
Using software, a computer or a system is certainly not foul play. Quite amusing when you consider Betway only allow you to place bets via a computer, they don’t have any betting shops in the UK…
Also, it’s worth noting they might use other sneaky tactics like document checks to accuse you of using some of these things. However, the main thing to consider is that their systems are tailored to identify when a punter is making value bets. Grasping this concept is crucial since it doesn’t solely revolve around your wins or losses. You might have faced significant losses due to unfortunate betting streaks. However, Betway understands that, over time, you’re bound to gain an upper hand and outsmart them (positive EV betting).
This is the reason their algorithms prioritise identifying value over tracking profit margins.
By capping bet amounts, they can control the value one extracts from their platform.
What to Do If Betway Withholds Winnings:
In today’s era, it’s not uncommon for bookmakers to find reasons not to pay winnings. This includes Betway, check out this situation below. It’s ludicrous. They have blocked access to bets, funds and history because they want access to the consumer’s financial data. Unfortunately, the regulator allows it…
Often, Betway and similar companies bank on the notion that the average person won’t take these issues to the legal system. They’re aware of the extensive time, effort, and financial resources involved in pursuing such cases. This strategy, albeit underhanded, is employed to deter claims and protect their revenue. Many never follow up. If you end up in this situation, make sure you submit an official complaint and go to the independent betting body that watches over them – IBAS or eCOGRA depending on where you are. Document everything and consider copying in your local MP before closing the account…
Closing a Betway Account
If you find yourself facing such issues, my top recommendation is to terminate your Betway account. Request that they expunge all your data from their databases before setting up an account with a betting exchange, where there’s no capping or curtailment on your potential profits. This is just one of the reasons Betfair trading is growing in popularity.
Taking this step of ensuring your data is deleted could serve you well down the line. Big betting companies often acquire smaller ones, allowing them to identify you as a prosperous bettor in the future, which might influence your future betting. While this action doesn’t restore your original betting account, it does add an extra task for them and can help avert potential hassles down the road. Sadly, in today’s betting realm, account limitations and closures have become the norm. They’re accepted by the powers that be, even though it’s wrong.
Betway: My Honest View
Regrettably, the regulators supervising Betway’s verification processes are deliberating on its methodology – and the outlook is concerning.
The suggestion on the table is to permanently let firms akin to Betway handle the affordability evaluations. Within the confines of the regulated industry, customers have limited recourse. It’s crucial to submit your concerns to the UK Gambling Commission if you’ve faced such issues. The practice of limiting and confining betting accounts is dubious, and they must be reminded.
For now, ensure you follow the recommended guidelines provided in this article if your Betway account faces restrictions. It’s not all that hard to see how they achieved that rating from over 15,000 reviews. The biggest problem is; very few are aware until they run into problems.