Are you a die-hard fan of boxing? Do you follow all the boxing events taking place in the Philippines and around the world? If so, then you can try betting on boxing matches and earn hard cash while enjoying the boxing action!
Wondering how to start boxing betting? Then, we’ve got you covered. This guide will answer all your queries, clarify your doubts and guide you further.
Before we delve into the detailed discussion, first let’s understand the status of sports betting in Philippines.
Sports betting in Philippines
Betting is prevalent in Philippines since the sixteenth century. Today, the betting industry of Philippines is one of the most prominent contributors to its economy. The industry is even one of the biggest job creators in the nation. Furthermore, Philippines is the only Asian country where online casinos are licensed. With the introduction of online betting in the nation, there has been a surge in the gambling industry.
The Philippines Amusement and Gambling Corporation (PAGCOR) regulates all the gambling activities within the country. According to PAGCOR, citizens are exempted from gambling at their homes. However, those interested in gambling activities can visit the betting outlets operated by PAGCOR. Many of these outlets are spread all over the nation.
The laws are different when it comes to online betting. In fact, there is the absence of any such law that restricts Filipinos’ participation in online gambling. Hence, the Filipinos can play casino games and even take part in sports betting with reputable bookmakers. There are many overseas and local bookmakers that offer their services in the Philippines.
Minimum requirements to start sports betting in Philippines
Online sports betting is totally legal in the country, as long as you bet through legit bookmakers. Furthermore, you should also satisfy the minimum age criteria. To be eligible to place bets in the Philippines, individuals should at least be 21 years old.
Which sportsbooks offer sports betting in Philippines?
A large number of bookmakers both indigenous and overseas are open for the people of Philippines. The bookmakers offer a wide range of casino games and sports betting options. If you are betting with a reputed sportsbook, you’ll find all boxing matches and major events wherein you can place your bet.
For the ease of the users, sportsbooks accept different currencies and payment methods. Furthermore, they even offer rewards and bonuses that help players to maximize their earnings. As a newbie, you can look out for welcome bonus offered by bookies as that will help you to increase your earnings. Some of the welcome bonuses even assure 100% return on deposits, allowing you to double your earning in the first bet.
How to start sports betting in Philippines?
So you’ve made your mind to bet on boxing matches? Wondering how to start? Well, you just have to follow a few simple steps to place your first bet:
- Choose a betting site
- Open an account with the chosen site
- Explore the sportsbook section
- Choose a boxing event to bet on
- Check match odds and betting cost
- Deposit money in the wallet
- Place your bet
How to select a suitable betting site?
The step of choosing a betting site is the most crucial one. That’s because the market is full of scammers. Hence, you should always choose a bookmaker that is licensed, secure and reputed. This will guarantee payments and ensure security of your data.
Given below are some amazing factors to consider during the selection process. These will allow you to choose a reputable bookmaker that will yield a seamless betting experience:
- The sportsbook should be licensed
- It should have a good interface and seamless navigation
- The sportsbook should offer betting in multiple sports events, both local and international
- It should have high-security standards like firewall and encryptions
- The betting site should offer good odds and great rewards
- It should accept multiple payment methods
- The betting site should be mobile-friendly
- It should be known to offer top-notch customer service
Deposits and withdrawal options available
As a newbie, you should look at the withdrawal and deposit options offered by the bookies. Generally, sportsbook supports different currencies and accepts diverse payment options. The local betting sites have fewer payment options than international betting ones.
Most of the international betting sites allow bettors to deposit through credit card, bank transfer, debit card, and all leading e-wallets. For a smooth betting experience in the Philippines, it is advised to withdraw and deposit money using Neteller and Skrill as these are safe to transact.
You can even opt for MoneyGram, Western Union, and Entropay to deposit and withdraw the amount. These e-wallets are widely used in the country as well as the rest of the world. Except for MoneyGram and Western Union, all deposits are made instantly. MoneyGram and Western Union take around 48 hours to process both deposits and withdrawals.
Are any taxes levied on the winnings?
In the Philippines, bettors have to pay taxes on their bets as well as earnings. The tax depends on the winning amount and usually ranges from 5 to 32 percent. For instance: a flat 20% tax is charged on winnings of 10,000 Php.
The local sportsbooks withhold the taxes from the bettors. However, there is a fair chance to save on taxes if you bet with international bookies. It is advised to hire or consult a tax professional. The professional will guide you better on taxes so that you enjoy a seamless betting experience.
Mobile Betting in the Philippines
Wouldn’t it be great if you could place your bet from anywhere and at any time? Well, that is possible with mobile betting.
To promote on the go betting, many bookmakers offer betting through mobile. For that, bookmakers have a mobile-friendly platform and they even have a dedicated mobile app.
This allows players to access all the features and betting options on the mobile and place their bet on the move. So you can bet on your favorite boxing event via mobile betting.
If you wish to start betting in boxing matches, then you just have to follow the steps mentioned above. You have to choose a bookmaker, create an account, choose an event, deposit money, and place a bet. You can also follow match predictions to plan your bet well. Good luck with your betting journey!