Betting on the soccer is legal
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In spite of a global recession, bookmakers worldwide are gearing up for record turnovers as Soccer World Cup 2010 approaches, but with the value of wagering estimated to top the R 10 billion mark, how does the host country itself feature in these calculations?
It seems that certain financial institutions are threatening their clients with severe repercussions should they be found to be indulging in internet betting activities. The truth, however, is that betting with your local bookmaker is perfectly legal, and these unqualified statements are tarnishing the reputations of the majority of legally licensed betting operators in South Africa.
There are a myriad of operators who offer betting products without the permission or sanction of a local jurisdictional Gambling Board. No individual or entity, however, is permitted to offer any form of betting unless they have met the conditions of an extremely stringent investigation process, and the Gambling Board’s prime function is to ensure that the South African betting market is controlled and monitored to ensure the safety and security of both the bookmaker and the public. Furthermore, most of these non-licensed companies operate outside the boundaries of South Africa, and clients utilising their services run the risk of not only contravening the conditions of the Foreign Exchange Act, but also find themselves in a situation where they have no legal recourse should these operators fail to payout legitimate winnings.
The message coming from these high profile banks alludes to the fact that as of the beginning of this month you will no longer be able to make online gambling transactions, and should you win funds as a direct result of online gambling activities, these funds will be blocked and confiscated by the National Gambling Board. Unfortunately, the information that is being relayed is both incorrect and confusing to the public as the placing of sports bets with a licensed operator in South Africa is perfectly legal.
The National Gambling Board Act clearly states two facts that these institutions should have correctly relayed to their clients: One - The prohibition of online gambling ' is to the exclusion of sports betting / bookmakers ', and Two - ' Online betting or wagering is permitted with licensed operators '.
And so, with the World Cup kick off just hours away, football supporters can sit back, turn their knowledge into profits and know that their added income is well within the boundaries of the law.
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