FAQs
Put simply, FICA is the Financial Intelligence Centre Act. This act requires bookmakers, lottery operators and other gambling establishments to collect certain information from their customers in order to help combat money laundering and illegal activities. The information required includes your full name, date of birth, physical address, and ID number. In addition, the bookmakers or lottery operators will also need to take a copy of your ID document for their records.
So why do you need to provide all this information? Well, like we said before, FICA is designed to help fight money laundering and illegal activities. By having this information on file, bookmakers, lottery operators and other gambling establishments can keep track of large transactions and ensure that the money being wagered is coming from a legitimate source.
All in all, FICA isn't too much of a hassle. Yes, you'll need to provide some personal information when you sign up at a casino or make a large transaction. But this is only so that the bookmaker can comply with the law and help prevent crime. So next time you're feeling lucky and head to the bookmaker, make sure you bring along your ID—it could help you win big!
In South Africa, bookmakers are legally allowed to ban you from placing bets with them if they believe you're engaging in activities that could be considered unfair or misleading. However, there are some conditions that must be met before a bookmaker can lawfully ban you:
The first condition that must be met is that the bookmaker must have proof that you're engaging in activities that could be considered fair or misleading. This proof can come in the form of video footage, audio recordings, or documents.
The second condition is that the bookmaker must give you notice that they intend to ban you. This notice must be in writing and must state the reasons for the proposed ban.
The third and final condition is that the bookmaker must give you an opportunity to defend yourself against the proposed ban. This means that you must be given a chance to explain your side of the story and present any evidence that you believe disproves the bookmaker's allegations.
If all three of these conditions are met, then the bookmaker is legally allowed to ban you from placing bets with them. However, if even one of these conditions is not met, then the bookmaker does not have the legal right to ban you.
There are two main ways that bookmakers make their money. The first is through commissions, and the second is through premiums. Commissions are a percentage of the total amount wagered on a given event, and premiums are a percentage of the total amount won by bettors.
For example, if R100 is wagered on a horse at odds of 2/1, and the horse wins, the payout would be R200 (R100 x 2). The bookmaker would keep R10 as commission (5% of R200), and the remaining R190 would go to the winning bettor.
Commissions and premiums combine to create what is known as the "overround." This is basically the built-in profit margin that all bookmakers have on every event they offer betting on. In order for a bookmaker to break even on an event, 52.4% of all bets placed must lose. This means that for every R100 wagered, the bookmaker needs to pay out less than R52.50 in winnings in order for them to make a profit.
The overround can vary from event to event, but it usually falls somewhere between 103% and 110%. For example, if an overround of 106% is applied to an event with even money odds (1/1), this means that for every R100 wagered, the bookmaker will pay out R106 in winnings (R100 x 1.06). The remaining R6 is the bookmaker's profit.
Sometimes, bookmakers will offer promotional deals in order to attract new customers or keep existing ones happy. For example, a common promotion is "money back if your horse finishes second." However, because of the overround, these promotions are almost always presented in such a way that they are actually profitable for the bookmaker.
In a word, yes. In South Africa, gambling is regulated by the National Gambling Board. According to the National Gambling Act (No. 7 of 2004), gambling is defined as "wagering or betting on an event or outcome where the result is uncertain and dependent on chance." This includes games of chance such as casino games, lottery (lucky numbers), and sports betting. As of 2022, there are over 35 licensed online bookmakers in South Africa.
Here at Goslotto.co.za we only ever feature bookmakers that are licensed and regulated in South Africa.
