PayID Betting

As the world keeps evolving and everything’s going digital, it’s pretty wild to see how much has changed compared to a decade ago: it seems like every single thing out there has some sort of online version now, right? From big-time businesses to just hanging out with friends, there’s hardly anything left that hasn’t gone online. Let’s a look at the betting scene – it’s absolutely exploded thanks to the internet.

PayID Betting Casino Sites

1. Sports Betting: First up, let’s talk about sports betting. This type of betting is one of the most common in online casinos, but we’ll talk about it later. You’ve got so many sports to choose from — soccer, football, basketball, tennis etc. — and you can bet on pretty much any team you want. Will they win or will they lose? It’s all up to you to make the decision! And get this – the technology nowadays is so crazy advanced that you can do all sorts of cool stuff, depending on the site you’re using: you can put your bets on individual players, do live bets during the game, and even put your money down on big games and tournaments that are coming up. It’s like being right there in the middle of the action!
2. Online Casinos: Next, let’s talk more about online casinos. These places are the ultimate gambling hotspots, hands down. You won’t believe how many games they’ve got for you to try out. I’m talking slots, blackjack, roulette — you can pick any game that you’re actually good at or enjoy playing, so you’ve got a bigger chance for a winning big. Before joining any online casino, make sure to check the reviews of other players and check the rating of the chosen gambling platform.
3. Racing Bets: When you hear about racing bets, I bet the first thought that pops into your brain is a good old-fashioned horse race. And sure, that’s definitely a big deal in places where it’s a tradition, including Australia. But this type of betting is not only about horses, in fact. We’re talking pony races, cute dog and cat shows, and even car racing! The key is to go with the race that you know the most about. Online casinos also offer this kind of betting sometimes, but it happens less often compared to sports betting. Make your research, look for a casino or another online betting platform and try your luck!
4. Poker: Last but not least, let’s talk about poker. Now, I know poker is usually a part of online casino game libraries, but there are also many gambling websites that are completely dedicated to this game alone. That’s why poker receives its own special shoutout in this list. The game is all about being sharp, calm, and having a killer strategy up your sleeve. If you’re a beginner player, make sure you remember – some people are total poker pros, and online gaming makes it even easier for them to hide their emotions and gestures (that frequently give away the real state of players). Make sure to make your research, and don’t be scared to start!

Yet, no matter what kind of online betting you decide to try out, there’s one rule you have to stick to: be smart about how much money you’re putting on the line. As long as you’re playing responsibly, it’s all about having a good time and maybe even winning a little extra cash on top of it!

Popular Bet Types

Understanding the different types of bets is crucial for any aspiring bettor. Here are some of the most common bet types:

Moneyline Bets

Moneyline bets involve wagering on who will win an event outright. The odds vary based on each side’s perceived chances of winning. For example, if the Los Angeles Lakers are favoured to beat the Boston Celtics, the moneyline odds might look like this: Lakers -180, Celtics +150. In this case, a $180 bet on the Lakers would yield a $100 profit if they win, while a $100 bet on the Celtics would result in a $150 profit if they pull off the upset.

Point Spread/Handicap Bets

Point spread or handicap bets level the playing field by applying a “handicap” to the favoured team. The favourite must win by more than the spread, while the underdog can lose by less than the spread or win outright. For example, if the New England Patriots are -7.5 against the New York Jets who are +7.5, and you bet on the Patriots, they must win by at least 8 points for your bet to be successful. If you bet on the Jets, they can lose by up to 7 points, or win the game, and your bet would still pay out.

Totals (Over/Under) Bets

Totals bets, also known as over/under bets, involve wagering on whether the combined score, points, or goals in a game will be above or below a set line. For instance, if the over/under for a game between the Golden State Warriors and Houston Rockets is set at 225.5 points, and you bet the over, the teams must combine for 226 points or more for your bet to win. If you bet the under, the teams must score 225 points or fewer for your bet to be successful.

Prop Bets

Prop bets focus on specific events within a game that may not be directly tied to the final outcome. These can be player-based or game-based propositions. Examples include betting on whether LeBron James will score over/under 29.5 points, or which team will score the first touchdown. Prop bets offer a fun way to stay engaged throughout a lengthy event and can add excitement to otherwise mundane aspects of a game.

Futures Bets

Futures bets involve wagering on longer-term outcomes, typically weeks or months in advance. These bets often focus on end-of-season results, such as championship winners, award recipients, or player stat totals. For example, you might bet on who will win the Super Bowl, who will be named NBA MVP, or whether any NFL player will rush for over 2,000 yards in a season. Futures best allow you to capitalize on your long-term predictions and can offer substantial payouts if you correctly forecast an unlikely event.

Live Betting

Live betting, also known as in-game or in-play betting, allows you to place wagers on games or matches that are already in progress. The odds update in real-time based on the evolving situation, giving bettors a chance to capitalize on momentum shifts, injuries, or other unexpected events. Examples of live betting opportunities include betting on the next team to score, the result of the next at-bat in baseball, or the winner of the next set in tennis. Live betting requires quick thinking and decisiveness, as odds can change rapidly based on the action unfolding.

Parlays

Parlays combine multiple outcomes into a single bet, offering the potential for significant payouts if all of your selections are correct. However, parlays also carry a higher risk, as one wrong pick will tank the entire bet. An example of a parlay might include betting on the Los Angeles Dodgers on the moneyline, over 7.5 runs in a Yankees vs. Red Sox game, and the Kansas City Chiefs -3.5. If all three of these bets are successful, your parlay will pay out at much higher odds than if you had placed each bet separately. However, if even one selection is incorrect, your entire parlay loses.

What Is PayID 

PayID is a new payment system in Australia that has made significant inroads since its establishment in 2018. The Reserve Bank of Australia (RBA) founded it as part of the New Payments Platform (NPP), intending for it to bring more ease and smoothness into making payments. The NPP itself is operated by New Payments Platform Australia Ltd (NPPA), whereas over one hundred banks stand behind PayID.

Actually, this idea of unique identifier for payments is not entirely new. In 2014, a similar scheme was launched in the United Kingdom known as Paym (Pay.UK), which used mobile phone numbers as identifiers. However, Paym only attracted around 4 million users or approximately 5% of UK population. On March 2023, it was closed down while the latter has seen mass adoption in Australia due to the efforts of NPPA towards enabling proxy payments integration among banks.

A survey of 2,550 respondents found that:

• 47 percent of the respondents are worried when making account number and BSB payments because they might cause errors.
• The second-biggest concern, with a percentage of 37, is about someone making errors in payment on their behalf using those details.
• One out of every four users stopped or edited a payment after realizing that the recipient’s details were wrong

These statistics explain why PayID has become so trusted and popular in Australia.

How PayID Works

The payment process is simplified by using PayID where your bank account can be linked with a distinct identifier such as mobile number or email address. Therefore, when an individual wants to send money to another user with a Pay ID account, they are not compelled to key in BSB and account numbers but instead use their identifying codes. This ensures there are fewer errors during transactions and guarantees that intended recipients receive their funds.

Alternatively, if one opts not using Pay ID, Osko — another service within NPP ecosystem— will enable them access faster payments systems on BSB and Account number basis still. Rates of transaction between banks with Osko support and those without are presented below:

Bank Feature	Osko Support	No Osko Support (BECS)
PayID Transaction Speed	Instant	Up to 24 hours

To find more information about PayID function in your bank, go to the main site of PayID, scroll a bit down and find your bank in “Find my institution” section of the page. If you haven’t found your bank (which is very unlikely since PayID is connected to over 100 banks), it means your bank doesn’t support the payment option. If you found your bank, click on its logo – it will transfer you to PayID dedicated page on the official website of your bank that should consist all main info you may need while using PayID. 

How to Get PayID? 

Even though you can find a specific explanation on how to create a PayID on the website of your financial institution, the procedure is quite simple and similar for all the banks. Let’s see what 

Step 1: Choosing a financial institution. Creating a PayID account is a straightforward process that allows you to link your chosen identifier, such as a mobile phone number or email address, to your bank account for easy and secure payments. To get started, you’ll first need to pick a participating financial institution where you already have an existing account.

Step 2: Logging into your online banking account. Once you’ve selected your institution, log into your online banking account through their website or mobile app. Navigate to the section that deals with managing your PayID settings, which may be located under settings, profile, or payment options, depending on the specific institution.

Step 3: Selecting the account to link with PayID. Next, select the account you want to link your PayID to. This could be a savings account, current account, or any other eligible account type offered by your financial institution.

Step 4: Choosing your PayID identifier. After deciding the account, decide on the type of PayID you want to create. Common options include using your mobile phone number, email address, or ABN (Australian Business Number) for businesses. Choose the type that best suits your needs and is most convenient for you to use and share with others. 

Step 5: Entering your PayID details. Once you’ve selected your PayID type, enter the required information in the designated field. For example, if you chose to use your mobile phone number as your PayID, input your phone number accurately. Double-check the information you’ve provided to ensure it’s correct before proceeding.

Step 6: Verifying your PayID (if required). Depending on your financial institution, you may be required to complete additional verification steps to ensure the security of your PayID. This could involve receiving a verification code via SMS or email, which you’ll need to enter to confirm your identity and proceed with the setup process.

Step 8: Using your active PayID. Once you’ve completed the setup process, your PayID will be active and ready to use. You can now provide your PayID to others, allowing them to send payments directly into your linked account without the need to share your full banking details.

By following these steps and providing accurate information, you can easily create a PayID account and enjoy the benefits of fast, secure, and convenient payments. Remember to keep your PayID details up to date and manage your settings as needed through your online banking account.