Last year when We Want Picks partnered with BetOpenly I immediately made an account so that I could provide a solid review of the product at the launch of the partnership. Since then, some things have changed on the platform and I have had a chance to get really comfortable using it so that I can provide a much more complete review.
I am still very impressed with BetOpenly, but there are a couple aspects of it that need to change before it can really take off as a sportsbook alternative. Before I get into this updated BetOpenly review, allow me to give you just a brief overview of what BetOpenly is exactly. BetOpenly is not a sportsbook at all in the traditional sense, but depending on what you are playing, it can be better than any of the traditional sportsbooks.
BetOpenly was founded by Gino Donati over 5 years ago following the repeal of a federal law around sports betting in May of 2018. He was able to contact his co-founder, Steve (BetOpenly’s CFO), and hit the ground running with the project. The concept is simple, Gino wanted to empower sports bettors across the world to create their own lines, their own odds, and provide a peer-to-peer wager platform that would allow bettors to win more and lose less with only 1% juice!
Now I know that sounds like fancy marketing talk, “Bettors win more and lose less with BetOpenly!” In reality, it’s the most accurate thing I have witnessed when it comes to sports betting promotion when it comes to straight wagers on the platform. When you bet with a traditional sportsbook the book has something called “vig” added into the betting odds. Vig is short for “vigorish,” also known as “juice” within the gambling community. If you have ever played in a casino this would be called the “house edge.”
The vig is baked right into the lines that you see available, and the vig allows the book to realize a profit on either side of the bet by taking some of the total the moment you place the bet. The worst part is that in order to find out what vig you are being charged on a particular bet you have to become a mathematician unless it is the standard -110 pick ‘em on each side. Generally speaking, sportsbooks charge anywhere from 9% all the way up to 20% vig to accept your bet. BetOpenly simply takes 1% of the total from the winner, making sure that winners win more, and losers lose less. As I said, most accurate statement in sports betting for the most part. It does get a little muddy in particular areas, but we will get into those later in the review.
Now let’s take a look at how BetOpenly works, and provide you with an accurate and honest review of the platform. I will do my best not to let my excitement for this platform sway my opinion too heavily in my BetOpenly review.
FIRST IMPRESSION & SIGNING UP
BetOpenly has recently gone through a nice refresh that took it up a notch from the dull visual appearance that it started with. It is still black, red, and green as it was a year ago, but they have added some gradients and background glow to make things look a touch more modern. The user interface remains basic, but straightforward, making navigating the website incredibly easy. From this screen you need to either sign in to your existing account or click register to make a new one. I have taken the liberty to point to that for you on the image that follows.
Once you complete registration you will be required to upload a selfie and a photo of your identification. This can be a bit tiresome, but the law requires it, so it is not much different than registering on any betting app or website. The approval process doesn’t take too long, and then you are off to the races.
For this part of the BetOpenly review, I will award them an 8 out of 10. They lose points on visual aesthetics due to the simple, somewhat dated design, but everything does function very smoothly and the site is explicitly clear regarding the path I need to take as a visitor. Also, the registration process is smooth and simple, which increases their score as well.
DEPOSITS
The next important step is to fund your BetOpenly account. You can do this PayNote, PayPal or with your preferred crypto wallet. PayNote is the option that allows you to deposit from your bank account or debit card. PayPal will allow you to deposit from your account balance or with a credit card as a guest. Finally, you could choose to use CoinBase or another Bitcoin wallet.
- Which method do I want to use to fund my BetOpenly account?
- How much of my bankroll do I want to use on BetOpenly?
Once you have figured those two things out and have the opportunity to explore the platform, there is a third question you will likely be asking yourself, “How much more should I add to my BetOpenly account?” The reality is that once you see the platform you will want more money available on BetOpenly than you initially imagined.
Not so fast though, as there are deposit limits when you first open your account and are using regular money. You will be limited to $150 at first when using PayNote, and just $50 when using PayPal. These limits increase with each successful deposit, but may possibly be annoying to you on your fresh account. There are also limits on crypto deposits as well, but they are not a limit based in reality for most users.
As far as the deposit portion of this BetOpenly review goes, they get a 6 out of 10. The fact that you need to use a third party service when using regular money, and that you are limited to a somewhat small deposit amount at first, is a major turnoff. If you are using crypto this process could get a couple point bump, but crypto just isn't my thing. The process itself is pretty easy though once you get past the third party company involvement.
PLACING OR ACCEPTING A BET
Finally, we are at the most fun part of this BetOpenly review, the betting part. Once your account is verified and funded, it is time to start making money. You can do that on a variety of sports across the platform, but for the purposes of this review, we will be specifically focusing on MMA betting.
The first thing you will need to do is decide if you want to create your own bet, or if you would prefer to just take action from someone else who already has a bet on the board. Below I will break down the process for placing your own bet, and also for accepting another user's bet on the platform.
PLACING YOUR OWN BET
You will notice a big green button that says, “Create Bets.” That is where you need to be to place your own bet on the board. You can choose from making that bet public or private.
A public bet, identified as “Bet With Everyone” goes on the board for anyone to take and a private bet is only visible by providing the link to the person you wish to bet with. A private bet, identified as “Direct With Friends” does not go on the bet board of BetOpenly. Instead you are responsible for sharing the link to your private bet and getting it filled on your own.
Once you choose the audience for the bet you are making you will next need to choose the type of bet from the available options. They are quite encompassing and you shouldn’t have a hard time finding the terms you are seeking for your wager. The only worthwhile bets when it comes to MMA, or really any individual based sport, are single game bets, or single prop bets. You DO NOT want to use the parlay feature on BetOpenly for any individual sports. If you would like to know why, please click here to read the article where this topic is covered.
After completing the process of creating your bet, your bet will go live to the user base on BetOpenly, and then someone will come along to either take your entire bet, or possibly a piece of it, leaving some for others to come get later.
ACCEPTING ANOTHER USER’S BET
The next way to use BetOpenly is possibly the most advantageous way available for the value hunters out there. You can narrow the available bets by sport and bet type using the filters available on the sidebar, and then you will be able to find bets that other people are offering. BetOpenly has a policy that makes this extra valuable for you.
On BetOpenly the betting odds tend to be better on both sides of the bet by at least a few points. There can be occasional exceptions to this when the API they use is lagging behind the sportsbooks with major line movement, but for the most part you will see better odds with BetOpenly. Betting on MMA can be a game of inches, so when you find a line even 5-10 points better than you can get elsewhere, that value adds up.
When it comes to placing or accepting bets on BetOpenly, I am going to give them an 10 out of 10. This is really where BetOpenly shines.
First and foremost, having a platform that you can quite literally end an argument with by just inviting the person you are arguing with to take your actual money is game-changing. Secondly, if you are an experienced bettor that takes every bit of value seriously, between getting better betting odds, and only paying 1% juice on winning bets, you are going to be way ahead of the game long-term on BetOpenly!
WITHDRAWALS
Next up, let's take a look at how smooth the process is to get all of that extra money you are winning. This is where many sportsbooks fall short unfortunately, they don’t love to pay. Not the case with BetOpenly. The withdrawal process is super simple, very fast, and you can do so with any of the following methods;
- ACH via PayNote
- PayPal
- Bitcoin
The only limiting aspect of the withdrawal process with BetOpenly is that you can only withdraw for free four times per month. Any withdrawals after that cost $5. The money from your withdrawal with be sent within one business day from BetOpenly, however, it is important to keep in mind that when it comes to ACH Deposits, your bank may delay that process by a few days, resulting is possibly 2-4 business day turnaround. I was unable to find out how long the BitCoin process takes because in order to have that withdrawal option, you need to have deposited BitCoin to begin with.
When it comes to the process of swimming in your winnings from BetOpenly, I am giving them an 8.5 out of 10. The process is much smoother than most sportsbooks in the industry, but the limit is somewhat annoying. My suggestion would be that if you are going to play on BetOpenly, you should plan to play longterm and not get too withdrawal happy.
WHERE CAN I PLAY?
Without getting too far into the legal realm here, because BetOpenly is not a traditional sportsbook and only a small portion of the platform is even considered Daily Fantasy, you can play almost anywhere with just a few exceptions.
When it comes to the United States and peer-to-peer betting, there are only five states that have not gotten cleared to use BetOpenly. Those forbidden states are Colorado, Hawaii, Idaho, Nevada, and New Jersey. You can check out the map below, if your state is blue then you are good to go, if your state is red then write your representatives.
On the international scene things are a bit more straightforward. BetOpenly can be used anywhere except the continent of Africa or the countries in the Middle East. Anywhere else and you are all set to use the app. Of course, local laws may change so make sure to verify with your home country as needed. BetOpenly continues to work with regulating entities around the world to bring availability to you, check out this link for the latest!
As far as the accessibility portion of this BetOpenly review, BetOpenly gets a 10 out of 10. It really is pretty straightforward where you can and can’t use this app, and if you threw a dart at a map, your chances of hitting someplace where you can are pretty great.
FINAL THOUGHT
For me, as someone that just doesn’t generally bet on sports because I don’t appreciate the predatory practices used by most traditional sportsbooks, BetOpenly is a breath of fresh air that will allow me to get in on the action in a way that I thought I would not be able to previously. The app works well, it provides value, and for someone that likes to be right as much as I do, it gives me a solid way to settle arguments if the need arises.
If you have not yet signed up on BetOpenly yet, please do so by clicking here and get started winning more and losing less with BetOpenly!
